The Weekly Wrap: Your Friday Briefing for the Week of November 14th
By Puja Sharma
The Headline Story:
Benefit, a Bahrain-based financial services provider, has made a significant move by partnering with NPCI International Payments Limited (NIPL) of India. This partnership aims to establish real-time, cross-border payment connectivity between the two countries. The key focus is on integrating Bahrain’s Electronic Fund Transfer System (EFTS), particularly its Fawri+ service, with India’s Unified Payments Interface (UPI).
This collaboration is a major step forward in regional financial innovation and cross-border digital infrastructure. UPI, a global leader in instant payments, processes nearly 20 billion monthly transactions valued at over USD 280 billion, serving more than 500 million users and dominating India’s retail digital payment market with an 84% share.
The partnership is a strategic move by Benefit to strengthen its position as a digital-first financial hub in the GCC and a pioneer in real-time payments. It also aligns with Benefit’s global expansion plans for Fawri+, aiming to enhance interoperability and provide fast, secure, and seamless payment experiences across borders. Users in both countries will benefit from instant, low-cost money transfers with robust security and compliance standards.
This Week’s Deals and Announcements:
- MBG adopts One Inc’s ClaimsPay for instant claims payouts.
- Zilch secures $175 million to expand AI-driven digital payments.
- Boku opens an innovation hub to streamline global payments.
- Cassava and Google collaborate to accelerate AI adoption in Africa.
- Franklin Templeton joins the Canton Network to drive tokenized finance.
- IO partners with the Argentine FinTech Chamber to boost blockchain.
- Federal Card Services commits $250 million to India expansion.
- Visa introduces seamless QR payments for merchants in the Asia-Pacific region.
Upcoming Event:
Keep an eye out for the IBSi Global FinTech Innovation Awards 2025, taking place on November 21st in Mumbai. This prestigious event will celebrate the most disruptive and transformative achievements in banking and financial technology. With a record-breaking 2024 edition, the 2025 awards are expected to set even higher benchmarks, featuring broader global participation, deeper insights into bank-tech collaborations, and a data-driven judging process powered by IBS Intelligence’s proprietary research and analytics.
Stay Connected:
For more updates and insights, visit the IBS Intelligence website. Don’t miss out on the GFIA 2025, where we’ll celebrate the innovators driving the future of global FinTech.
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