BENEFIT and Singapore-based technology company MonetaGo, in collaboration with Bahrain FinTech Bay (BFB), have embarked on the implementation phase of Bahrain’s National Digital Public Infrastructure (DPI) Initiative 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 small and medium-sized enterprise (SME) lending.
MonetaGo said in a statement on last Saturday that this partnership marked a major milestone in the Kingdom’s digital transformation journey.
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.
This partnership underscores both nations’ shared commitment to building resilient, inclusive, and interoperable digital economies.
By developing a digital trade bridge and risk-mitigation framework, Bahrain and Singapore are pioneering a leading initiative to connect digital public infrastructure across regions, fostering innovation, and strengthening financial and economic linkages.
Building on this shared vision, BENEFIT and MonetaGo, in collaboration with Bahrain FinTech Bay, have entered the implementation phase of Bahrain’s National Digital Public Infrastructure Initiative.
This initiative represents the Kingdom’s leading large-scale DPI deployment; a pivotal step toward building secure and transparent systems resulting in banks lowering losses from fraud and increasing confidence and appetite to provide more trade finance to a broader range of SMEs.
“As Bahrain’s national digital infrastructure provider, BENEFIT is proud to lead the implementation of this national initiative,
“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,” said Abdulwahed Al Janahi, Chief Executive of BENEFIT.
Meanwhile, Bader Sater, Chief Executive Officer of Bahrain FinTech Bay, commented that 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,” he added.
Neil Shonhard, Chief Executive Officer of MonetaGo, added that MonetaGo’s collaboration with BENEFIT now moves from vision to execution, marking a defining moment in Bahrain’s journey to build its National Digital Public Infrastructure.
“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,” he added.
According to the statement, the Bahrain – Singapore DPI collaboration marks one of the leading regional deployments of digital public infrastructure, paving the way for deeper cross-border digital integration between Asia and the Middle East.
This national initiative also aligns with the Kingdom’s Economic Vision 2030, increasing confidence in the trade finance market and empowering SMEs.
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.