Amid the growing digital landscape in the Middle East region comes Bahrain, with its burgeoning crypto initiatives. Following the partnership between Bahrain FinTech Bay (BFB) and Tether to promote blockchain education, GFH Financial Group has now joined forces with Binance to launch Bahrain’s first bank-integrated crypto payment solution.
Bahrain’s debut bank-integrated crypto with Binance Pay
A fusion of traditional and digital finance — this is what Bahrain’s financial investment group is building with Binance, one of the largest crypto exchanges. Through the partnership, GFH customers can utilize Binance Pay (Binance’s payment technology) directly within the GFH App. In simple terms, GFH has integrated Binance Pay into its banking app.
The purpose of the integration is to help fund the investment of customers. If a GFH customer owns crypto in their Binance account, they can use the funds to invest in GFH products via Binance Pay. These crypto funds are converted into fiat currency and can be used to invest in the products.
“This launch represents a first-of-its-kind advancement in Bahrain’s banking sector, aligning with the Kingdom’s commitment to fostering innovation and leadership in financial technology”, read an official statement.
For Osama Nasr, the Chief Digital Banking Officer at GFH Financial Group, this partnership brings more convenience, security, and accessibility for the fintech customers as technology has matured to the level where Wall Street bridges blockchain with traditional banking.
Supporting Bahrain’s Economic Vision 2030
As Tameem Al Moosawi, General Manager of Binance Bahrain, added, the pioneering initiative supports the “pillars of Bahrain’s Economic Vision 2030” and brings a “more competitive and sustainable digital economy.”
Besides creating an innovation in the digital sector, Bahrain intends to foster digital literacy and position the Kingdom as a leader in the future of finance.
Bahrain’s fintech industry expands through more partnerships
As explained, Bahrain’s virtual asset ecosystem is thriving with tight competition between other Gulf countries. Earlier this month, the country’s Bahrain FinTech Bay united with Ripple Labs to expand blockchain technology and digital asset innovation.
Another milestone in the country’s digital asset realm is Binance’s license from the Central Bank of Bahrain (CBB). This further bolsters Bahrain’s position as a regional leader in the regulated crypto services.
