Bahrain: Strategic partnership to develop innovative consumer lending and insurance marketplace

Source: Middle East Insurance Review | Nov 2024

BENEFIT has signed a strategic partnership with Zphin, the technology arm of PB Fintech, to develop an online platform for consumer lending, car insurance, credit cards and travel insurance, leveraging open banking infrastructure.

The marketplace, integrated into the BenefitPay super app, will give credit providers the opportunity to reach the banked, underbanked and unbanked populations. Customers will have increased access to credit with new underwriting methods, in a break from traditional credit evaluation processes.

The platform could provide the lending market with greater transparency and a competitive edge, driving better financial inclusion and empower consumers with a one-stop access to financial products, including embedded insurance. M

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