GFH Financial Group has become the first Islamic bank in Bahrain to integrate cryptocurrency payments into its banking app.
This was achieved through an integration with Binance Pay. The new service allows users to perform instant crypto-to-fiat conversions without leaving the bank’s ecosystem, simplifying operations and bringing blockchain technology into traditional finance.
The agreement was made possible by a Payment Service Provider (PSP) license granted by the Central Bank of Bahrain to BPay Global, a Binance subsidiary, authorizing the custody and management of fiat and digital assets under regulatory oversight. Additionally, the regulator implemented a framework for stablecoins pegged to both the U.S. dollar and the Bahraini dinar, providing the sector with stability and regulatory clarity.
Through this initiative, GFH aims to deepen its digital transformation and facilitate the transition from traditional finance to digital assets. According to GFH’s Chief Digital Banking Officer, Osama Nasr, the integration marks a new stage of accessibility and security for clients. Meanwhile, Binance highlighted that the partnership supports Bahrain’s economic vision and its position within the Gulf as a hub for financial innovation
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