In a move set to accelerate digital transformation in the Middle East, Elm, a leading Saudi-based digital solutions company, and BENEFIT, Bahrain’s national electronic network for financial transactions, have signed a Memorandum of Understanding (MoU) to advance collaboration in digital financial services and fintech innovation across the region.
The partnership aims to leverage the strengths of both organizations to enhance financial inclusion, improve cross-border payment systems, and develop cutting-edge technologies that support the growing digital economy. By combining Elm’s expertise in digital transformation and BENEFIT’s leadership in financial infrastructure, the MoU is expected to foster a more connected and efficient regional fintech ecosystem.
Under the agreement, Elm and BENEFIT will explore joint projects focused on open banking, digital identity, data analytics, and cybersecurity, all of which are critical to the secure and seamless delivery of next-generation financial services. The collaboration will also focus on knowledge sharing, capacity building, and creating frameworks that encourage innovation while maintaining regulatory compliance.
Speaking at the signing ceremony, executives from both organizations emphasized their shared vision of driving digital progress and economic diversification in the region. They noted that this partnership comes at a time when financial institutions are rapidly embracing technology to meet changing customer needs and expectations.
The MoU represents a significant step toward strengthening regional cooperation in fintech, aligning with broader national strategies such as Saudi Vision 2030 and Bahrain’s Economic Vision 2030, both of which prioritize digital innovation and financial sector modernization.
Through this collaboration, Elm and BENEFIT are poised to redefine how digital financial services are delivered—promoting greater accessibility, innovation, and trust across the Gulf and beyond. The initiative reinforces the region’s commitment to becoming a global hub for fintech excellence.
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