BENEFIT and MonetaGo Drive Digital Transformation with Bahrain’s First Trade Finance Registry
This initiative aims to develop a digital ledger for all financed trade transactions and invoice submissions creating an alternative data credit score to strengthen trade finance and de-risk SME lending, marking a major milestone in the Kingdom’s digital transformation journey.
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, and Singapore-based technology company MonetaGo, in collaboration with Bahrain FinTech Bay (BFB), have embarked on the implementation phase of the Trade Finance Registry (TFR) in Bahrain. This initiative aims to develop a digital ledger for all financed trade transactions and invoice submissions creating an alternative data credit score to strengthen trade finance and de-risk SME lending, marking a major milestone in the Kingdom’s digital transformation journey.
The Trade Finance Registry supports the Kingdom’s efforts to expand the large-scale adoption of digital public infrastructure. It represents a significant step toward building a secure and transparent ecosystem that reduces banks’ vulnerability to fraud-related losses, while strengthening confidence and enabling the extension of commercial financing to a broader segment of SMEs.
Anchored in both nations’ commitment to digital progress and financial innovation, this collaboration unites Bahrain’s advanced fintech ecosystem with Singapore’s globally recognized digital trust frameworks. The partnership sets the stage for interoperable, cross-border digital public infrastructure connecting Asia and the Middle East.
Through the development of a digital trade bridge and a solid risk-mitigation framework, BENEFIT and MonetaGo are jointly leading a pioneering initiative to interconnect public digital infrastructure across regions, foster innovation, and reinforce financial and economic linkages. This initiative reflects a shared commitment to advancing digital economies that are resilient, inclusive, and interoperable.
“As Bahrain’s national digital infrastructure provider, BENEFIT is proud to lead the implementation of the Trade Finance Registry. By building globally leading technology that de-risks finance and increases liquidity, we are enabling a more transparent and resilient financial ecosystem, and positioning Bahrain as a regional leader in digital public infrastructure and innovation.”
– Abdulwahed Al Janahi, Chief Executive, BENEFIT
“This initiative demonstrates Bahrain’s ability to translate national vision into action. Through our collaboration with BENEFIT and MonetaGo, we are unlocking access to finance for the 92% of businesses that are SMEs; a group where only 11% currently have access to funding.”
– Bader Sater, CEO, Bahrain FinTech Bay
“MonetaGo’s collaboration with BENEFIT now moves from vision to execution, marking a defining moment in Bahrain’s journey to build its Trade Finance Registry. This phase represents more than technological progress; it’s about establishing a trusted, interoperable framework that connects digital public infrastructure between Bahrain and Singapore, strengthening financial integrity and advancing secure, inclusive trade across regions.”
– Neil Shonhard, CEO, MonetaGo
Singapore’s Trade Finance Registry, developed by the Association of Banks in Singapore (ABS) using MonetaGo’s Secure Financing technology, was deployed in March 2023 and has since onboarded 50+ banks, strengthening transparency and trust across domestic and cross-border trade finance flows.
