SINAAD, a fully owned subsidiary of The BENEFIT Company (National Switch of Bahrain) has joined Mastercard’s Fintech Express accelerator program in Bahrain in a partnership designed to unlock Fintech opportunities and expedite market entry for Fintech players in the Kingdom.
Established in 2009, SINNAD – a wholly-owned subsidiary of The BENEFIT Company - provides fully developed third party card services to support banks and fintech innovators in Bahrain, the Gulf and the wider MEA region.
Becoming a Mastercard Fintech Express partner will enable SINNAD to support smaller fintech actors in Bahrain as they seek to go live with their Mastercard issuing business in record time – a key enabler of market entry and expansion.
Fintech Express also provides access to a suite of tailor-made payment solutions such as BIN (Bank Identification Number) sponsorship, enabling fintechs to enrich the region’s digital payments ecosystem and widen access to contactless payments in the country.
The program supports digital payment innovators by making it simple to collaborate with Mastercard and its partners to launch new fintech products. It is designed for fintechs looking to add payment solutions to their suite of products, tech-savvy startups looking at serving a new segment as well as established players with ambitions to innovate through partnerships.
Explaining the transformational potential of the partnership, J.K. Khalil, Country Manager, Saudi Arabia, Bahrain, and Levant, Mastercard, said: “Mastercard is delighted to welcome SINNAD to Fintech Express in Bahrain. This is an important strategic partnership that will make it much easier for fintech innovators in Bahrain to go to market, expand their operations, contribute to the Kingdom’s growing Fintech ecosystem and enhance the country’s journey towards becoming a financially inclusive cashless society.”
Commenting on the Mastercard partnership, Rana AlMaeeli, General Manager at SINNAD, said: “We are delighted to be joining Mastercard’s Fintech Express program as a key strategic partner. It is a partnership that will enable SINNAD to support and develop the fintech ecosystem in Bahrain and the wider region, drive business in line with the Kingdom of Bahrain’s economic vision and empower industry players to create innovative and forward-looking fintech products.”