UAE Haifin offers blockchain trade finance solution in Bahrain with BENEFIT

UAE Haifin offers blockchain trade finance solution in Bahrain with BENEFIT

Bahrain based BENEFIT, aFintech and electronic financial transactions service, has partnered with haifin, an e& enterprise company (part of e&) formerly known as UAE Trade Connect offering Blockchain enabled trade financing platform,to revolutionize Bahrain’s banking sector by fostering innovation, and enhancing financial resilience across the industry.

With a proven track record in de-risking trade finance lending, haifin—live in UAE since 2021—has leveraged cutting-edge technologies such as blockchain and advanced analytics to prevent fraud in real-time, saving over $150 million for its consortium members.

As per the press release, the partnership is set to enhance the ability of Bahrain’s banking industry to mitigate risks and prevent fraud, particularly in trade finance. By improving risk management, the collaboration is expected to boost banks’ lending confidence, increase revenues, and improve access to liquidity for SMEs and corporate borrowers.

Abdulwahed AlJanahi, Chief Executive of BENEFIT, commented that this partnership marks a significant step in strengthening Bahrain’s financial ecosystem through advanced technology. He added, “By equipping banks with cutting-edge tools to proactively combat fraud and streamline trade finance, we are empowering the sector to operate with unparalleled efficiency and confidence. By uniting our expertise, we are reinforcing trust, security, and innovation at the heart of the industry’s future, setting the stage for a more resilient and digitally advanced banking landscape in Bahrain.”

Zul Javaid, Chief Executive of haifin, highlighted the importance of this partnership added, “After our success in the UAE and our ambition to address similar challenges across the MEA region this collaboration with BENEFIT marks a major milestone. Together, we aim to deliver advanced technology solutions that enhance risk management which ultimately drives growth for banks.”

The members of Haifin platform include UAE Banks Federation, Al Masraf, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Commercial Bank International, Commercial Bank of Dubai, Dubai Islamic Bank, First Abu Dhabi Bank (FAB), Habib Bank AG Zurich, Invest Bank, Mashreq Corporate & Investment Banking Group, National Bank of Fujairah, RAKBANK, Sharjah Islamic Bank, United Arab Bank, Beehive Fintech, CredibleX, DP World, and Finneva.

Prior to the recent agreement with Bahrain’s BENEFIT, Zul Javaid expressed his interest in expanding Haifan offering to countries across the GCC and MENA regions, including KSA hiring Wissam Massud to lead their international expansion in 2023.

CoinMENA launches Bitcoin campaign in MENA

CoinMENA launches Bitcoin campaign in MENA

CoinMENA, a regulated crypto trading platform in the UAE and Bahrain, serving the MENA region, has launched an innovative crypto campaign “Your Future, Your Choice” Partnering with creative agency Bigsea, the campaign uses sharp satire to critique today’s harsh economic realities.
The crypto exchange‘s bold approach addresses two universal challenges: rising living costs and the struggle to grow savings. Through two short films, the campaign humorously highlights modern-day financial struggles with relatable scenarios and a touch of mobster menace.


The films utilize metaphors for painfully familiar scenarios. In the first film, a young man looking to pay his rent is strongarmed by mobsters into emptying his wallet, a situation many can relate to as rent prices rise year after year. In the second film, the same man tries to grow his savings, only to watch helplessly as a mobster clerk and his gang pocket his hard-earned cash, leaving
him with a single coin in “interest.” The scene cleverly reflects how difficult it is for the average person to grow their savings.


Enter Bitcoin, Enter CoinMENA


The campaign flips the script with a call to action: “Don’t get bullied by inflation” and “Don’t get bullied for wanting more.” Instead of settling for the status quo, CoinMENA positions Bitcoin as a reliable alternative, one that protects against inflation and serves as the best
savings vehicle in the digital era.


Founders Dina Sam’an and Talal Tabbaa highlight the bold vision behind the campaign, “We wanted to tell it like it is. Bitcoin is humanity’s first purposefully engineered money, designed to preserve and appreciate in value, unlike fiat money, which is designed to
depreciate and lose value continuously. It represents hope for everyone struggling with the rising cost of living, offering an alternative way to save your time and energy.”

