GFH and Binance launch the first cryptocurrency payment solution in Bahrain

GFH Financial Group (“GFH” or the “Group”) announced a partnership with Binance, the world’s leading blockchain and digital asset trading platform, to launch a first-of-its-kind initiative in Bahrain that is the first cryptocurrency payment solution integrated with banking services.

This strategic partnership harmoniously combines the trust and security provided by traditional finance, and the innovation provided by blockchain technology, which consolidates GFH’s position as the first financial institution in the Kingdom of Bahrain that enables its customers to make direct and instant transfers from cryptocurrencies to cash currencies.

Under this partnership, GFH customers will be able to use the Binance Pay service directly through the GFH application to fund their investments instantly. This new feature provides a secure and fully digital payment experience, bypassing the traditional obstacles that separate digital assets from regular banking services.

Osama Nasr, CEO of Digital Banking Services at GFH Financial Group, said: “Our partnership with Binance represents a milestone in GFH’s digital transformation journey. By combining traditional banking services with blockchain technology, we are ushering in a new era of convenience, security and ease of access for our customers. This initiative reinforces our vision to provide smarter and more connected financial experiences.”

Customers can now choose the Binance Pay service to fund their investments via the GFH app and complete subscriptions within seconds, simplifying the mechanics of using digital assets in daily financial transactions. This initiative represents a qualitative shift, the first of its kind in the Bahraini banking sector, and is consistent with the Kingdom’s commitment to promoting innovation and leadership in financial technology.

For his part, Binance Bahrain General Manager, Tamim Al-Mousawi, stressed his pride in cooperating with GFH in this pioneering initiative, which directly supports the pillars of Bahrain’s Economic Vision 2030. By building a bridge between the cryptocurrency and traditional finance systems, we are contributing to building a more competitive and sustainable digital economy.

He said: “This partnership not only enhances financial innovation, but also supports digital culture and consolidates the Kingdom’s position as a leader in the future of the financial sector. We are committed to supporting the digital transformation process in the region by providing secure and easy-to-access blockchain technology.”

This cooperation is in line with GFH’s strategy to lead digital transformation across the region, by integrating artificial intelligence, blockchain, and financial technology innovations to redefine customer interaction with financial services.