BENEFIT Announces NBB as First Bank to Join Bahrain’s Trade Finance Registry Project

Manama, Bahrain – 11 October: 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). 

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

As the project’s anchor banking partner, NBB will support implementation and help assess the platform against banking needs and operational requirements. Other banks are also participating in the project, contributing diverse banking expertise to its development ahead of broader adoption across the sector. 

Mr. Abdulwahed AlJanahi, Chief Executive of BENEFIT, said: “We combine our tech expertise with strong banking partnerships to develop national financial infrastructure that serves the sector’s evolving needs and supports economic growth. The Trade Finance Registry reflects this commitment by bringing institutions together to address shared challenges in trade finance." 

 "NBB’s role as the first participating bank and anchor banking partner is particularly significant. Its trade finance expertise will help ensure the platform is grounded in practical banking requirements and well positioned for broader adoption. Through this collaboration, we aim to strengthen confidence in trade finance and help financial institutions provide the funding businesses need to invest and grow.”  
 
Usman Ahmed, Group Chief Executive Officer at NBB, said: “For businesses, timely access to trade finance is essential, but it must also be supported by the right safeguards. Our involvement from the outset of the project allows us to contribute the perspective of a financial institution that understands both the needs of its customers and the operational realities of trade financing. Working alongside our partners, we aim to help establish a solution that strengthens lending decisions while preserving the efficiency and integrity of the wider financial system. This is an opportunity to jointly address a shared industry challenge and deliver lasting value to Bahrain’s economy.”  

Bader Sater, CEO, Bahrain FinTech Bay, said: “The Trade Finance Registry is a strong example of what can be achieved when financial institutions and technology providers come together. We are pleased to have supported this initiative and to see NBB join the project as the first banking partner. Their participation is an important step towards developing a solution that can strengthen transparency and support the wider financial sector in Bahrain.” 

Neil Shonhard, CEO at MonetaGo, said: “A stronger financing ecosystem depends on lenders having the confidence and visibility to make informed decisions, By giving lenders greater transparency before financing is provided, Bahrain’s Trade Finance Registry will help reduce risk and create the conditions for more liquidity to reach businesses and SMEs. This is the value of Digital Public Infrastructure: connecting trusted information across the market to support safer lending and broader economic growth.” 

Beyond its immediate application in trade finance, the Trade Finance Registry lays the foundation for a broader national collateral registry over the longer term, with the potential to cover a wider range of assets used to secure financing and the associated rights. Experience gained during the early stages of the project can inform the design and requirements of this future registry, ensuring it reflects the needs of Bahrain’s market while providing a basis for progressively connecting invoice, financing and collateral information.