www.bahrainthismonth.com 51 March 2023 Al Salam Bank Wins ‘Best Retail Bank in Bahrain’ CrediMax and the BENEFIT Company recently signed an MoU to explore innovative business models for financing consumer products integrated into the customer shopping journey with a focus on elevating the customer’s financial digital experience. Through the collaboration, CrediMax will leverage its existing assets and its ecosystem of technical and financial partnerships, while BENEFIT will provide access to their APIs which will facilitate digital onboarding, credit assessment for instant credit offering, authentication and repayment. Furthermore, through their team of professionals, both parties will jointly endeavor to explore ‘Buy Now Pay Later’ financing best practice solutions with the aim of coming up with a recommended framework that will serve the BNPL ecosystem in Bahrain. BENEFIT Company Chief Executive, Abdulwahed AlJanahi, said: “Enabling BNPL operation in the country is one of our strategic objectives and we look forward with this partnership for a successful implementation with CrediMax,and other market players and credit providers, to enhance the customer shopping experience.” CrediMax Chief Executive, Ahmed A. Seyadi said: “We are proud to continue to do what we know and do best - provide excellent customer service and bring the most innovative and easy to use products and services to the financing ecosystem.” ‘BUY NOW PAY LATER’ TO BE EXPLORED IN BAHRAIN The Kingdom of Bahrain has officially been appointed to the Presidency of the Digital Cooperation Organisation (DCO) - a global, multilateral organisation dedicated to accelerating the inclusive growth of the digital economy. The Minister of Transportation and Telecommunications, His Excellency Mohamed bin Thamer Al Kaabi, will become the new Chairman of the Council of the DCO. As represented by HE the Minister, Bahrain will oversee the strategic direction of the DCO for the coming year and support the ongoing execution of DCO’s key initiatives and programmes. The Kingdom of Bahrain has strong ambitions to be a regional leader in the digital economy and has implemented a number of projects and initiatives to create the foundation for digital growth. The government of Bahrain has developed a robust regulatory environment, including personal data protection, data jurisdiction, intellectual property and eTransaction laws to support the Kingdom’s digital economy. The country ranked in the Very High scoring category of the 2022 United Nation’s E-Government Development Index (EGDI) 2022. Bahrain has also developed advanced FinTech policies, and its FinTech Bay is one of the leading centres for innovation in financial technology for MENA region. Amazon Web Services also chose Bahrain as the home of their new hyperscale Cloud Region, their first in the Middle East and North Africa. The ascension of Bahrain to the Presidency of the DCO was ratified during the second DCO General Assembly which took place in Riyadh, Saudi Arabia, February 5. Al Salam Bank recently received an award for ‘Best Retail Bank in Bahrain’ at the MEA Finance Awards - 2022. The Bank was recognised amongst the region’s leading financing institutions for its digital transformation achievements, particularly within its ‘Retail Banking’ division. The MEA Awards, honours banking and financial institutions who are at the forefront of digital transformation and have demonstrated exceptional accomplishments. The Bank has been dedicated to assisting clients in achieving their financial goals by providing personalisation, convenience, and efficiency across all its touch points. Deputy Chief Executive Officer of Banking at Al Salam Bank, Anwar Murad, said: “We have consistently focused our investments on elevating the client journey through curated financial solutions and personalised digital banking experiences. I would like to dedicate this award to my team for all their efforts and perseverance in pushing the Bank to new heights.” Through the use of data-backed insights and cutting-edge technology, the Bank has been able to deliver a diverse portfolio of innovative products and services, and tailored solutions, which are easily accessible through a variety of digital platforms including Al Salam Bank’s mobile application, Virtual Branch, WhatsApp, and the Bank’s online chatbot hosted on the website. BAHRAIN ASSUMES PRESIDENCY OF DIGITAL COOPERATION ORGANISATION
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