The AI strategy of Egypt includes blockchain and Big data

The AI strategy of Egypt includes blockchain and Big data

According to Egypt’s communications and Information technology Minister Amr Talaat, Egypt has started with phase two of its AI strategy which will focus on increasing the scope of AI investments and conducting public awareness campaigns while pursuing integration with Big Data and blockchain technology.

Talaat confirmed that the second phase will commence in Q2 of 2024 and will cover several key economic sectors. He explained that Egypt’s AI plans will see the government introduce initiatives across governance, human resources, technology, information infrastructure, data, and environment. A significant portion of the second stage of the national strategy builds upon the accomplishments of the first round of AI initiatives introduced by the government.

He added that the second phase will roll until the middle of 2027 and will consolidate the impressive gains made by Egypt over the last two years.

The NAIS is part of the Ministry of Communications and Information Technology’s Digital Egypt initiative announced in 2017. The strategy comprises three phases until 2030. The published document only focuses on phase one, with hints about the following two. That phase “deepens the use of AI technologies to transform the economy, going beyond just adopting technology.” The ultimate goal is that companies and the government would have to “fundamentally [rethink] business models, and [make] big changes to reap productivity gains and create new areas of growth.”

Its primary focus is to introduce AI solutions in government services, agriculture, manufacturing, healthcare, finance and economic predictions, and natural language processing (NLP). Another emphasis is training schoolchildren, postgraduate students, and professionals in the latest AI technologies, regulations, ethics, and use cases. The strategy also aims to cooperate with international partners to ensure technology transfer.

Set for completion in May 2024, phase one explored the deployment of AI in a valiant attempt to achieve Egypt’s sustainable development goals (SDGs). A series of government-backed initiatives were introduced to explore a myriad of AI use cases and deepen the existing talent pool for local and global AI developers seeking to set up operations in Egypt.

Data from Tortoise Media shows Egypt has gone up seven places in the Global AI Index in under 12 months, buoyed by increasing adoption of the technology.

UAE Blockchain agri platform token now Onramp Money

UAE Blockchain agri platform token now Onramp Money

UAE Blockchain agriculture platform, Farmsent, has integrated its native token $FARMS onto the Onramp Money platform.

According to the press release, this move is set to redefine how users in India, UAE, Indonesia, and Turkey interact with digital assets, offering a seamless experience in purchasing $FARMS tokens using local fiat currencies and instant bank transfers.

Farmsent Blockchain technology empowers farmers by giving them ownership of every seed they grow, enabling them to sell directly to consumers. By reducing intermediaries farmers enjoy greater profits and consumers access to better produce.

In a tweet, Onramp stated, “We are excited to announce that we have added FARMS token. A big leap for users from India, UAE, Indonesia, and Turkey! This partnership is just the beginning. We’re excited to see how Farmsent   and Onrampmoney will transform the agricultural industry. Stay tuned for more updates!”

Farmsent’s traceability system revolutionizes agricultural transparency through unwavering precision. It leverages cutting-edge technologies like blockchain and sensor networks to track every step of a product’s journey, from seed to consumer. Imagine soil health monitored in real-time, temperature and humidity data ensuring optimal growth, and location tracking verifying responsible sourcing.

Onramp Money, a leading platform in financial technology, offers the fastest-growing onramp and offramp solutions, supporting 14+ fiat currencies and more than 300+ digital assets. Its integration with Farmsent’s $FARMS token brings together the worlds of agriculture and digital finance in a way that’s accessible, efficient, and beneficial for all parties involved.

In 2023, Algorand Foundation announced an investment by Algorand Ventures in Onramp.money, a fiat-to-crypto onramp solution originating from India. Onramp.money had recently expanded its services into several jurisdictions across the globe, including Vietnam, the UAE, Turkey, and Mexico and has already partnered with industry leaders like Metamask, Ledger, Circle, JumpTrade, TON, Avalanche, and Arbitrum.

IHC launches new holding company which will invest in crypto

IHC launches new holding company which will invest in crypto

UAE based International Holding Company (IHC), has approved the initiation of the transfer of 2PointZero, a next generation Holding Company comprising several diverse and dynamic companies, which will invest in several industries including crypto ecosystem.

The new Holding company will include a combination of entities holding over $27 billion in assets (transfer will be completed after obtaining all regulatory approvals).

One of the most relevant entities now under 2PointZero is Citadel Technologies.

Citadel is a leading player in the cryptocurrency mining industry and operates a state-of-the-art crypto mining facility in Abu Dhabi, UAE. The company specializes in Bitcoin extraction and is committed to sustainable and efficient mining practices. Citadel’s strategic location in the UAE allows it to leverage the region’s advanced infrastructure. In FY22, Citadel reported a revenue of AED100 million and an asset size of AED2.7 billion. IHC recently acquired a 10% stake in Phoenix Group, which manages the ‘Citadel Project’. Citadel’s facility is recognized as the Middle East’s largest crypto-mining facility.

IHC Chairman, Tahnoon bin Zayed Al Nahyan said: “Today, we are proud to announce the formation of 2PointZero, a next generation holding company that stands at the forefront of pioneering advancements across multiple sectors. Embracing the future with open arms, 2PointZero is committed to having a transformative impact globally. Our dedication to Technology and Artificial Intelligence (AI) is evident in our commitment to developing solutions that redefine industries such as Financial Services, Investment Banking, and Resource Management. Our vision transcends boundaries, and our mission is to build sustainable ecosystems that empower communities, cultivate technological excellence, and ensure financial resilience.”

