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Bahrain has entered the implementation phase of its National Digital Public Infrastructure (DPI) Initiative, a major step in the kingdom’s digital transformation that seeks to strengthen trade finance and de-risk lending to Small and Medium Enterprises (SMEs).
The initiative is led by Bahrain’s national digital infrastructure provider, Benefit, in collaboration with Singapore-based technology company MonetaGo, the Bahrain FinTech Bay (BFB), and the Bahrain Association of Banks (BAB).
The project involves developing a digital ledger for all financed trade transactions and invoice submissions. This ledger will create an alternative data credit score, aiming to boost confidence and appetite among banks to increase trade finance for a broader range of SMEs.
Anchored in a shared commitment to digital progress, the partnership aims to establish an interoperable, cross-border digital public infrastructure connecting Asia and the Middle East, leveraging Bahrain’s advanced fintech ecosystem and Singapore’s digital trust frameworks.
The DPI initiative represents Bahrain’s largest-scale DPI deployment, a pivotal step towards building secure and transparent systems that can help banks lower losses from fraud.
Benefit chief executive officer Abdulwahed Al Janahi said the project enables “a more transparent and resilient financial ecosystem, and positioning Bahrain as a regional leader in digital public infrastructure and innovation.”
The technology is expected to unlock access to finance for SMEs, which account for 92 per cent of businesses but where only 11pc currently have access to funding, according to Bader Sater, chief executive officer of Bahrain FinTech Bay.
Neil Shonhard, chief executive officer of MonetaGo, commented that the implementation phase marks a “defining moment in Bahrain’s journey to build its National Digital Public Infrastructure,” establishing a trusted framework that strengthens financial integrity and advances secure, inclusive trade across regions.
This Bahrain-Singapore collaboration is one of the leading regional deployments of DPI, paving the way for deeper cross-border digital integration between Asia and the Middle East. It aligns with Bahrain’s Economic Vision 2030 by empowering SMEs.
The framework mirrors Singapore’s Trade Finance Registry, which was deployed by the Association of Banks in Singapore (ABS) in March 2023 using MonetaGo’s Secure Financing technology. The Singapore registry has since onboarded over 50 banks, enhancing transparency in domestic and cross-border trade finance flows.
avinash@gdnmedia.bh
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