Serge Asaad, CEO of Bigsea, explains the creative inspiration stating, “This campaign is about giving people a moment of realization, that the ‘old way’ is not working out for them. CoinMENA offers not just an alternative, but a real sense of control and optimism
for the future. That’s where the satire comes in: we wanted to make people laugh, then think, and ultimately act.”


CoinMENA’s films deliver a simple yet powerful message: when rising living costs and the struggle to save leave you feeling powerless, choose Bitcoin with CoinMENA and take back control. As the signoff powerfully states: “Your Future, Your Choice.”

Bahrain Ministry of Justice launches Blockchain notarization platform

Bahrain Ministry of Justice launches Blockchain notarization platform

Bahrain Ministry of Justice has announced the launch of its Blockchain remote visual notarization system in collaboration with the Information and eGovernment Authority (iGA).

As per the press release, the initiative aligns with Bahrain’s Economic Vision 2030, expanding the private sector’s role while the Ministry of Justice overseed licensed private notaries.

Nawaf bin Mohammed Al Maawda, Minister of Justice, Islamic Affairs, and Endowments, announced this stating, ” Private notaries will receive training from the Judicial and Legal Studies Institute, with access requiring electronic key authentication.” The minister urged users to register for government notifications via bahrain.bh, as registered details will be used for service access.

Al Maawda reaffirmed the ministry’s commitment to digital transformation, introducing the service gradually for specific transactions through a blockchain powered platform ensuring confidentiality, authenticity, and fraud prevention, including digital signature verification.

In the UAE as well in 2024, DIFC ( Dubai International Financial Center) and Swiss The Hashgraph Association also announced, a digital Notary Service, which will be the notarizing English documents only and is the first-of-its-kind service in the UAE. The service will provide three (3) options for users; an automated self-service; a live virtual system; and an in-person service. Users of the service will also have the option to utilize an authentication service through primary source verification (PSV).

Central Bank of Bahrain grants crypto trading license to Fasset

Central Bank of Bahrain grants crypto trading license to Fasset

The Central Bank of Bahrain (CBB) has granted a Category 3 license to Fasset Financial Services, a Crypto Asset Service Provider, to operate in Bahrain, allowing the company to provide crypto-asset trading services. Fasset joins the ranks of Binance, Crypto.com, CoinMENA, BitOasis and others in Bahrain who are now offering regulated crypto service activities. The total number of crypto VASP licensed in Bahrain is now eight.


Abdulla Haji Director – Licensing Directorate, CBB noted, “We are pleased to announce the issuance of a license to a new Crypto Asset Service Provider in the Kingdom of Bahrain, marking our continuous commitment to fostering a robust and progressive regulatory environment. This reflects CBB’s continued efforts to create a secure and transparent ecosystem for businesses and investors in the digital asset space, in addition to the increased appetite for crypto services regionally and globally. By maintaining high standards of compliance and innovation, we remain dedicated to strengthening Bahrain’s position as a regional leader in fintech.”

Mr. Mohamed Sabra, General Manager and Board Member at Fasset Financial Services W.L.L., said that, “We are honored to receive this license from the Central Bank of Bahrain, marking a significant milestone in our mission to democratize access to digital assets in the region. This approval underscores Bahrain’s progressive stance towards fintech innovation and reinforces our commitment to providing secure and compliant digital asset products. We look forward to contributing to the Kingdom’s dynamic digital economy and supporting its vision for continued leadership in financial innovation.”

Fasset has also received a VASP crypto broker license in the UAE from Dubai’s regulatory VARA back in November 2023. Since then it has launched its application in the UAE as well as embarked on a gold tokenization product.

AI decentralized network Allora and stc Bahrain to advance AI

AI decentralized network Allora and stc Bahrain to advance AI

Allora Network, an AI decentralized network has collaborated with stc Bahrain, a world-class digital enabler, through its Web3 Launchpad Program under the Pearling Path initiative.

As per the blog, the collaboration highlights Allora’s commitment to partnering with leading innovators like stc Bahrain to advance decentralized AI, fostering innovation and growth across the GCC region and beyond.

As part of this collaboration, stc Bahrain will join the Allora Network as a validator node, contributing to the network’s security, reliability, and consensus. By joining the Allora Network as a validator node, stc Bahrain takes on a critical role in bolstering network security and maintaining consensus. This collaboration reflects stc Bahrain’s commitment to harnessing the transformative capabilities of decentralized AI, powered by Allora’s advancements in crowdsourced intelligence, reinforcement learning, and regret minimization.

