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A new crypto fiat digital Bank to be launched out of Abu Dhabi

A new crypto fiat digital Bank to be launched out of Abu Dhabi

BipTap a global banking offering crypto and fiat banking services, has partnered UAE Al Fardan Ventures to launch an Abu Dhabi based Digital Bank BipTop.

BiTop offers complete solution integrating traditional banking with blockchain and cryptocurrency for using, managing and transferring crypto and fiat internationally using cards, offshore bank accounts, and wallets. The digital bank as per the press release will be both a wholesale and retail bank with B2B digital banking solutions.

The two parties are in the process of securing the required licenses to set up the operations in UAE.

As part of this development, the board has appointed Mr. Mohammed Ebrahim Al Fardan as Regional Managing Director, responsible for all Middle East operations and Global Technology Operations (GTO). Mr. Al Fardan brings decades of leadership in high-tech investments and innovation strategy, ensuring the digital bank will be positioned at the forefront of financial evolution.

Al Fardan noted that this is a significant partnership as it helps to reimaging global banking. He stated, “It aligns with our broader vision and upcoming investments in a global crypto liquidity platform and an AI-powered crypto trading ecosystem, which we plan to announce separately at the appropriate time.”

“This isn’t just a digital bank,” Jonathan Low shared. “It’s a financial revolution. By combining Abu Dhabi’s strategic location and Al Fardan Venture’s legacy in high-tech innovation and banking relationships all across the UAE and Middle East, with Biptap’s plug-and-play scalable infrastructure, we are democratizing banking access for the 21st century and beyond.”

Jonathan Low, CEO and Founder of Biptap, spearheaded the creation of the world’s first true Omni Banka modular, borderless system designed to be the ‘Airbnb of Banking,’ connecting users and businesses with the banks worldwide.

Already the UAE has several digital banks that are working in the crypto domain, including Zand Bank, Liv Bank, MBank, and Wio Bank. This announcement comes as the United States opens up its banking sector to crypto directly. The USA Federal Reserve Bank recently killed “Reputational Risk” rule that banks used to block crypto companies.

FED Chair Jerome Powell said, “Banks are perfectly able to serve crypto customers, as long as they manage the risks.”

MEVP and G42 invest in UAE AppliedAI series A $55 million round

MEVP and G42 invest in UAE AppliedAI series A $55 million round

Middle East Venture Partners (MEVP), a large MENA venture capital firm has invested in AppliedAI as part of the company’s Series A funding round alongside G42, Bessemer Venture Partners, and strategic partner e&. The investment completes AppliedAI’s oversubscribed $55M Series A.

AppliedAI, a UAE based company has developed an AI-powered automation platform, dubbed Opus, that transforms back-office operations in highly regulated industries, including financial services, healthcare, and government sectors. The company’s enterprise-grade solutions address critical digitization needs across the region.

“AppliedAI exemplifies the exceptional founders we back – talented entrepreneurs building innovative technology solutions that drive meaningful transformation in the Middle East,” said Walid Mansour, Co-CEO at MEVP. “Their deep understanding of regulated environments and proven enterprise traction make them a natural fit for our portfolio as we continue building global AI leaders from the MENA region, bringing forth innovation in tech and societies alike.”

The funding will accelerate AppliedAI’s international expansion while strengthening product capabilities and regional market presence. The company relocated from London to Abu Dhabi in 2022, establishing strong partnerships within the UAE’s growing AI ecosystem.

Equivator invests $8 million in GCC Related a loyalty rewards company

Equivator invests $8 million in GCC Related a loyalty rewards company

United Kingdom and Saudi Arabian Equivator, a premier alternative investment firm, has made a strategic investment of $8 million in UAE headquartered Related, where the funds will be used to launch AI and Blockchain solutions and expand into the United Kingdom.

As per the press release, the investment underscores Equivator’s commitment to nurturing groundbreaking ventures within high-growth sectors. It is aimed at accelerating Related’s expansion in the Kingdom, boosting innovation, and fast-tracking the launch of transformative solutions in AI, blockchain, and customer experience.

