BENEFIT participates in United Nations’ 3rd Incheon law and business forum

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, is pleased to announce its participation in the United Nations Commission on International Trade Law (UNCITRAL) 3rd Incheon Law and Business Forum (ILFB) hybrid conference, held from 11th – 12th September 2023 in Incheon Songdo, Republic of Korea, under the theme “From Documents to Data: Legal and Commercial Solutions for Digital Trade”.

The two-day regional Forum, co-hosted by the Ministry of Justice of the Republic of Korea, Incheon Metropolitan City, Korea Legislation Research Institute, and other distinguished partners, gathered leaders in legal, business and public sectors to discuss the critical role of law reform and business development in advancing digital trade.

Shafaq Al Kooheji, Head of Payment Services at BENEFIT delivered a valuable presentation during the forum’s Business Track 1: Trade Finance and Fintech, where she highlighted Bahrain’s Electronic Cheque System (BECS) and the significance of BENEFIT’s trajectory as an accredited Trust Service Provider (TSP), shedding light on the vital role such providers play in today’s digital environment. Shafaq’s presentation garnered considerable attention from both delegates and industry experts.

Additionally, Shafaq addressed the transformative potential of e-cheques, highlighting its capability for digital signatures, simplicity, complete traceability, and resilience to theft, loss, or fabrication. In addition, Shafaq examined the life cycle of electronic checks, demonstrating their importance to SMEs at every step and their need for them.). Furthermore, she highlighted the concept of a trust service provider and the accredited TSP journey, offering valuable insights into various types of electronic signatures.

BENEFIT’s contribution in the 3rd Incheon Law and Business Forum demonstrates its commitment to bolstering innovation and efficiency in financial services, especially in the context of digital trade. Shafaq’s participation highlights BENEFIT’s drive in remaining at the forefront of financial technology innovations.

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