Allora powers innovative, secure, and decentralized applications, driving cutting-edge protocols and unlocking new use cases for advanced solutions.

Mr. Saad Odeh, Chief Wholesale Officer at stc Bahrain, commented, “At stc Bahrain, we are dedicated to embracing emerging technologies that redefine industries and contribute to Bahrain’s Vision 2030 goals. Allora Network’s cutting-edge AI capabilities are a valuable addition to our Web3 Launchpad Program, further cementing Bahrain’s position as a hub for innovation and digital transformation.”

Nick Emmons, Co-Founder and CEO of Allora Labs, added, “We are thrilled to partner with stc Bahrain under the Web3 Launchpad Program. Their role as a validator node directly strengthens the security, consensus, and reliability of the Allora Network, which is essential for fostering trust and driving growth in decentralized infrastructure. Together, we strive to advance blockchain technology and explore AI innovations within and beyond telecommunications.”

Allora blog notes, “As the Web3 and AI ecosystems continue to expand, our collaboration with stc Bahrain strengthens the foundation for a robust, innovative, and decentralized digital economy. By working together to foster a collaborative environment for emerging technologies, we are proud to contribute to Bahrain’s Vision 2030 program, advancing progress toward a more innovative and sustainable future.”

Telecom operator stc Bahrain partners with ZetaChain blockchain

Telecom operator stc Bahrain partners with ZetaChain blockchain

stc Bahrain, Bahrain telecom operator and digital service provider has partnered with ZetaChain, the first Universal Blockchain, as part of its Web3 Launchpad Program under the Pearling Path initiative.

As per the press release, this collaboration underscores stc Bahrain’s commitment to advancing cutting-edge technologies and driving blockchain innovation across the Middle East and beyond.

ZetaChain’s Universal Blockchain provides native access to all major blockchains, including native Bitcoin, enabling developers to create Universal Apps that seamlessly operate across these ecosystems from one unified interface. Its design eliminates the need for bridges or middleware, offering a secure, scalable, and simple framework for cross-chain applications.

As part of this collaboration, stc Bahrain will operate a validator on ZetaChain’s mainnet. This moves the network’s security and scalability while enabling developers to build and deploy Universal Apps, natively accessible from all major blockchains, including the Bitcoin network.

“This partnership with ZetaChain represents a major step forward in enabling secure access to fully interoperable Web3 applications,” said Saad Odeh, Chief Wholesale Officer at stc Bahrain. “ZetaChain’s Universal Blockchain simplifies the Web3 user experience across all chains, including Bitcoin, while aligning with our commitment to advancing blockchain technology in the region.”

“stc Bahrain’s leadership in telecom and its award-winning Web3 Launchpad program makes them an ideal partner for ZetaChain,” said Jonathan Covey, Core Contributor at ZetaChain. “Their role as a validator will strengthen our ecosystem in the Middle East and unlock new Universal Apps that operate natively across Bitcoin and any blockchain from a single platform.”

This partnership affirms the company’s commitment to creating an interoperable and accessible Web3 ecosystem and bringing unique blockchain solutions and new technologies to the region, in alignment with Bahrain’s Vision 2030. With ZetaChain’s growing ecosystem including over 4 million unique wallets, 154 million transactions, and 300+ dApp integrations, stc Bahrain is enabling developers and enterprises to deliver seamless cross-chain functionality, advancing the adoption of blockchain technologies across the Middle East and beyond.

In August of Stc Bahrain announced the launch of “Intersect the Network” on Avalanche Blockchain. The initiative aimed to advance Web3 innovation, promote digital transformation for decentralized applications (dapps). In April 2024, stc Bahrain announced its partnership with Avalanche Blockchain to build Web3 in the MENA region.

Earlier the telecom operator placed operating nodes on Core Chain Bitcoin Layer 1 blockchain. Stc Bahrain also partnered with Core Chain DAO as part of its Web3 launchpad initiative.