It also strengthens Related’s position as the company of choice for loyalty and rewards in Saudi Arabia and the broader Middle East and North Africa (MENA) region. The alliance aligns with Saudi Arabia’s wider economic diversification goals and its rapid digital transformation under Vision 2030.

Related currently services more than 30 million users across the GCC and Levant, powering loyalty programs for leading institutions in telecommunications, banking, retail, utilities, and entertainment.

“We are thrilled to welcome Equivator as a strategic partner on our journey to redefine loyalty and engagement in the region,” said Rabih Farhat, CEO of Related. “This partnership is more than a transaction; it’s a transformation, a joint mission to reshape the future of fintech-powered loyalty solutions in line with the Kingdom’s innovation agenda.”

The investment builds upon Equivator’s earlier involvement in the loyalty-focused B2C space through its prior investment in Uplines. In a decisive move, Related has acquired Uplines in full, integrating it into its broader strategic framework and setting the stage for a bold relaunch. As part of the development strategy, Related will introduce a range of new products and offerings, from Advanced AI tools to blockchain-enabled rewards platforms, gamification features and payments. These will enhance B2B and B2C experiences while unlocking value for brands and consumers alike.

“This is more than an investment. it’s a strategic deal to build a regional champion in loyalty and digital payments,” stated Enes Şehzade, CEO at Equivator. “Together, we aim to power a new era of data-driven customer engagement and reward invention.”

Equivator will support Related’s market entry into Europe and beyond while helping establish initiatives such as the “Related Loyalty & Fintech Authority”, a new regional knowledge and policy forum further solidifying Related’s leadership.

GAP 3 Partners receives VASP license from VARA Dubai

GAP 3 Partners receives VASP license from VARA Dubai

GAP 3 Partners (“G3”), a Dubai-based institutional virtual asset advisory firm, has been granted an Operational License by the Dubai Virtual Assets Regulatory Authority (VARA). With this advisory license, G3 becomes becomes a regulated Virtual Asset Investment Advisor authorized to provide its full range of services to institutional clients across the Emirate.

Founded by industry veterans Robin Janaway (Outlier Ventures), Chris Donovan (NEAR Foundation), and Adib Tohme, G3 offers advisory services covering token strategy, investment, structuring, licensing, treasury management, and token-market execution. The firm provides end-to-end virtual asset advisory services under a unified mandate, covering strategy, structuring, licensing, treasury management, and token-market execution.

G3 will support family offices, corporations, and investment institutions seeking secure and compliant access to the digital asset space, including emerging opportunities in real-world asset (RWA) tokenization and blockchain-based financial infrastructure.

“Dubai’s regulatory leadership together with accelerating institutional interest in digital assets create a unique environment for growth,” said the founding team in a joint statement. “We are building G3 to be the region’s premier Virtual Asset Investment Advisor, trusted by institutions to navigate complexity, unlock value, and lead in the next era of finance.”

G3 is leveraging Dubai’s progressive regulatory framework to help clients future-proof their operations and investments. As real-world asset tokenization and institutional digital asset strategies accelerate, G3 offers the structure, insight, and regulatory clarity needed to support high-trust adoption at scale.

Abu Dhabi transport department to accept AE Coin stablecoin for taxi payments in UAE

Abu Dhabi transport department to accept AE Coin stablecoin for taxi payments in UAE

Abu Dhabi transport Department and Municipalities under the Integrated Transport Center (ITC) of the Department of Municipalities and Transport, Tawasul Transport, will allow passengers to use the AE Coin stablecoin by Al Maryah Community Bank (Mbank) AEC Wallet application.

As per the press release, this is part of joint efforts to enhance digital payment solutions and develop smart, secure and seamless transportation. The initiative is the first of its kind globally to adopt a stablecoin pegged to the UAE dirham for public transport payments.


The launch event featured the first official payment using AE Coin following a completed ride in one of Tawasul’s taxis. The event showcased how the AEC Wallet offers a simple and secure payment experience, allowing users to complete transactions by scanning a QR code inside the vehicle.

AE Coin is pegged at a fixed rate of 1 AED = 1 AEC, ensuring strong financial stability and building trust in digital currency usage.


