AX Coin stablecoin signs MOU with Benefit in Bahrain to complement national payments

SOLOWIN HOLDINGS (Nasdaq: AXG) (“AXG” or the “Company”) through its stablecoin issuance entity and subsidiary, AX Coin Bahrain B.S.C. (C) (“AX Coin”) signed an MOU ( Memorandum of Understanding) with The Benefit Company B.S.C. (C) (“BENEFIT”), Bahrain’s national electronic financial transactions hub, to jointly explore how stablecoin technology, which remains an emerging area of financial infrastructure, could complement Bahrain’s national payments ecosystem over time.

The MOU was signed during a ceremony at the BENEFIT office on May 6, 2026 by Xavier George, Managing Director of AlloyX Limited and CEO of AX Coin, and Abdulwahed AlJanahi, Chief Executive of BENEFIT

As per the announcement, the MOU is intended as a structured starting point for assessment and dialogue between the two parties. AX Coin and BENEFIT will examine a range of potential applications across the payments landscape. The parties will also explore whether and how stablecoin capabilities could, subject to regulatory and technical feasibility, interface with BENEFIT’s existing national payments infrastructure.

Xavier George, Managing Director of AlloyX Limited and CEO of AX Coin, said, “This strategic MOU with BENEFIT represents an important turning point towards supporting payment services in the region. By combining a national payments backbone with stablecoin-powered infrastructure, we aim to help connect local economies with global financial networks. The collaboration is intended to support more transparent, secure, and efficient cross-border transactions. Beyond payments, this partnership contributes to the development of digital financial services covering remittances, merchant settlements, treasury flows, and digital commerce. Together, we look forward to supporting regulated digital asset innovation and global payments in the region.”

AX Coin has received in-principle approval from the Central Bank of Bahrain. The collaboration with BENEFIT is intended to support continued exploration within Bahrain’s regulated framework, and to contribute to a better understanding of how digital asset-based solutions could be applied in the region’s broader financial landscape.

Abdulwahed AlJanahi, Chief Executive of BENEFIT, added, “The MOU with AX Coin represents an important step in BENEFIT’s strategy to explore how Bahrain’s national payment solutions could evolve alongside emerging digital asset infrastructure. Having played a central role over the years in developing an advanced national infrastructure for electronic payments, BENEFIT views this initiative as an opportunity to study how emerging payment technologies could complement our existing infrastructure, and to explore solutions that could, in time, become faster, more efficient and more transparent.”

AXG and Bahrain FinTech Bay, a BENEFIT subsidiary and the Kingdom’s leading ecosystem builder, entered into a strategic partnership in February 2026 to explore the development and adoption of regulated stablecoin applications, further supporting Bahrain’s role as a regional hub for digital finance.

Bader Sater, CEO of Bahrain FinTech Bay, a subsidiary of The BENEFIT Company, explained, “BFB has been working with AXG since our strategic partnership in February to advance the exploration of regulated stablecoin adoption in Bahrain, and this MOU between AX Coin and our parent BENEFIT is a natural progression of that work. Bahrain’s regulatory clarity on stablecoins, including AX Coin’s in-principle approval from the CBB, is what makes early-stage collaborations of this kind possible here. BFB will continue to support both parties as the work moves from MOU into structured exploration.”

Stablecoins remain an emerging area of financial infrastructure, and the long-term shape of their role in regulated finance is still being defined globally. The MOU between AX Coin and BENEFIT provides a constructive framework for both parties to explore, learn, and assess together, and where appropriate, to contribute to Bahrain’s continued leadership in regulated digital finance.