Bahrain’s CBB Licences BPay to Operate in Kingdom

The Central Bank of Bahrain (CBB) has granted a payment service provider (PSP) licence to BPay Global allowing it to operate in the kingdom.

BPay Global is a payment services company in the Binance Group.

The PSP licence will allow the company to provide fiat services to Binance customers globally, including fiat top ups and withdrawals, custody and other payment services.

This will enable Binance customers to open an e-wallet and make fiat top ups on the Binance platform through bank transfers and debit/credit card payments. The licence will also allow BPay Global to custody fiat on behalf of customers.

Commenting, CBB director of licensing Abdulla Haji said: “We are pleased to announce the issuance of a licence to a new payment service provider in Bahrain. 

“This licence represents a positive step in enhancing Bahrain’s digital payments ecosystem, particularly in its support for the crypto-related sector as well as fiat payment solutions.

“The CBB remains committed to enabling a dynamic and progressive payment landscape that aligns with global advancements in financial technology.”

Tameem Almoosawi, general manager of Binance Bahrain and BPay Global, said: “We are glad to announce the launch of BPay Global and the first Payment Service Provider licence received by a Binance company, allowing it to act as a payment service provider and e-wallet provider for users around the world.

“With this licence, BPay Global will provide Binance users with further choice of low-cost fiat on- and off-ramps.”