The AEC Wallet app is available for free on the Apple Store, Google Play, and Huawei AppGallery.

Mr. Ghena Jbour, General Manager of Tawasul Transport, stated, “This initiative serves as a model of effective collaboration between all entities striving for continuous development within the integrated transport ecosystem. It reinforces the UAE’s leading position in innovation and digital transformation in the transportation sector. At Tawasul Transport, we believe that digital transformation is not merely an option—it is a necessity to meet the evolving expectations and daily needs of users.”

He also noted that is contributed to enhancing customer experience in line with Abu Dhabi’s vision of a smart sustainable transport system.

Mr. Mohammed Wassim Khayata, CEO of Mbank, said: “We are proud to be part of this innovative collaboration with Tawasul Transport and the Integrated Transport Center, as it aligns perfectly with our vision of driving the future of digital payments in the UAE. AE Coin is not just a digital currency, it’s a key pillar of the UAE’s emerging financial infrastructure, bringing stability and compliance into real-time consumer payments through blockchain. Today, we are introducing a transformative payment experience, offering customers a future-forward, cashless, secure, and cost-effective way to use public transport. It’s a step forward in bringing the UAE’s Digital Government Strategy 2025 to life.”

Khayata added that MBank intends to partner with other businesses and governmental entities across the UAE to expand the adoption of the AEC Wallet and digital payments with AED stablecoin.

Ramez Rafeek, General Manager of AED Stablecoin, added, “By offering passengers a secure and seamless payment option in all Tawasul taxis, we are demonstrating how digital currencies can integrate effortlessly into everyday life. This partnership exemplifies the power of innovation and cooperation in driving the future of digital payments, and we’re thrilled to be at the forefront of this transformation.”

Recently, UAE based Air Arabia airline also started accepting the AED stablecoin, AE Coin, for payments such as flight booking. The airline is the first in MENA to offer a stablecoin based payment option. Users can book their flights using the AEC Wallet application developed by MBank.

AE Coin was the first AED stablecoin to be licensed in the UAE. As per the press release, the AEC Wallet app will be accepted across more transportation services, merchants, and retail outlets across the UAE.

VARA Dubai launches Decentralized exchange pilot

VARA Dubai launches Decentralized exchange pilot

Dubai’s Virtual Asset Regulatory Authority is piloting a decentralized exchange project, (DEX), the first of its kind in the MENA region. DEX is a peer to peer marketplace where users can trade cryptocurrencies directly with each other without the need for a central intermediary, differing from centralized crypto exchanges.

According to Mathew White CEO of VARA in a LinkedIn post, ” The conversation around decentralised finance (DeFi) has evolved. Not long ago, the question was “Will it survive?”. Now it’s “How fast can we integrate it? At the Virtual Assets Regulatory Authority [VARA], we don’t see DeFi as a threat to traditional finance (TradFi), but a high-efficiency tool for accelerating its evolution.”

He notes that their DEX pilot, the first in MENA reflects Dubai’s ambition to be the first jurisdiction in the region with DEX regulations. He also notes that it will offer regulatory certainty.

He states, “We’re not afraid to move first, as long as we move responsibly. Dubai’s innovation appetite, combined with VARA’s balanced oversight, is creating one of the world’s most supportive environments for DeFi to thrive.”

The building blocks which are smart contract, DAOs, oracles, dApps, and wallet are not fringe technologies but offer a compelling solution to one of finance’s oldest problems, siloed capital and slow moving liquidity.

He notes that DeFi shrinks clearing cycles, and counterparty risk is replaced with transparent auditable code.

Over $110 billion are currently locked in DeFi protocols, access becomes open and participation global, by default.

He refers to ARK Invest’s Cathie Wood rwho ecently called it a “financial services revolution.” She highlights DeFi’s growing share of futures and spot trading volumes, and an even more striking metric – lending. With DeFi’s share jumping from 15% to over 60%, the implications are profound.

But DeFi has also had its risk with $787 million in losses in 2023, and $474 million in 2024.