Crypto.com presents Bahrain’s Crown Prince and Prime Minister with new crypto Mastercard prototype

Crypto.com presents Bahrain’s Crown Prince and Prime Minister with new crypto Mastercard prototype

Bahrain’s Crown Prince and Prime Minister, His Royal Highness Prince Salman bin Hamad Al Khalifa, has met with the President and Chief Operating Officer of Crypto.com, Eric Anziani, at Gudaibiya Palace where he presented His Royal Highness with the company’s new Mastercard prototype and is regarded as the first of its kind in the Middle East.

Crypto.com which recently secured a crypto payment service provider license in Bahrain partnered with Mastercard to directly issue cards on Mastercard’s network. It is a principal license that allows Crypto.com to launch a card in Bahrain powered by Mastercard. The new program will leverage Mastercard’s trusted, scalable and secure payments network to enable the crypto exchange customers to use their card at over 150 million in-store and online locations worldwide. Users can easily fund their cards through the Crypto.com app using e-money wallets or third party-issued credit and debit cards.

The innovative payment product will be available across all five Crypto.com card tiers, including Black Obsidian, offering rewards up to 8% on spending and will be denominated in USD.

During the meeting, HRH Prince Salman bin Hamad emphasized the Kingdom’s commitment to advancing the financial services and digital technology sectors, both of which are priorities that contribute to supporting the Kingdom’s comprehensive development under the leadership of His Majesty King Hamad bin Isa Al Khalifa.

HRH the Crown Prince and Prime Minister highlighted the significance of digital transformation in driving progress across key economic sectors to realise the Kingdom’s aspirations. He also reaffirmed the Kingdom of Bahrain’s commitment to attracting international companies across promising sectors, strengthening its regional and international position, and expanding growth across various industries.

Crypto.com President, Anziani concluded by expressing his gratitude for the opportunity to meet His Royal Highness and extended his wishes for the Kingdom of Bahrain’s continued progress and prosperity.

The Minister of Finance and National Economy, HE Shaikh Salman bin Khalifa Al Khalifa, and the Governor of Central Bank of Bahrain (CBB), HE Khalid Ebrahim Humaidan, also attended the meeting.

Crypto.com and MasterCard partner to issue cards in Bahrain

Crypto.com and MasterCard partner to issue cards in Bahrain

Crypto.com which recently secured a crypto payment service provider license in Bahrain has now partnered with Mastercard to directly issue cards on Mastercard’s network. It is a principal license that allows Crypto.com to launch a card in Bahrain powered by Mastercard.

As per the press release, the new program will leverage Mastercard’s trusted, scalable and secure payments network to enable the crypto exchange customers to use their card at over 150 million in-store and online locations worldwide. Users can easily fund their cards through the Crypto.com app using e-money wallets or third party-issued credit and debit cards.

The innovative payment product will be available across all five Crypto.com card tiers, including Black Obsidian, offering rewards up to 8% on spending and will be denominated in USD.

“We’re really proud to be partnering with Mastercard, a global technology leader in the payments industry, and utilising our recently issued Payment Service Provider licence from the Central Bank of Bahrain to launch our world-renowned prepaid card to our users in Bahrain and beyond,” said Karl Mohan, General Manager APAC & MEA of Crypto.com. “Mastercard has shown its support for the digital assets industry by creating a robust card programme service that’s specifically tailored for our customers, allowing us to expand our product offering into new markets whilst proving our continued commitment to the highest levels of security and compliance.”

“We are delighted to welcome Crypto.com as a Mastercard Principal Member. The programme provides a wide range of benefits and opportunities beyond the direct issuance of Mastercards. Crypto.com will now have access to our global network, enabling transactions wherever Mastercard is accepted, our innovative payment solutions powered by cutting-edge technology, and our comprehensive tools for enhancing transaction security and fraud protection,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.

According to Eric Anziani, President and Chief Operating Officer at Crypto.com on LinkedIn, “We launched our first card in Bahrain, with plans to expand to other eligible GCC markets soon!”

Prior to this Crypto.com and Bahrain based BENEFIT, a FinTech and electronic financial transactions services signed an MOU ( Memorandum of Understanding) to combine their expertise and help expand the digital assets and fintech ecosystem in Bahrain including areas such as payment integration and prepaid card capabilities.

The crypto exchange even partnered with Bahrain based Beyon Monay, to enhance transaction solutions and explore innovative opportunities in digital payments and AI.

