SOLOWIN HOLDINGS (AXG) Announces AX Coin’s MOU with The BENEFIT Company to Explore Stablecoin Applications

SOLOWIN HOLDINGS (Nasdaq: AXG) announced on May 27, 2026 that AX Coin Bahrain B.S.C. (C), the company’s stablecoin issuance arm, has signed a non‑binding Memorandum of Understanding (MOU) with The Benefit Company B.S.C. (C) (BENEFIT), Bahrain’s national electronic financial transactions hub, to explore how regulated stablecoin technology could complement the kingdom’s payments infrastructure. The MOU was signed at BENEFIT’s office on May 6, 2026 by Xavier George, Managing Director of AlloyX Limited and CEO of AX Coin, and Abdulwahed AlJanahi, Chief Executive of BENEFIT. AX Coin has received in‑principle approval from the Central Bank of Bahrain (CBB).

"This strategic MOU with BENEFIT represents a defining step in shaping the future of payments in the region. By combining a national payments backbone with stablecoin‑powered infrastructure, we are creating a platform that can seamlessly connect local economies to global financial networks. This will transform how cross‑border value moves, enabling faster, more transparent, more secure, and highly efficient transactions at scale. Beyond payments, this partnership lays the foundation for a next‑generation digital financial ecosystem supporting remittances, merchant settlements, treasury flows, and digital commerce. Together, we aim to position the region at the forefront of regulated digital asset innovation and real‑time global payments."

Context and scope of the MOU

The MOU establishes a structured framework for AX Coin and BENEFIT to jointly assess a range of potential applications across Bahrain’s payments landscape, and to evaluate whether and how stablecoin capabilities could, subject to regulatory and technical feasibility, interface with BENEFIT’s existing national payments infrastructure. The agreement is explicitly non‑binding and intended as a starting point for assessment and dialogue while regulated stablecoin adoption remains at an early stage globally.

• Signatories: Xavier George (AX Coin) and Abdulwahed AlJanahi (BENEFIT).
• Date of signing: May 6, 2026; announcement published May 27, 2026.
• Regulatory status: AX Coin has received in‑principle approval from the Central Bank of Bahrain.
• Related partnerships: AXG and Bahrain FinTech Bay entered a strategic partnership in February 2026 to explore regulated stablecoin applications.

BENEFIT framed the MOU as part of a broader strategic push to internationalize Bahrain’s payments offerings. "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," said Abdulwahed AlJanahi. He added: "This partnership is one of several initiatives BENEFIT is exploring as part of its broader internationalization strategy. It allows us to look beyond domestic payment flows and consider how Bahrain's payments ecosystem could evolve through secure, scalable and future‑ready solutions. It also reflects our ambition to support Bahrain's position as a leading regional hub for fintech innovation and digital payments."

Bader Sater, CEO of Bahrain FinTech Bay, which is a BENEFIT subsidiary, characterized the MOU as a natural progression of earlier collaboration: "BFB has been working with AXG since our strategic partnership in February to advance the exploration of regulated stablecoin adoption in Bahrain, and this MOU between AX Coin and our parent BENEFIT is a natural progression of that work. Bahrain's regulatory clarity on stablecoins, including AX Coin's in‑principle approval from the CBB, is what makes early‑stage collaborations of this kind possible here. BFB will continue to support both parties as the work moves from MOU into structured exploration."

Outlook

The parties will now move into structured technical and regulatory assessments to determine practical integration points, potential pilot use cases and any necessary safeguards. While the MOU does not commit either side to implementation, it signals coordinated interest from a regulated stablecoin issuer and a national payments operator to evaluate how digital asset technology might be deployed for remittances, merchant settlements, treasury operations and cross‑border payments within Bahrain’s regulatory framework.