Bahrain Fintech Bay has announced a strategic partnership with global blockchain leader Ripple to expand digital asset infrastructure across the Middle East. The collaboration aims to leverage Ripple’s technology, including its new RLUSD stablecoin, to solidify the Kingdom’s position as a premier, compliant hub for fintech innovation.
This move follows Ripple securing a license from the Dubai Financial Services Authority earlier this year, signaling a deepening commitment to the region amid growing demand from Gulf institutions for regulated digital asset solutions.
A Strategic Push into Digital Assets
The partnership will see Ripple and Bahrain Fintech Bay collaborate on pilot projects, accelerator initiatives, and educational programs. These efforts are designed to develop real-world use cases for blockchain technology, focusing on asset tokenization, efficient cross-border payments, and broad stablecoin applications.
As part of the agreement, Ripple will introduce its institutional-grade digital asset custody solution and its U.S. dollar-pegged stablecoin, RLUSD, to financial institutions within Bahrain’s ecosystem.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, praised the Kingdom’s forward-thinking approach. “Bahrain has shown early leadership in blockchain adoption and crypto-asset regulation,” he noted, highlighting the ripe environment for this collaboration.
Leveraging a Pro-Innovation Regulatory Framework
The partnership is anchored in Bahrain’s robust and progressive regulatory landscape. In July, the Central Bank of Bahrain introduced a comprehensive framework for licensing stablecoin issuers, permitting the issuance of digital currencies pegged to the Bahraini Dinar, U.S. Dollar, or other approved fiat currencies.
This clear regulatory stance provides a solid foundation for companies like Ripple, which holds over 60 licenses worldwide, to test and deploy new solutions confidently.
Suzy Al Zeerah, COO of Bahrain Fintech Bay, emphasized that the partnership aligns with the Kingdom’s long-standing legacy as a regional financial services leader. She stated that it reflects Bahrain’s “commitment to enabling global innovators to test and deploy new solutions within the local ecosystem.”
About Bahrain Fintech Bay
Launched in 2018 through a public-private initiative with the Bahrain Economic Development Board and the FinTech Consortium, Bahrain Fintech Bay is a leading fintech hub in the Middle East. It serves as a key partner to the Central Bank of Bahrain, working to advance fintech regulation, drive innovation, and foster collaboration between startups, corporations, and government bodies.
Source: MEA TechWatch
