AX Coin Bahrain, SOLOWIN HOLDINGS’ stablecoin issuance entity and a key subsidiary, has signed a non-binding Memorandum of Understanding (MoU) with The Benefit Company, the Kingdom’s national electronic financial transactions hub.
The MoU establishes a framework for the two parties to jointly explore how stablecoin technology, which remains an emerging area of financial infrastructure, could complement Bahrain’s national payments ecosystem over time.
Under the MoU, AX Coin and BENEFIT will examine a range of potential applications across the payments landscape. The parties will also explore whether and how stablecoin capabilities could, subject to regulatory and technical feasibility, interface with BENEFIT’s existing national payments infrastructure.
Furthermore, AX Coin has received in-principle approval from the Central Bank of Bahrain. The collaboration with BENEFIT is intended to support continued exploration within Bahrain’s regulated framework and to contribute to a better understanding of how digital asset-based solutions could be applied in the region’s broader financial landscape.
AX Coin and BENEFIT explore future of stablecoin payments
Abdulwahed AlJanahi Chief Executive BENEFIT
“The MoU with AX Coin represents an important step in BENEFIT’s strategy to explore how Bahrain’s national payment solutions could evolve alongside emerging digital asset infrastructure. Having played a central role over the years in developing an advanced national infrastructure for electronic payments, BENEFIT views this initiative as an opportunity to study how emerging payment technologies could complement our existing infrastructure, and to explore solutions that could, in time, become faster, more efficient, and more transparent.”
Xavier George, Managing Director of AlloyX Limited and CEO of AX Coin, said that, “This strategic MoU with BENEFIT represents an important turning point towards supporting payment services in the region. By combining a national payments backbone with stablecoin-powered infrastructure, we aim to help connect local economies with global financial networks.”
“The collaboration is intended to support more transparent, secure, and efficient cross-border transactions. Beyond payments, this partnership contributes to the development of digital financial services covering remittances, merchant settlements, treasury flows, and digital commerce. Together, we look forward to supporting regulated digital asset innovation and global payments in the region,” George added.
