Crypto.com, a global cryptocurrency exchange, and BENEFIT, the leading financial technology (fintech) provider in Bahrain, have entered into a dialogue to strengthen the Bahraini fintech ecosystem, as disclosed to Finbold on Tuesday, October 15.
The two companies signed a Memorandum of Understanding (MOU) at Bahrain’s Fintech Forward event on October 3, 2024, setting the stage for a potential future partnership.
Strengthening Bahrain’s fintech ecosystem
BENEFIT brings its extensive experience as the largest financial transaction network in the country, while Crypto.com leverages its global reputation as a leading crypto trading platform.
The partnership will explore solutions pertaining to payment integration and the deployment of Crypto.com’s prepaid cards in Bahrain.
Eric Anziani, President and Chief Operating Officer (COO) of Crypto.com, praised BENEFIT’s electronic payment solutions, stating:
“BENEFIT’s innovative work to develop the electronic payments space in Bahrain is impressive and we’re excited at the prospect of partnering with a company that is forward-thinking and eager to support the growth of the digital assets industry. Bahrain has created an innovation-friendly environment and we’re looking forward to expanding our services here.”
In turn, Abdulwahed AlJanahi, Chief Executive of BENEFIT, expressed excitement about the potential partnership with Crypto.com, stating:
“We are pleased to explore this collaboration with Crypto.com as it aligns with our mission to continuously drive innovation in Bahrain’s financial services sector. By leveraging our expertise in electronic financial transactions and Crypto.com’s cutting-edge capabilities in the realm of cryptocurrency, we are confident this partnership can bring added value to Bahrain’s evolving fintech landscape and support the growth of digital assets in the Kingdom.”
The ongoing discussions are part of Crypto.com’s growing investment in Bahrain, and the company recently secured a Payment Service Provider License from the Central Bank, further underscoring its commitment to bolstering fintech in the region.