Quick Summary
- GFH Financial Group (GFH) in Bahrain has partnered with Binance Pay to introduce an integrated crypto payment solution for its clients.
- This collaboration allows GFH customers to use Binance Pay for real-time crypto-to-fiat transactions directly within the GFH app to fund investments.
- The Central Bank of Bahrain has been active in supporting digital assets, granting licenses to Binance Group’s payment services company and establishing a stablecoin framework.
- This initiative marks a significant step in bridging traditional finance with blockchain technology in Bahrain and the wider GCC region.
GFH and Binance Launch Bahrain’s First Bank-Integrated Crypto Payment Solution
GFH Financial Group (“GFH”), an Islamic investment bank based in Bahrain, has joined forces with Binance, the global blockchain ecosystem and cryptocurrency infrastructure provider, through Binance Pay. This partnership introduces Bahrain’s first bank-integrated crypto payment solution, enabling GFH clients to conduct real-time crypto-to-fiat transactions utilizing Binance Pay.
According to a press release, GFH is the first financial institution in Bahrain to offer such a solution in collaboration with Binance. GFH customers can now leverage Binance Pay directly within the GFH application to instantly fund their investments. This new feature provides a secure, fully digital payment experience, effectively removing traditional barriers between digital assets and everyday banking services.
Earlier this year, the Central Bank of Bahrain (CBB) issued a Payment Service Provider (PSP) license to BPay Global B.S.C.(c) (“BPay Global”), a Binance Group payment services company. This license permits BPay Global to operate within the Kingdom of Bahrain. The license allows Binance customers to top up and withdraw fiat currency from an e-wallet, as well as manage custody of both fiat and crypto assets, and facilitate payments.
💡 The Central Bank of Bahrain has also established a stablecoin framework, paving the way for the use of USD-backed stablecoins and Bahraini dinar stablecoins within the country.
Fiat to Crypto Solution Integrated into the GFH Application
Mr. Osama Nasr, Chief Digital Banking Officer at GFH Financial Group, views the partnership with Binance as a pivotal moment in GFH’s digital transformation. He stated, “By bridging traditional banking with blockchain technology, we are introducing a new era of convenience, security, and accessibility for our customers. This initiative reinforces our vision to deliver smarter, more connected financial experiences.”
GFH customers can now select Binance Pay as an option to fund their investments within the GFH app, completing subscriptions for everyday transactions in mere seconds.
Tameem Al Moosawi, General Manager of Binance Bahrain, highlighted that this collaboration supports Bahrain’s economic vision by merging cryptocurrency with traditional finance ecosystems. He added, “We are contributing to a more competitive and sustainable digital economy. This partnership not only enhances financial innovation but also fosters digital literacy and positions the Kingdom as a leader in the future of finance.”
The GCC region is increasingly seeing similar collaborations between banking entities. For instance, Liv Bank, a subsidiary of Emirates NBD, partnered with Aqua Now for seamless fiat-crypto settlements. Rak Bank in the UAE has also collaborated with BitPanda. These developments indicate a gradual integration of digital assets into traditional financial systems across the region.
Expert Summary
GFH Financial Group and Binance have launched a groundbreaking bank-integrated crypto payment solution in Bahrain, allowing GFH clients to utilize Binance Pay for real-time crypto-to-fiat transactions. This initiative streamlines investment funding and reflects Bahrain’s proactive approach to digital finance, supported by regulatory developments from the Central Bank of Bahrain. The partnership signifies a notable step in integrating digital assets with traditional banking infrastructure within the GCC.