Bahrain Islamic Investment Bank and Binance agree partnership for in-app crypto to fiat ramps

Bahrain-headquartered GFH Financial Group (“GFH” or “the Group”), a Gulf Islamic Investment Bank, and Binance, through Binance Pay, have partnered to launch Bahrain’s first bank-integrated crypto payment solution that allows GFH clients to utilize real-time crypto-to-fiat transactions using Binance Pay.

As per the press release, GFH is the first financial institution in Bahrain to offer this solution with Binance. GFH customers can use Binance Pay directly within the GFH app to fund their investments in real time. The new functionality delivers a secure, fully digital payment experience, eliminating traditional barriers between digital assets and everyday banking.

Earlier this year, the Central Bank of Bahrain (CBB) granted BPay Global B.S.C.(c) (BPay Global), a Binance Group payment services company, a Payment Service Provider (PSP) license to operate in the Kingdom of Bahrain. Binance customers will be able to top up and withdraw on an e-wallet fiat currency, as well as custody their fiat and crypto and make payments.

Additionally, the Central Bank of Bahrain also came out with its stablecoin framework, allowing USD-backed stablecoins as well as Bahraini dinar stablecoins to be used in the country.

Fiat to crypto solution is offered on the GFH application

Mr. Osama Nasr, the Chief Digital Banking Officer at GFH Financial Group, believes the partnership with Binance is a defining moment in GFH’s digital transformation journey. He explains, “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 choose Binance Pay to fund their investments on the GFH app and complete subscriptions within seconds for everyday transactions.

Tameem Al Moosawi‏, General Manager of Binance Bahrain, explained that this supports Bahrain’s economic vision and bridges crypto with traditional finance ecosystems. He explains, “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 UAE has also made similar collaborations between banking entities, such as Liv Bank, a subsidiary of Emirates National Bank, which collaborated with Aqua Now for seamless fiat crypto settlements, and UAE Rak Bank, which has collaborated with BitPanda. The GCC region is slowly integrating digital assets with traditional financial systems.

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