This is why according to White, ” At VARA, we’ve built a risk-based licensing regime tailored for this next phase of finance. This includes outcome-based rules and principles, mandatory on-chain audit reports before full protocol licensing, and real-time monitoring of APIs to detect market stress long before retail users feel it. This isn’t regulation for regulation’s sake. It’s about building the guardrails that make innovation sustainable. And in Dubai, we’re not just writing policy – we’re piloting the future.”

Recently Lorenzo Valiente. Director of Research at Ark Invest, highlighted “strong, secular trends” in DeFi. Valente pointed out that despite market volatility and macro uncertainty, DeFi’s share in futures trading has grown from 1.6% to 7% since the fourth quarter of 2022, while its share in spot trading has surged from 7% to 20%.

DeFi’s share in lending also jumped, widening from 15% to over 60%. “DeFi isn’t just surviving — it’s scaling,” Valented said.

According to DeFiLlama, the decentralized cryptocurrency exchanges recorded a volume of $6.82 billion in the last 24 hours, with Uniswap UNI/USD and Raydium RAY/USD being the main drivers. The DEX-to-CEX dominance was over 25%, indicating that decentralized exchanges logged a quarter of the volume compared to centralized exchanges.

Earlier White noted on LinkedIn that the tokenization of real-world assets (RWAs) is no longer an experiment. He stated, “It’s happening right now.” He explained how VARA views tokenization as more than a blockchain use case but rather as a structural shift and the foundation for a new kind of financial system. He explains, ” Everything from real estate and art to commodities and IP can be digitally represented, owned and exchanged in real time.”

So VARA is working on two innovative implementations within the blockchain and crypto ecosystem in 2025, and maybe more to come.

UAE Bank looking to build DeFi and Stablecoin infrastructure

UAE Bank looking to build DeFi and Stablecoin infrastructure

Axiom Recruit in the UAE, is searching for a Principle Blockchain Architect engineer as a leading UAE Bank is building out their DeFi and Stablecoin infrastructure.

As per the LinkedIn post, the bank is building this infrastructure for wider blockchain related deployment and is seeking a principle engineer, blockchain architect to define and build their DeFi and stablecoin architecture.

The role will be the first for the bank in its DeFi focused engineering build. The Blockchain architect engineer will design and implement a secure wallet system, as well as build smart contracts and DeFi tooling from the ground up, including interoperable cross-chain and L2 solutions.

Also in the pipeline is tokenization systems for banking infrastructure and collaboration on enterprise crypto services.

This announcement comes as more and more banks globally and across the UAE enter the digital asset, stablecoin, and crypto space. In a recent article crypto exchange executives and crypto custodian executive weighed in on how this will effect the crypto ecosystem across the globe.

In the UAE several banks have already entered the crypto space including Mbank, Zand Bank, Liv bank by Emirates NBD and even FAB bank with their work on a stablecoin.

Bybit launched crypto trading challenge for Africa

Bybit launched crypto trading challenge for Africa

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announced the launch of Bybit P2P Africa Showdown, an exclusive trading challenge for eligible users in Africa.

The competition features a tiered reward system where participants can unlock increasingly valuable prizes based on their trading volumes. From now until July 19, 2025, the event offers participants the opportunity to win from a 1,800 USDT prize pool while competing for over 2,200 pieces of exclusive Bybit merchandise, including limited edition apparel, tote bags, tumblers and more.

To participate, traders must register for the event and complete a minimum of 50,000 USDT in eligible P2P buy orders during the campaign period. Apart from Bybit-branded merchandises, the top five traders in each currency will also take home extra USDT rewards.

Bybit P2P contributes to eliminating traditional barriers to the digital asset sphere, and connects buyers and sellers directly via its user-friendly trading platform. It offers enhanced privacy, KYC and security infrastructure, greater control over transaction terms, and access to local payment methods that may not be available through conventional service providers. For African traders, Bybit P2P supports local currency transactions and payment preferences, making digital assets more accessible to users across diverse financial ecosystems.

The event is exclusive for eligible Bybit’s P2P users in Africa only. In-scope currencies include: Nigerian Naira (NGN), Kenyan Shilling (KES), Ghanaian Cedi (GHS), West African CFA Franc (XOF), and Central African CFA Franc (XAF).

