HMM, Korea’s largest and the world’s eighth-largest container carrier, has announced a strategic partnership with CargoX, a leading provider of electronic trade document solutions that is working with clients in Egypt, and UAE This collaboration introduces electronic bill of lading (eBL) features on the HMM digital service platform.
Through this partnership, HMM customers will benefit from the advanced functionalities of the CargoX Platform, which will be integrated into HMM’s digital services. This integration aims to modernise and streamline eBL workflows, enhancing the efficiency and security of global trade documentation.
“We are delighted to announce the launch of our electronic bill of lading service in partnership with CargoX, a leading provider of electronic document solutions. This new eBL capability will enable us to deliver an enhanced service to our customers and spearhead the digitalisation of the shipping industry,” said Kurt (Wonjun) Jang, SVP of HMM Container Operation Office.
“We are thrilled to partner with HMM, a global shipping leader. This collaboration advances global trade by implementing efficient, fast, and secure electronic bills of lading. As the logistics industry digitises, we are proud to support HMM in leading this transformation,” said Bojan Čekrlić, CEO of CargoX.
Customers using HMM services can now generate eBLs within the HMM digital service system and seamlessly transfer them through the global CargoX Platform.
The eBL document lifecycle includes features such as transfer, surrender, and document acceptance, ensuring comprehensive support for all equivalent paper-based functions. Each eBL is recorded on the public ledger, guaranteeing secure and immutable documentation, with audit logs accessible at all times.
Initially, the service supports electronic bills of lading in PDF format, with structured data eBLs based on the forthcoming DCSA eBL standard to be available soon.
The HMM digital services platform and CargoX Platform integration will be available to all HMM customers globally starting on 8 July 2024.
Bitpanda.com, the crypto broker platform of European fintech unicorn Bitpanda, which recently announced its expansion into the UAE with a new office, now has 5 million retail users. This comes amidst projections that UAE’s digital assets market is projected to grow by 8.01% and reach a market volume of $616.80 million by 2028.
BitPanda Growth
After achieving a record-setting revenue of over $108 million in Q1 2024, Bitpanda added nearly 500,000 new users in Q2 as European investors have increasingly begun looking to take advantage of safe and secure digital assets trading.
BitPanda acquired several new licenses with major regulators including BaFin and Bitpanda Technology Solutions (a relaunch of its B2B-focused white-label solution). Additionally, the company also formed several industry-leading partnerships with well-known institutions like Deutsche Bank, N26, LBBW, and Raiffeisen.
Interest from MENA
Bitpanda has seen a significant rise in investment interest from not only Europe but also the Middle East. The UAE, with its digital assets marketed projected to grow by 8.01% and reach a market volume of $616.80 million by 2028, has been a key catalyst in Bitpanda’s recent decision to expand; with DMCC licensing,
the company launched Bitpanda MENA in early May at the most recent edition of the Dubai Fintech Summit to cater to the growing demand for digital assets that it is observing from the country and the wider region. Although this offering is not available to retail investors at the moment, Bitpanda already boasts the title of Europe’s leading crypto company and this expansion is further strengthening its global position as well.
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda stated, “We have the right products, a proven history of working with regulators, immense trust from our users and partners – including Deutsche Bank, LBBW and FC Bayern Munich – and we remain absolutely focused on growth. It took us five years to reach our first million users; we were able to achieve this same feat in the past 12 months alone, with more than 500,000 users joining us in just the last three months. We know we’re on the right track, and as we approach our 10th anniversary later this year, I know we’re going to have a lot to celebrate.”
Walid BenOthman, Managing Director, concluded: “While we are proud of our progress in Europe and the overall success we’ve achieved over the past decade, this growth has not been rooted in complacency. That is why we are now targeting the Middle East, to further strengthen our global standing as an unparalleled fintech. With a 25% surge in users over the past 12 months, we are confident in the strength of the MENA region and aspire to achieve similar success over the next year. We look forward to what the future holds.”