Bahrain based Singapore Gulf Bank to raise $50 million for stablecoin payment entity

Bahrain based Singapore Gulf Bank to raise $50 million for stablecoin payment entity

Singapore Gulf Bank, a subsidiary of Whampoa Group, with a license in Bahrain, is in talks with a Middle East sovereign wealth fund to raise $50 million to acquire a stablecoin payments company in 2025 either in the Middle East or Europe. The news was published in a Bloomberg article. SGB is backed by Bahrain’s sovereign wealth fund Mumtalakat and privately held Singapore-based investment firm Whampoa Group.

The startup bank, will sell an equity stake of less than 10% by early 2025 according to the Bloomberg article.

The proceeds will primarily go toward accelerating product development, enhancing the bank’s payment network and hiring more staff, the people said. The purchase of a stablecoin payments firm is planned for the first quarter in the Middle East or Europe, they said.

Recently, Gulf Bank (SGB) appointed former Goldman Sachs executive Ali AlShamma as chief financial officer and ex-Sygnum executive Elaine Leong as chief operating officer. These two hires reinforce the mission of SGB to provide frictionless interaction between digital and traditional finance, said the digital bank.

On launching in Bahrain Singapore Gulf Bank noted that it would provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures. As per the announcement this would enable businesses to manage their finances flexibly, whether they are traditional or digital assets – facilitating their participation in the digital economy.

Stablecoin usage has been growing in the Middle East and across the globe. Chainalysis in its recent MENA report noted that stablecoins and altcoins making gains across MENA particularly in Turkey, Saudi Arabia and the UAE. Turkey is number one in the world in stablecoin trading volume as a percentage of GDP, by a large margin. It’s important to note this measure is not saying that nearly 4% of Turkish GDP is stablecoins, but that stablecoin trading volumes on CEXs are equal to 4% of GDP in dollar equivalent terms, meaning crypto trading volumes could one day exceed a country’s measure of GDP.

Stablecoins consistently represent the majority of crypto assets purchased with the Turkish Lira, approaching nearly $6 billion in purchases in March of this year. Stablecoin purchases with the Turkish Lira are closely correlated with inflation rates.

Most recently the UAE Central Bank announced its stablecoin regulations as well.

Bahrain Singapore Gulf Bank to offer digital asset custody services

Bahrain Singapore Gulf Bank to offer digital asset custody services

Operating under full regulatory approval from the Central Bank of Bahrain, Singapore Gulf Bank (SGB) has launched in Bahrain to offer comprehensive digital banking services to corporate customers in the digital economy to manage their traditional financial and digital assets on a single platform.

Global clients can onboard through Singapore Gulf Bank’s remote digital on-boarding solutions. SGB will extend its digital banking services to individual clients by the end of the year.

In addition to regular corporate banking services, SGB will provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures. As per the announcement this enables businesses to manage their finances flexibly, whether they are traditional or digital assets – facilitating their participation in the digital economy.

Edmund Lee, Founding Chairman of the Board of SGB, stated, “We’re building the foundation for a new era of global finance where traditional and digital worlds converge to enable businesses to operate anytime and anywhere.”

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, said, “The launch of SGB marks a pivotal moment in deepening financial connectivity between MENA and Asian markets through Bahrain. As the digital economy continues to grow, our kingdom will serve as a gateway connecting Asian enterprises with opportunities across traditional and digital financial markets. SGB is a testament to Bahrain’s pro-innovation environment and our ability to attract and anchor ambitious global enterprises.”

H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain, commented: “SGB’s launch demonstrates Bahrain’s commitment to fostering innovation in financial services while upholding the highest regulatory standards. With SGB, Bahrain will serve as a crucial nexus that connects businesses around the world and bridges traditional and digital financial services.”

SGB is pioneering a new era of banking where everyone can easily access and manage digital assets alongside traditional assets within one integrated network. Underpinned by its compliance-first approach, SGB will serve as a vital link between mainstream financial services and the rapidly advancing digital asset economy, empowering the next billion users with access to the future of finance.

In early October SINGAPORE Gulf Bank (SGB) appointed former Goldman Sachs executive Ali AlShamma as chief financial officer and ex-Sygnum executive Elaine Leong as chief operating officer. These two hires reinforce the mission of SGB to provide frictionless interaction between digital and traditional finance, said the digital bank.