Bahrain’s financial technology ecosystem has taken a leap forward with a new open banking authentication solution, launched through a strategic partnership between BENEFIT, the Kingdom’s national FinTech company, and Tarabut Gateway, a leading open banking platform. This initiative promises to simplify financial service access for consumers, offering a secure and streamlined experience.
The central innovation lies in its app-to-app authentication model, eliminating the need for multiple login steps. BenefitPay, Bahrain’s national electronic wallet, serves as the secure authenticator, enabling users to seamlessly connect with their banks.
FLOOSS, Bahrain’s digital financing service provider, is the first to integrate this cutting-edge solution. By leveraging the platform, FLOOSS now provides its customers with faster, more secure loan approvals, creating a smoother journey from application to approval. Users can select their preferred bank via the FLOOSS app, identify their salary account through BenefitPay, and complete the process in seconds, eliminating manual steps entirely.
Abdulla Almoayed, Founder and CEO of Tarabut, remarked: “By bringing together Benefit’s trusted infrastructure, FLOOSS’s innovative lending model, and Tarabut’s technology, we are setting new standards for financial accessibility and security. Together, we are making financial services faster, more secure, and more accessible for all, and we are achieving this by collaborating with the right partners, leveraging state-of-the-art technology and working towards shared goals.”
Yousif AlNefaiei, Deputy Chief Executive of Business Development and Services, commented: “The BENEFIT Company is proud to be a driving force in Bahrain’s Open Banking evolution. Our partnership with Tarabut underscores our dedication to delivering secure, user-centred solutions that benefit consumers and enhance the wider financial ecosystem.”
This breakthrough showcases Bahrain as a regional leader in Open Banking, fostering innovation through collaboration. As the first to adopt the solution, FLOOSS demonstrates how partnerships and technology can redefine financial services, setting new standards for speed, security, and convenience. BENEFIT and Tarabut Gateway continue to strengthen Bahrain’s position as a pioneer in digital financial solutions, paving the way for the future of banking.
