Bahrain Development Bank announces the launch of Fawateer Assignment in collaboration with BENEFIT, as part of their efforts to support SMEs. Fawateer Assignment is a special arrangement that will enable BDB’s customers who are or who want to be billers on Fawateer to secure their loans by having all the Fawateer proceeds of the biller to be directly deposited in the biller’s accounts with BDB, through the Fawateer service provided by BENEFIT.
This arrangement will contribute to reducing the customer’s credit risk and facilitating the provision of financing to SMEs, especially the ones that are unable to provide other forms of security for their financing requirements. By activating this service, the customer will be able to deposit their Fawateer proceeds into their BDB’s account directly for the duration of the financing period.
Sanjeev Paul, CEO of BDB mentioned that the launch of Fawateer Assignment is an advantage for all the parties involved.
“We are truly pleased to launch this arrangement in collaboration with BENEFIT and we are sure this will have a positive impact on all parties involved.
“BDB aims to continue to develop and innovate new way to support the SME sector in the best and most effective way.
Abdulwahed Al-Janahi, CE of BENEFIT “We are proud to extend our relationship with BDB to strategic partnership for Fawateer billing service, and we look forward to expanding our initiatives with BDB.
He added: “BENEFIT offers a unique e-service package that supports the transformation of payments, e-money transfers, credit reports and electronic verification of customer data, which contributes to the development of business services.
Licensed by the Central Bank of Bahrain as a Conventional Retail Bank