Bahrain's NBB becomes banking partner in BENEFIT Trade Finance Project

12/10/2026 04:03 AST

BENEFIT, Bahrain's leading provider of fintech and electronic financial transaction services, announced at Fintech Forward 2026 that the National Bank of Bahrain (NBB) has become the first participating bank and anchor banking partner in the Trade Finance Registry project.

The initiative aims to de-risk trade finance in collaboration with Singapore-based MonetaGo, a specialist in trade finance fraud prevention technology, and Bahrain FinTech Bay (BFB), said a statement from BENEFIT.

The announcement builds on the collaboration previously announced during its participation in the Singapore FinTech Festival to develop shared digital infrastructure that strengthens the integrity of trade finance transactions.

As per the deal, BENEFIT will operate the platform, with MonetaGo providing the technology and Google Cloud supplying the cloud infrastructure.

The Trade Finance Registry will enable participating banks to cross-check invoices in real time, helping identify suspected fraud and attempts to obtain financing against the same invoice from multiple lenders before funds are disbursed.

This shared verification mechanism will support informed financing decisions and help detect risks that individual institutions may struggle to identify independently, it added.

Trade Arabia