2PointZero will invest across  verticals including Private Equity and Alternative Investments, Venture Capital Operations, Credit/Asset Management, Financial Services (including Micro Financing and Insurance) Investment Banking, Securities Brokerage and Research, Artificial Intelligence (AI) and Technology, Mineral and Resource Management, Digital and Cryptocurrency Ecosystems and Mobility.

“2PointZero’s collective strength lies in its diversity, shared vision, and unwavering commitment to progress. Its thriving ecosystem of industry leaders is interconnected, each contributing unique value and drawing strength from their collective purpose,” said Syed Basar Shueb, IHC’s Chief Executive Officer. “By harnessing our expertise and acumen across these industry verticals and operating at an unprecedented scale, 2PointZero is poised to create a transformative impact on the world.”

2PointZero Holding will also include the following entities, Chimera Investments, Lunate, Beltone, International Resources Holding (IRH), and Sagasse Investments.  

A week prior to this announcement, UAE IHC Holding, which bought 10 percent of UAE Phoenix Group, a leading Bitcoin mining entity spurred its growth in Blockchain, AI and IoT in a joint venture with Indian Adani Group.

Binance adds 40 million users amid a tumultuous year

Binance adds 40 million users amid a tumultuous year

Despite the uphill battle that has faced Binance in 2023, in their recent 2023 yearend report, the company stated that they had increased their customer base by 30 percent, with 40 million new users. Binance now has a total of 170 million users.

As per the report, the company is focused on its user base and on strengthening their compliance program. The report states, “We are making important steps toward becoming a truly compliance-led organization. Above all else, we were able to maintain the trust of our growing community, which is fundamental to our mission of advancing the freedom of money globally.”

Binance added, “In 2023, we invested some $213M in our compliance program, up 35% from last year’s $158M\ But money alone does not capture the entirety of our commitment. Binance dedicates significant product and engineering resources to compliance. For example, we have built our own case management system in a matter of months, as well as an internal transaction monitoring engine and built in-house tools to help semi-automate the investigations process.  We have applied improved market surveillance controls, especially around wash or circular trading, to our trading platforms, including NFT marketplace, to ensure that the markets that we offer are fair and equitable for all participants.”

In the USA as per the terms of their settlement, Binance will hire an independent anti money-laundering consultant and will be subject to a multi-year financial monitorship, ensuring we receive strong compliance guidance. Binance’s corporate governance structure will evolve as well. A board of at least three independent directors, accountable to all stakeholders, will be the steward and governing body of the organization.

Binance hold licenses, registrations, and authorizations in 18 jurisdictions around the world.

But the crux of their efforts has been once again towards compliance. It invested in localized KYC vendor and product solutions to enhance the user experience and make the onboarding process seamless. They also embedded 10+ electronic ID (eID) solutions globally. Striving to deliver the best user experience, they added  support for 298 new ID and proof-of-address documents across 64 countries this year.  

The crypto exchange also processed over 58,000 law enforcement requests, serving some 13,000 registered officials worldwide through their Government Law Enforcement Request System. This is an improvement over 50,000+ requests that Binance handled in 2022.

Binance still awaits to receive a license in the UAE, and formally make the UAE one of its regional headquarters as a licensed entity.

Saudi STC backs Blockchain AlephZero hackathon

Saudi STC backs Blockchain AlephZero hackathon

AlephZero, a layer 1 blockchain that allows the deployment of Web3 applications quickly, securely and at low cost has collaborated with Saudi Telecom Company, STC global Venture capitalist as well as T-Mobile, for its upcoming Hackathon called CTRL+Hack+ZK. The Hackathon will start on January 10th 2024 until January 31st 2024.

The winners of the Hackathon will receive up to $75k bounties and up to $500k EFP funding.

CTRL + HACK + ZK is the premier hacking event for Aleph Zero, the highly scalable blockchain platform with blazing speed and state-of-the-art privacy engine. The Hackathon will include 3-week journey of workshops, educational programming, and hands-on mentorship with the core dev team and ecosystem partners.

There are various tracks one of them is the Telco track which will challenge participants to redefine the future of telecommunications using Aleph Zero’s cutting-edge features by optimizing infrastructure or even creating new services.

Another track is the DiD track which explores identity-related solutions such as AZERO.ID, leveraging Aleph Zero’s native privacy stack to enable secure and decentralized identity management. Also included in the Hackathon is the  Tooling track which focuses on developing applications, node providers, libraries, and tools that enhance the developer experience and ecosystem around Aleph Zero, and finally the gaming track for building gaming solutions such as in-game items as NFTs smart contract templates for payouts and collectibles, or indexers for gaming data, the possibilities are endless. 

The Final track is DeFi where developers are encouraged to leverage its robust infrastructure and create unique financial solutions that help expand the ecosystem’s functionality.

Saudi Arabia has shown interest in developing CBDC (Central Bank Digital Currencies) as well as utilization of blockchain for tokenization projects. The collaboration of Saudi’s telecom conglomerate STC is another reflection of the Kingdom’s interest in Blockchain and its solutions.

The Saudi Islamic Development Bank Institute (IsDBI) is working to patent a Blockchain system for smart stabilization for CBDCs and digital assets after receiving a positive evaluation for its Blockchain smart stabilization system patent