Mastercard Partners with Bahrain Financial Network for Blockchain-Based Payment Solution | BTCMANAGER
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According to a press release from Trade Arabia, July 30, 2019, Mastercard and the Bahrain Electronic Network for Financial Transactions (Benefit), the only financial network in the Kingdom of Bahrain handling ATM and POS transactions, have established a partnership to provide a blockchain solution for banks to enable cross-border commercial payments.
Bahrain Adopts Blockchain
The Kingdom of Bahrain is an island country in the Persian Gulf and is composed of a small archipelago centered around Bahrain Island, situated between the Qatar peninsula and the northeastern coast of Saudi Arabia. Even if we are talking about a micro-nation, the capital of Bahrain, Manama, is home to many large financial structures and, in 2008, the country was named the world’s fastest-growing financial center by the City of London’s Global Financial Centres Index. In particular, the nation’s banking and financial sector has benefited from the boom in oil demand.
The country is also on the path to becoming a smart economy to promote the development, sustainability, and attractiveness for new investment such as blockchain technologies. Precisely for this reason, Bahrain Electronic Network for Financial transactions (Benefit), the only financial network of its kind in the country which handles ATM and POS transactions among other services, has entered into a partnership with Mastercard to create a private cross-border commercial payment solution for banks.
Mastercard started offering access to their blockchain technology in October 2017 as an alternative to conventional methods of transactions but it’s the first time that it will begin a program in the Middle East.