The legendary Blockchain Life 2024 will return for its 13th edition on October 22-23. As Dubai gains a reputation as a global crypto hub, the forum is set to be the central event of this year.
With the highly anticipated peak of the crypto market growth still ahead, the forum presents an excellent opportunity for attendees to maximize their earnings. More than 10,000 people from 120 countries are expected to gather at the forum, to gain valuable knowledge, forge new connections, and explore potential investment opportunities.
The two-day event will feature a lineup of industry experts, thought leaders, and innovators who will share their insights and strategies in the fast-growing market.
In addition to the insightful panel discussions, Blockchain Life 2024 will feature an innovative expo area where leading industry companies will showcase their latest products, services, and technologies.
VIP ticket holders and speakers will also experience the hours of informal networking at the legendary AfterParty.
Buy a ticket at the lowest price using promo code *** Presale right now: www.blockchain-life.com
Bybit, A global cryptocurrency exchange, which has applied for a license within the UAE through Dubai’s VARA, has released a new study showing institutional investors have increased their ETH holdings ahead of the launch of the spot ETH ETF in the US. Bybit’s institutional exposure to ETH tripled since ETF announcement, from 6.54% to 14.29%.
According to analysts they predict this ETF will capture between $8 and $12 billion from US and global markets, driving Ethereum to new all-time highs by year-end.
According to recent data, Bybit’s institutional investors’ exposure to ETH has almost tripled since the ETF announcement on May 24, 2024—moving from 6.54% to a current weighting of 14.29%. This surge underscores the growing confidence in Ethereum’s future performance and the expected positive impact of the ETF launch.
Retail investors on Bybit have also increased their ETH allocations, although not as dramatically as institutional investors. The allocation to ETH has risen from 7.40% to 9.52%, reflecting a cautious but positive response to the ETF announcement.
“Ethereum is the crypto product favored by traditional capital such as BlackRock and Franklin Templeton, both of whom have tokenized funds on the platform,” said Hao Yang, head of financial products at Bybit. “Given this, the chain seems poised to become the institutional pick. With its native yield, the ETH token allows for composability, and we are seeing protocols building interesting derivatives based on ETH’s stable yield, leveraging this to create crypto primitives that mimic those built on top of the US Treasury market. Finally, because a portion of ETH is burned (sent to a wallet from which no withdrawals are possible), the asset can become deflationary, which means the more network effects kick in, the scarcer the asset becomes.”
Interestingly Institutional investors seem to have pulled out some investments into stablecoins and other crypto assets and moved to Eth. Before ETH ETF announcement, 33% of institutional investors held stablecoins, while after this went down to 25.16%. This is also seen in other crypto assets that were held by investors, where it went down as well from 33.05% to 30.3%.
As for BTC ( Bitcoin) holdings it also went up on Bybit by 4% to 30.26% after ETH ETF announcement.
Liminal Custody, a digital asset custody and wallet infrastructure provider has opened an office in Dubai as it awaits its license from VARA after receiving its license in ADGM in Abu Dhabi. The Dubai office will be located in Sheikh Rashid Tower in Dubai within the Dubai World Trade Center Free zone.
According to the press release, this move marks a significant milestone for Liminal as it seeks to cement its role as a key player in the rapidly growing digital asset industry within the MENA region, known for its innovation and institutional adoption.
The expansion enhances Liminal’s existing presence in the region, which includes a Financial Services Permission (FSP) licence from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).
“Our expansion to Dubai, along with our Initial Approval(IA) for a VASP licence from VARA, highlights Liminal’s commitment to fostering the secure growth of the regional digital asset ecosystem,” said Amir Tabch, CEO Middle East at Liminal Custody. “We are eager to collaborate with established entities like DWTC and work closely with VARA to enhance our service offerings. This strategic move enables us to provide comprehensive custody solutions tailored to the evolving needs of Dubai and the broader MENA market.”
In May Liminal Custody acquired the Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) allowing it to operate as a regulated crypto custodian within the Middle East.
