- GFH App to allow immediate crypto-to-fiat funds by way of Binance Pay.
- The partnership boosts Bahrain’s position in GCC digital finance innovation.
- Central Financial institution of Bahrain backs the service with PSP and stablecoin guidelines.
Bahrain’s GFH Monetary Group has change into the primary Islamic funding financial institution within the Kingdom to combine cryptocurrency funds immediately into its banking app, marking a significant milestone within the nation’s digital finance journey.
The partnership with Binance Pay allows GFH purchasers to carry out real-time crypto-to-fiat transactions, bringing blockchain expertise nearer to conventional banking in Bahrain.
A primary for Bahrain’s banking sector
By means of this collaboration, GFH prospects can now use Binance Pay inside the GFH app to fund investments immediately and securely.
The characteristic permits customers to transform digital property into native forex with out leaving the financial institution’s ecosystem, streamlining what was as soon as a posh course of.
This innovation eliminates the necessity for third-party exchanges for easy conversions, bridging the hole between crypto and standard finance.
The service is powered by Binance Pay’s infrastructure, guaranteeing quick and low-cost transactions.
Purchasers can high up fiat e-wallets, custody each fiat and cryptocurrencies, and full funding subscriptions inside seconds.
For GFH Monetary Group, the partnership is a defining step in its digital transformation technique, designed to reinforce accessibility and effectivity for patrons managing digital and conventional property alike.
Regulatory backing strengthens the launch
The Central Financial institution of Bahrain (CBB) has performed a vital position in supporting this development.
Earlier this yr, it granted BPay World B.S.C.(c) — a Binance Group firm — a Cost Service Supplier (PSP) license to function within the Kingdom.
The license allows BPay World to facilitate fiat and crypto custody, handle e-wallets, and course of funds securely beneath the CBB’s supervision.
In parallel, the CBB launched a stablecoin framework permitting each USD-backed and Bahraini dinar-pegged stablecoins to flow into within the native market.
This regulatory readability supplies a powerful basis for integrating crypto inside the monetary system, providing stability and guaranteeing compliance with worldwide requirements.
Monetary specialists say these insurance policies strengthen Bahrain’s place as a crypto-friendly jurisdiction inside the Gulf Cooperation Council (GCC).
Bridging conventional banking with blockchain
Osama Nasr, Chief Digital Banking Officer at GFH Monetary Group, described the initiative as a transformative step that bridges conventional banking with blockchain expertise.
“By bridging conventional banking with blockchain expertise, we’re introducing a brand new period of comfort, safety, and accessibility for our prospects,” Nasr stated.
Nasr emphasised that this integration aligns with GFH’s broader purpose of delivering smarter and extra related monetary experiences.
From Binance’s facet, Tameem Al Moosawi, Normal Supervisor of Binance Bahrain, highlighted the partnership’s alignment with Bahrain’s financial imaginative and prescient. “
We’re contributing to a extra aggressive and sustainable digital financial system. This partnership not solely enhances monetary innovation but additionally fosters digital literacy and positions the Kingdom as a frontrunner in the way forward for finance,” he famous.
Regional momentum in crypto integration
The GFH–Binance partnership displays a rising development throughout the GCC, the place monetary establishments are more and more adopting blockchain-based options.
Within the UAE, Liv Financial institution, a subsidiary of Emirates NBD, has teamed up with Aqua Now for fiat-crypto settlements, whereas RAKBANK has partnered with BitPanda to supply related providers.
Collectively, these developments illustrate how Gulf international locations are transferring towards harmonising digital property with established banking techniques.
In Bahrain, the mix of regulatory foresight, Islamic finance rules, and fintech innovation has created fertile floor for crypto adoption.
GFH Monetary Group’s integration of Binance Pay not solely enhances the native banking expertise but additionally indicators Bahrain’s readiness to compete as a regional hub for digital finance.
