MasterCard, for more than 50 years, has been enabling global commerce with a secure and straightforward network. To expand its services and provide people of Bahrain a more secure and faster way of money transactions, MasterCard has now collaborated with BENEFIT (Bahrain’s Electronic Network for Financial Transactions).
The two companies have partnered to enable banks a more secure, firm, and private way for cross-border payments through Blockchains. The use of blockchains will provide a meddle free path from intermediaries and create direct networks of payments. Also, the program will use the Business-to-business service. Blockchains will not only create a safe link for the transactions but also create a faster platform and advance the payment surety.
“Blockchain has the potential to transform the way payments are made. As a technology company, Mastercard is proud to introduce the latest payment technologies to the region, which are helping to build the infrastructure for a smart economy. Mastercard will continue to work with Benefit and our other partners in the region to explore further use cases of blockchain, which can help drive greater efficiencies, increase transparency and support the development of digital economies,” said Mastercard’s division president for the Middle East and North Africa, Khalid Elgibali.
Benefit CEO Abdulwahed Al-Janahi also expressed his gratitude and stated, “We are very pleased to sign this agreement, which will be a qualitative leap for international remittance systems and will strengthen Bahrain’s name as a leading international hub in Fintech. The project fits with the national agenda of implementing innovative products based on new technology such as Blockchain. We also thank Mastercard and value the support we have from the Central Bank of Bahrain (CBB) and the Economic Development Board (EDB).”
Through this partnership, MasterCard will execute blockchain on a national system in the Middle East and promote technological outlook. Besides, Bahrain will transform into a smarter economy with enhanced economic opportunities.