HexTrust another crypto custodian has already received its license from VARA
BitOasis, crypto broker has received its first license in the GCC and MENA region from Bahrain. The Category 2 license allows BitOasis to offer crypto asset services from the Central Bank of Bahrain. Prior to BitOasis receiving its license in Bahrain, CoinMENA, RAIN, ARP Digital and Binance had already received licenses.
ARP Digital, CoinMENA and Rain all hold a category 3 license, while only Binance holds a category 4 license. As such BitOasis will be the only category 2 license in Bahrain so far.
As per Bahrain licenses, a Category 1 license is issued to market participants providing investment advisory services, Category 2 licenses for trading in accepted crypto assets as an agent, portfolio management & Crypto-asset custody service as well as offering investment advice. Category 3 licenses are obtained, for trading in accepted crypto assets as an agent, trading in accepted crypto assets as a principal, portfolio management, keeping custody of crypto-asset as well as providing investment advice, while crypto exchanges receive a Category 4 license.
In the meantime, BitOasis current regulatory status in the UAE under VARA is active awaiting full license approval.
As per the press release, the regulatory approval in Bahrain will enable BitOasis to launch its new broker-dealer platform through its local company in the Kingdom, BitOasis Bahrain.
Located in Bahrain Fintech Bay, BitOasis Bahrain will be home to a small team of core employees at its inception, with the company gradually growing its presence in the Kingdom as it works to launch its new platform, expected to go live in the second half of 2024.
BitOasis Bahrain will serve retail, corporate, and institutional clients in Bahrain and the broader MENA region, with an initial focus on its broker-dealer product.
Ola Doudin, Co-Founder and Chief Executive Officer of BitOasis, stated, “With regulation at the forefront of a maturing regional crypto market, we are delighted to have secured this new license from the Central Bank of Bahrain. The Central Bank’s commitment and leadership in regulating our industry allows businesses like BitOasis to launch cutting-edge products in an industry characterized by rapidly and dynamically evolving technology. We are excited to welcome our new team in Bahrain to the business and to start serving new customers very soon.”
Launched in 2016, BitOasis offers over 60 tokens with fiat currencies such as AED, SAR, and USD. Since its inception, the company has processed over USD 6 billion in trading volume and raised more than USD 40 million in funding from leading regional and global investors.
In a recent IMF blog, the International Monetary Fund noted that almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency with Bahrain, Saudi Arabia and UAE in the more advanced proof of concept stages. The countries in MENA and Central Asia are studying CBDCs as a way to promote financial inclusion and improve the efficiency of cross-border payments.
The IMF Blog notes however that CBDCs require careful consideration, with each weighing their own unique set of circumstances.
Many of the 19 countries currently exploring a CBDC are at the research stage. Bahrain, Georgia, Saudi Arabia, and the United Arab Emirates have moved to the more advanced “proof-of-concept” stage. Kazakhstan is the most advanced after two pilot programs for the digital tenge.
As per the blog, Central Bank Digital Currencies for cross border payments are an important priority for oil exporters and the Gulf Cooperation Council countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. That’s because cross-border payments tend to have frictions like varying data formats and operating rules across regions and complex compliance checks. CBDCs that address these inefficiencies could significantly cut transaction costs.
These digital currencies can advance financial inclusion by fostering competition in the payments market and allowing for transactions to be settled more directly and with less intermediation, in turn lowering the cost of financial services and making them more accessible.
The IMF blog also notes that unlike commercial banks, central banks can also help keep costs lower as they aren’t concerned with making a profit. Similarly, the resulting increased competition in the payments market from a CBDC could also encourage upgrading technology platforms and the efficiency of payment services, helping financial services reach more people.
Countries in the Caucasus and Central Asia, Middle East and North Africa oil importers, and low-income countries are especially interested in this potential benefit.
The blog notes that CBDCs may have risks given that CBDCs might compete with bank deposits. It could weigh on bank profits and lending and have implications for financial stability. However, lenders in the region generally have adequate capital levels, profit margins, and liquidity buffers, and their relatively high concentration may limit strains on deposits. Large banks are especially dominant in Gulf Cooperation Council countries.
