GFH, Binance Launch Bahrain’s First Crypto Payment Solution

Post by : Mara Rahim

GFH Financial Group, a Bahrain-based Gulf Islamic Investment Bank, has partnered with Binance to launch Bahrain’s first-ever bank-integrated crypto payment solution. This partnership allows GFH clients to make real-time crypto-to-fiat transactions through Binance Pay, marking a significant step in merging traditional banking with blockchain technology. The initiative reflects Bahrain’s growing leadership in digital financial innovation within the Gulf region.

According to the announcement, GFH is the first financial institution in Bahrain to introduce this functionality with Binance. Customers can now access Binance Pay directly through the GFH app to fund their investments instantly. This integration allows users to complete secure and seamless transactions, removing many of the traditional barriers that existed between digital assets and the banking system.

The feature provides clients with a fully digital, fast, and secure way to manage their funds, reflecting GFH’s strategy of offering innovative financial services that keep pace with global technological advancements.

The partnership follows the Central Bank of Bahrain’s (CBB) progressive regulatory steps to encourage digital innovation in the financial sector. Earlier this year, the CBB granted a Payment Service Provider (PSP) license to BPay Global B.S.C.(c), a Binance Group company, allowing it to operate in Bahrain. This license permits Binance customers to top up, withdraw, and manage both fiat and crypto assets within a regulated framework.

In addition, the CBB introduced a stablecoin framework that permits the use of USD-backed and Bahraini dinar-backed stablecoins in the country. This regulatory clarity has provided a secure foundation for financial institutions like GFH to integrate crypto solutions into their services.

Mr. Osama Nasr, Chief Digital Banking Officer at GFH Financial Group, described the collaboration as a milestone in GFH’s digital transformation journey. 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.”

Through the new feature, GFH customers can select Binance Pay as their preferred payment method to fund investments directly via the GFH app. Transactions can now be completed in seconds, enhancing user experience and financial flexibility.

Tameem Al Moosawi, General Manager of Binance Bahrain, emphasized that the collaboration supports Bahrain’s economic vision and positions the country as a regional leader in digital finance. “We are contributing to a more competitive and sustainable digital economy,” he said. “This partnership enhances financial innovation, promotes digital literacy, and strengthens Bahrain’s role in the future of global finance.”

This partnership demonstrates how financial institutions and blockchain companies can work together to modernize payment systems and expand access to secure, regulated crypto services.

Bahrain’s growing openness to crypto integration mirrors similar developments across the GCC. The UAE, for instance, has already seen partnerships such as Liv Bank’s collaboration with Aqua Now for crypto settlements and RAK Bank’s partnership with BitPanda. These initiatives show a regional trend toward connecting digital assets with traditional banking systems, fostering innovation while maintaining strong regulatory oversight.

The GFH-Binance partnership aligns with Bahrain’s broader efforts to encourage digital transformation in finance. By enabling real-time crypto-to-fiat conversions, it enhances accessibility for both retail and institutional investors while ensuring compliance with the Central Bank’s regulations. The collaboration not only simplifies investment processes but also introduces a new model for financial inclusion and digital efficiency in the Middle East.

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