Ripple Expands to Bahrain with RLUSD Stablecoin Partnership
Ripple has announced a partnership with Bahrain Fintech Bay to introduce its RLUSD stablecoin to local financial institutions.
Ripple is making strides into Bahrain by aligning with Bahrain Fintech Bay (BFB) to roll out its RLUSD stablecoin and digital asset custody solutions. This initiative aims to enhance the local financial landscape by engaging Bahrain’s financial institutions.
On Thursday, the blockchain powerhouse disclosed its strategic alliance with BFB, a pivotal player in Bahrain’s fintech scene that works closely with governmental partners, including the Central Bank of Bahrain (CBB).
In collaboration with BFB, Ripple plans to bolster Bahrain’s digital asset ecosystem through various fintech pilot projects focusing on areas such as cross-border payments and stablecoins.
Reece Merrick, managing director for Ripple in the Middle East, stated that the ultimate goal is to deliver their digital asset custody solution and the RLUSD to the financial sector in Bahrain.
BFB’s Role in Supporting Fintech
BFB has been operational since 2018, established as a prominent fintech hub in Manama through a public-private partnership aimed at supporting innovation in the region. The organization has consistently allied itself with Bahrain’s central bank, which recognized BFB as a key partner in fintech even before its formal inception.
In a recent event held by the Bahrain Chamber of Commerce and Industry, Tariq Mattar participated, underscoring BFB’s significance in the development of fintech.
Regulatory Environment in Bahrain
According to Suzy Al Zeerah, COO of BFB, Bahrain is evolving its role as a financial services center, particularly in the digital currencies and blockchain sectors. She emphasized that the partnership with Ripple demonstrates BFB’s dedication to connecting global innovators with the region’s framework.
This collaboration follows the CBB’s recent regulatory framework for overseeing stablecoin issuers, allowing the issuance of stablecoins linked to worldwide currencies, including the Bahraini dinar and the U.S. dollar.
Ripple’s expansion into Bahrain marks a significant chapter in its global regulatory partnerships, currently holding over 60 approvals across various jurisdictions.