For monetary policy, CBDCs could strengthen the pass-through into deposit rates by increasing competition among banks. A CBDC could also strengthen the bank lending channel of monetary policy. However, as our paper underscores, the impact would likely be country-specific and is difficult to estimate because CBDC uptake is limited so far.
Policymakers can mitigate potential risks with design features to limit competition with bank deposits, such as using carefully calibrated restrictions on CBDC balances and transactions, could also help.
Design features are an important consideration. The IMF survey shows that selecting appropriate features for CBDC implementation is a key challenge for regional policymakers. Achieving the policy objectives of promoting financial inclusion and payment system efficiency will depend on relevant design choices.
For instance, designing CBDCs to work offline could promote financial inclusion in areas with spotty mobile service, such as in low-income countries and fragile and conflict-affected states. Similarly, using CBDCs for cross-border transfers could help lower the cost of sending remittances and speed up transfer times.
According to the blog, introducing digital currencies will be a long and complicated process that central banks must approach with care. Policymakers need to determine if a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, risks for the financial system, and operational risks for the central bank.
The Blog post comes a week after KSA announced that it had joined Mbridge CBDC project, and Qatar’s announcement that it had started to work on a CBDC pilot. The UAE is also moving forward with its CBDC project.
Investment firm, Terra Invest, has announced the launching of its operations in London and the UAE focusing on investments in Artificial Intelligence and, blockchain-powered financial technology, clean energy, and health & life sciences.
As per the press release, Terra Invest takes a novel approach to its investment method, combining deep policy and regulatory expertise with financial acumen to solve the world’s most pressing issues such as the growing demand for clean energy, AI based solutions for financial services and healthcare distribution. Through addressing a key point of failure that is currently stifling innovation across sectors such artificial intelligence (AI), blockchain-powered financial technology and health & life sciences, Terra Invest aims to foster rapid growth and value while creating positive global impact.
Terra Invest is backed by several Asia based family offices and funds including Mount Row Partners, a distinguished group of financial and public policy veterans from a variety of sectors and several large family offices in the Asia Pacific (APAC) market.
Terra Invest is centred around a deal-based model of investment and has closed transactions of USD 230 million as of today, with an ambition to scale to USD 2.5 billion by 2025.
Founding Partner at Terra Invest, Ambassador Kirk Wagar, commented on the investment firm’s announcement, stating, “In today’s turbulent global political climate, having a geopolitical overview is crucial for global investing. Understanding the tectonic shifts in both macro and micro political changes is the foundation today to anticipate and navigate risks, understand market dynamics influenced by political events, and make informed decisions that are fundamental to protect and potentially enhance their portfolios. Today more than ever, investors must be aware of geopolitical trends in identifying opportunities and avoiding pitfalls, ensuring more resilient and strategic investment choices in an unpredictable world.”
“Our unique approach at Terra, ensures that our investments are not only financially sound and create value for our shareholders but also have a positive impact on the world at large.” added Ankiti Bose, who also serves as a Founding Partner alongside Wagar at Terra Invest. “Our team has brought together not just capital and investing experience but advisors of companies such as Tesla, TikTok, and Binance, former politicians and litigators. This experience, combined with our founding team’s background in banking, entrepreneurship, diplomacy and public policy, makes us firm believers in Terra Invest’s mission to drive financial value and positive global impact,” Bose explained.
Aspen Digital, aimed at helping to accelerate the continued adoption of digital assets, and offer technical solutions to asset managers, high net worth individuals, family officers and other financial institutions, has received an in principle approval (IPA) from the regulatory arm of Abu Dhabi ADGM ( Abu Dhabi Global Market). the FSRA.
Aspen Digital which is co-incubated by Everest Ventures Group, a venture studio specializing in digital assets and blockchain technologies and TTB Partners, a regulated, boutique advisory and asset management firm started by Sir John Bond’s family will act as a bridge between tradition finance and the digital assets industry.
