Bahrain BENEFIT, an electronic financial payments and fintech firm which has been utilizing the latest technologies to enhance its offering has seen an increase of 180 percent in its Blockchain EKYC platform verifications.
According to a recent article by GCC Business News Bahraiin BENEFIT saw a huge increase in online payments in 2021 exceeding 53.05 billion USD, an increase of 134 percent from 2020. More than 140 million Fawri transactions were made in 2021, an increase of 194 percent exceeding 1.2 billion USD in value.
Even more interesting is that Blockchain enabled EKYC Platform totaled 204,277 eKYC verificationas in 2021 compared to 73,067 verifications in 2020 an increase of 180 percent.
In 2021 The Central Bank of Bahrain (“CBB”) started to utilize the Blockchain enabled eKYC along with financial institutions in the Kingdom as part of its initiatives for digital transformation in the sector. The eKYC solution built by Bahrain BENEFIT along with Avanza Innovations utilizes hyperledger Fabric Blockchain platform.
In 2021, Bahrain BENEFIT added the insurance sector onto the Blockchain eKYC platform as well.