Bitcoin and Ethereum take 10th and 18th place in most traded instruments in GCC

Bitcoin and Ethereum take 10th and 18th place in most traded instruments in GCC

AvaTrade, aglobal trading company, released the latest data from its key GCC platforms, reinforcing its role as a source of real-time market intelligence. Covering activity across the region since April 1st, the data reveals the Top 25 most traded instruments by USD volume, with gold taking the lead and in the 10th and 18th place being Bitcoin and Ethereum. B

Based on AvaTrade’s platform activity over the past 2.5 months, collected from Bahrain, Kuwait, Iraq, Oman, Qatar, Saudi Arabia, and the UAE, gold appears as the most traded, with strong interest in U.S. equities, with all three major indices, NASDAQ 100, DJ30, and S&P 500, ranking within the top four, and the Russell 2000 close behind in eighth.

Commodities also featured prominently, with crude oil and Brent oil both placing in the 15 most traded instruments, and silver also making the list. Foreign exchange trading is also active, with major pairs such as USD/JPY, EUR/USD, and GBP/USD all ranking in the top ten. Other currency pairs like AUD/USD, USD/CHF, USD/CAD, and GBP/JPY follow closely behind.

Meanwhile, the inclusion of cryptocurrencies such as Bitcoin in 10th and Ethereum, ranked 18th, reflects a broader diversification in trading preferences across the region.

Reflecting on the recent data, Dáire Ferguson, CEO of AvaTrade, stated, ‘Sharing this type of trading insight is one of the many ways we aim to support our growing base of investors across the GCC. In an ever-changing global market, where regional dynamics also play a key role, timely data helps traders make more informed decisions.’

Established in 2006 as a pioneering online trading platform, AvaTrade is one of the most trusted brokers in the industry with nine regulations across six continents. Offering access to over 1,000 CFDs across forex, ETFs, indices, commodities, and crypto, the platform caters to both experienced investors and newcomers through a range of educational resources, trading tools, and market insights.

MENA Fintech Association opens chapter in Saudi

MENA Fintech Association opens chapter in Saudi

The MENA Fintech Association (MFTA), has opened a chapter in Saudi Chapter noting that it is a pivotal move to accelerate innovation, collaboration, and fintech growth across the Kingdom of Saudi Arabia.

The MFTA Saudi Chapter will be co-chaired by two recognised fintech leaders: Mona Alsemayen, a strategic force in digital transformation and regulatory advancement in the GCC, and Sophie Guibaud, a prominent European fintech executive with deep expertise in embedded finance and digital banking.

“This launch marks a new era of opportunity for the Kingdom,” said Mona Alsemayen, Lead of MFTA Saudi. She adds, “Saudi Arabia is poised to be a regional fintech powerhouse. By aligning MFTA’s global network with Vision 2030 and the Kingdom’s fintech strategy, we will unlock new synergies between innovation, policy, and ecosystem development.”

Mona Alsemayen brings decades of cross-sectoral leadership experience, having held senior roles at the Saudi Central Bank (SAMA), Gulf Payments Company, and Amazon Payment Services. She played a central role in launching AFAQ, the first cross-border payment system in the GCC, and has represented Saudi Arabia at global forums including the Bank for International Settlements (BIS).

Joining her as Co-Chair, Sophie Guibaud adds a global perspective to MFTA Saudi’s mission. “Saudi Arabia’s fintech landscape is evolving at an unprecedented pace. I’m honored to support this next wave of growth, where embedded finance, open banking, and inclusive design can deliver real-world impact,” said Guibaud.

Sophie has led digital banking and embedded finance strategies across major European fintechs. Her expertise in innovation-driven transformation will be instrumental in aligning Saudi’s fintech ecosystem with emerging global trends.

MFTA Saudi will serve as a convening platform for fintech companies, regulators, banks, investors, and technology leaders to collaborate, co-create, and shape the future of finance in the Kingdom. The chapter will focus on key areas including, policy & regulation dialogue, digital payments and embedded finance, open banking and cross-border innovation and ecosystem development and talent empowerment.