Bahrain’s Fintech ‘Benefit’ Signs Agreement With Oman’s Mala’a

Bahrain’s fintech leader, Benefit, has signed an agreement with the Oman Credit and Financial Information Centre (Mala’a) to exchange credit information.

This agreement is part of a larger initiative to connect the Gulf Cooperation Council (GCC) countries, with similar agreements already in place with Saudi Arabia and Kuwait. The goal is to enhance the credit information industry in the region.

The agreement was signed by the CEO of Benefit and the General Manager of Mala’a. They believe that this partnership will benefit not only Bahrain and Oman but also have a positive impact on the entire GCC.

The agreement will enhance cooperation, establish new communication links, and support the banking sector. It aims to improve the overall frameworks of credit and financial risk management.

The project to exchange credit information between the Gulf countries is in compliance with a decision made by the Supreme Council of the GCC in 2016.

This decision was made during the Council’s annual session and aims to promote collaboration and information sharing among the member countries.

This agreement between Bahrain’s Benefit and Oman’s Mala’a is significant as it will strengthen the credit information industry in the GCC region. The joint venture will facilitate the exchange of credit information, improve risk management, and support the banking sector.

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Bahrain’s Benefit is a fintech leader that provides credit information services. Benefit is a company that helps banks and other financial institutions to assess the creditworthiness of borrowers.

Oman’s Mala’a is a credit and financial information center. Mala’a is a government agency that collects and maintains credit information on businesses and individuals in Oman.
By exchanging information, Benefit and Mala’a will be able to provide more accurate and up-to-date credit reports, which will help to reduce risk and make it easier for businesses and individuals to get loans.