Bahrain has embarked on the implementation phase of a new National Digital Public Infrastructure (DPI) Initiative, a landmark project that will create a digital ledger for all financed trade transactions and invoice submissions in the Kingdom. The initiative, led by Bahrain’s national digital infrastructure provider BENEFIT and Singapore-based technology company MonetaGo, aims to de-risk SME lending and strengthen trade finance.
The project, conducted in collaboration with Bahrain FinTech Bay (BFB) and the Bahrain Association of Banks (BAB), marks the Kingdom’s first large-scale DPI deployment and a major milestone in its digital transformation journey, aligning with the goals of Economic Vision 2030.
The collaboration unites Bahrain’s advanced fintech ecosystem with Singapore’s globally recognised digital trust frameworks, setting the stage for an interoperable, cross-border digital public infrastructure connecting the Middle East and Asia.
Unlocking SME finance and de-risking trade
A primary driver of the initiative is to solve one of the biggest challenges in the region: the SME financing gap. The new DPI will create an alternative data credit score, providing banks with greater confidence and a clearer appetite to offer trade finance to a broader range of businesses.
“This initiative demonstrates Bahrain’s ability to translate national vision into action,” said Bader Sater, chief executive officer of Bahrain FinTech Bay. “Through our collaboration with BENEFIT and MonetaGo, we are unlocking access to finance for the 92% of businesses that are SMEs; a group where only 11% currently have access to funding.”
By creating a secure, transparent digital ledger for trade transactions, the system is designed to significantly lower the risk of fraud, which in turn provides banks with the confidence needed to increase liquidity in the trade finance market.
Abdulwahed Al Janahi, chief executive of BENEFIT, commented: “As Bahrain’s national digital infrastructure provider, BENEFIT is proud to lead the implementation of this national initiative. By building globally leading technology that de-risks finance and increases liquidity, we are enabling a more transparent and resilient financial ecosystem, and positioning Bahrain as a regional leader in digital public infrastructure and innovation.”
A digital trade bridge to Asia
The initiative is not just a national project; it is a pioneering “digital trade bridge” that aims to connect digital public infrastructure across regions. It builds on the success of Singapore’s own Trade Finance Registry, which was developed by the Association of Banks in Singapore (ABS) using MonetaGo’s Secure Financing technology. Deployed in March 2023, the Singaporean registry has already onboarded over 50 banks.
MonetaGo’s technology will now be a cornerstone of Bahrain’s DPI, establishing a trusted, interoperable framework that connects the two financial hubs.
Neil Shonhard, chief executive officer of MonetaGo, added: “MonetaGo’s collaboration with BENEFIT now moves from vision to execution, marking a defining moment in Bahrain’s journey to build its National Digital Public Infrastructure. This phase represents more than technological progress; it’s about establishing a trusted, interoperable framework that connects digital public infrastructure between Bahrain and Singapore, strengthening financial integrity and advancing secure, inclusive trade across regions.”
This cross-border collaboration is one of the first major regional deployments of DPI, paving the way for deeper digital integration between Asia and the Middle East and reinforcing the Kingdom’s position as a hub for digital innovation.