Subject to final regulatory approval, Aspen Digital will be licensed to provide financial services out of ADGM and expand its product offering and presence within the rapidly growing digital asset ecosystem in the Middle East.
Aspen Digital’s unique offering as a one-stop solution for private wealth to build their allocation to the alternative digital asset class will play an important role in driving the local ecosystem and broader adoption within the region.
CEO of Aspen Digital, Elliot Andrews said, “The IPA is an important milestone for Aspen Digital as we look to expand both our global footprint and offering within the digital asset sector. With a deep understanding of the asset class, ADGM has built a very comprehensive and clear regulatory framework in which to operate. We are grateful for their support and look forward to working closely with them in driving the next wave of digital asset adoption.
SettleMint announced on its website, that the Islamic Research and Training Institute, the research arm of the Islamic Development Bank Group (IsDB), have embarked on a journey to build blockchain based Sharia compliant financial products.
SettleMint has more than 60 Enterprise blockchain implementations worldwide. It offers a full-fledged Blockchain-Platform-as-a-Service solution.
The first project will be concerned with Sharia compliant subsidy distribution aimed at creating an efficient and transparent system for Sharia-compliant subsidy distribution for its 57 member countries globally, encompassing 1.7 billion people.
According to SettleMint IsDB used the SettleMint blockchain platform for the tokenization of fiat currency to distribute the subsidies in a peer-to-peer manner allowing full transparency and control
Matthew Van Niekerk, Co-Founder and CEO of Settlemint stated, “One of the core values of SettleMint has always been to change the world for the better, and by using the blockchain technology to further financial inclusion and development of the 57 member countries, fits our ambitions to the letter.”
Using blockchain for subsidy distribution allows for full control of spend by subsidy purpose at any time, ensuring IsDB that the aid is being spent as intended. The entire contractual process for Islamic institutions was automated, alleviating the additional administrative and legal complexities and redundancies associated with Sharia-compliant financial products.
SettleMint partnered with Ateon, a Riyadh-based solution provider and systems integrator in the Fintech space.
IsDB automated the entire process of sharia-compliant subsidy distribution, resulting in full transparency and eliminated administrative complexity.
The IsDB said such features would allow for instantaneous clearing and settlement of transactions and asset exchanges, while helping eliminate counterparty risk.
IsDB and SettleMint along with Ateon first started working on the feasibility of the project back in 2017.
IsDB and SettleMint have also worked together to develop and showcase the innovative Smart Stabilization System, a patent pending algorithm designed to enhance stability in financial markets. This solution is being developed by IsDBI and implemented by SettleMint, the Blockchain Transformation company.
Co-Founder, Matthew Van Niekerk, together with Dr. Hilal Houssain, Ph.D., Associate Manager of the Knowledge Solutions Team at the Islamic Development Bank Institute (IsDBI), delivered a key session at ISDB’s 50th anniversary!
The objective of the SSS is to help stabilize organized asset markets without compromising efficiency. This is done by managing the gap between supply and demand to reduce the volatility of the price while maintaining the role of the gap in equilibrating the market. The patent-pending Smart Stabilization System is unique in managing the pressure on price before the price changes. The System is forward-looking, while most other stabilization systems are backward-looking. Moreover, the SSS is self-financed, and investors’ rights are fully protected.
IsDBI and SettleMint are investigating the use of blockchain and smart contracts to provide autonomous and transparent execution of the SSS.
Dr. Sami Al-Suwailem, the Institute’s Acting Director General, welcomed the collaboration on this project as a milestone in the progress of the Islamic fintech industry. He said: “The world is moving fast on the digitalization of financial transactions. This requires a robust stabilization system in place to minimize the instability associated with fast movements of funds, as has been proven by the recent banking crisis. I am pleased that my colleagues are capitalizing on the patent-pending Stabilization System to develop a practical solution to assist our Member Countries in achieving digital transformation with minimum financial instability.”
