business bites Bahrainthismonth.com 60 November 2024 The leading Swiss wealth management group, Julius Baer, announced the inauguration of its new office space in the West Tower of Bahrain World Trade Centre (BWTC). The opening ceremony took place in the presence of Central Bank of Bahrain Governor, HE Khalid Ebrahim Humaidan, along with the senior management of Julius Baer including Head of Emerging Markets, Rahul Malhotra. Julius Baer (Bahrain) CEO, Shaj Babu, comments: “Bahrain is an important market within Julius Baer’s broader expansion strategy in the Middle East. The new office marks an exciting new chapter for Julius Baer, enabling us to further support the wealth management needs of not only our existing clients but also the next generation.” Julius Baer’s history in Bahrain reflects the bank’s commitment to the country’s financial development over the past five decades. In 2012, the acquisition of Merrill Lynch’s International Wealth Management business, excluding US and Japan, marked a significant milestone, solidifying Julius Baer’s footprint in Bahrain and the region. COLLABORATION PROPELS INNOVATIVE CONSUMER LENDING AND INSURANCE MARKETPLACE The Kingdom’s innovator and leader in fintech and electronic financial transaction services, BENEFIT, has officially signed a strategic partnership with the technology arm of PB Fintech Limited, Zphin, to develop a groundbreaking online platform for consumer lending, car insurance, credit cards, and travel insurance. This initiative marks the launch of Bahrain’s first-ever Consumer Lending and Insurance Marketplace, leveraging open banking infrastructure to create an advanced open finance ecosystem. This transformative marketplace, integrated into the BenefitPay super app, will empower credit providers of all types to reach the entire bankable population while extending financial services to the unbanked and underbanked. By leveraging Zphin’s technological expertise and Atyaf eSolutions’ local market knowledge, the platform will provide Bahraini consumers with personalised, pre-qualified financial options. BENEFIT Deputy Chief Executive, Yousif Alnefaie, comments: “This initiative aligns with Bahrain’s vision for a more digitally advanced economy and underscores our commitment to leading the way in financial innovation.” Atyaf eSolutions Group Chairman, Ubaydli Ubaydli concludes: “Atyaf perceives this project as a robust partnership that will realise the Kingdom of Bahrain’s aspiration to align with global digital transformation in the digital financial system, aiming to establish itself as the digital financial hub for the MENA region by Bahrain’s Vision 2050.” JULIUS BAER BWTC OFFICE INAUGURATED BY CBB GOVERNOR
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