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Fluent crypto payments platform to develop digital trade corridor in the UAE using stablecoins

Fluent crypto payments platform to develop digital trade corridor in the UAE using stablecoins

US based Fluent Finance has joined the UAE’s NextGen FDI program and plans to develop a digital trade corridor in the UAE using stablecoins. The Ministry of Economy announced that the developer of a cryptocurrency-based payment platform that facilitates cross-border trade, joined and will be setting up operations in Abu Dhabi. Fluent plans to grow its workforce to between 100-125 people within five years.

Fluent will use its new UAE headquarters to deploy and scale its proprietary Fluent Economic Bridge, which can be used by importers and exporters to settle transactions via a bank-issued cryptocurrency, which are known as stablecoins or, increasingly, deposit tokens. By working with banks and regulators in the UAE capital, Fluent believes its platform offers the immediacy and transparency of cryptocurrency with the security and regulatory structure of the traditional banking system. They are already piloting the platform in Kenya, and now hope to develop a digital trade corridor with the UAE.

Fluent’s technology-led approach towards trade aligns with the Ministry of Economy’s TradeTech Initiative, in which they have partnered with the World Economic Forum (WEF) to promote the use of advanced technology tools in global supply chains, and also the country’s Comprehensive Economic Partnership Agreement program, which aims to achieve frictionless trade between the UAE and an increasing number of nations across the world.

Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said Fluent’s participation in the NextGen FDI initiative underlines the UAE’s status as a hub for global trade and a supportive ecosystem for new technologies such as blockchain: “The UAE has become a prominent advocate for the modernization of the multilateral trading system, as well as a supportive place for the development of the tools and applications that can deliver it. I am optimistic about the possibilities of the Fluent Economic Bridge, and the potential for digital currencies to improve the efficiency and accessibility of global supply chains. In the build-up to the World Trade Organisation’s 13th Ministerial Conference in Abu Dhabi in February next year, encouraging platforms such as those developed by Fluent will offer an important proof point for the UAE’s leadership on trade technology.”

Bradley Allgood, Fluent Finance’s Chief Executive Officer, said the UAE was the obvious place in which to launch Fluent Economic Bridge. “The UAE offers exactly the kind of supportive, enabling environment that Web3 companies such as Fluent require. The combination of thoughtful regulation, forward-looking vision and advanced technology ambitions means we have the right foundations on which to develop our product and grow our organization. Importantly, this is also an important trade crossroads, which provides a multitude of opportunities to deploy our platform. We genuinely believe that, with the right support, we can transform Fluent Economic Bridge into the next unicorn.”

Launched in 2022, NextGen FDI aims to support the growth of the nation’s knowledge-driven economy by enabling rapid incorporation processes to speed up licensing, facilitating the issuance of bulk or golden visas, accelerating banking services, and providing commercial and residential lease incentives for advanced technology companies seeking to relocate to the UAE.

Recently The UAE Ministry of Economy incorporated VeraViews, a new Blockchain / DLT ( Distributed Ledger Technology) enabled digital advertising platform that verified advertising views and eliminates the dissemination of harmful content and bad actors from using the media supply chain to fund ad scams.

UAE to verify advertising using blockchain technology

UAE to verify advertising using blockchain technology

The UAE Ministry of Economy has incorporated VeraViews, a new Blockchain / DLT ( Distributed Ledger Technology) enabled digital advertising platform that verified advertising views and eliminates the dissemination of harmful content and bad actors from using the media supply chain to fund ad scams.

Using its proprietary blockchain proof of view technology, the company which is currently beta testing its video ad serving product, has established its global headquarter in Dubai Media City. VeraViews will ensure that marketing budgets reach verifiable audiences via properly accredited agencies and publishers.

The UAE Ministry of Economy has incorporated VeraViews under its NextGen FDI initiative. VeraViews is the latest enterprise to take advantage of the Ministry of Economy’s NextGen FDI program, which seeks to enhance the UAE’s competitiveness by attracting innovative companies with a package of market-entry fundamentals, including fast-track incorporation, bulk visa-issuance and access to banking and commercial real estate.

Its open-ledger advertising platform is powered by patented blockchain technology and has the potential to not only simplify the advertiser-publisher relationship but identify and ultimately eliminate malicious actors from the sector, at the same time contributing toward making the UAE the safest digital advertising ecosystem in the world.

Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said, “The NextGen FDI initiative continues to welcome cutting-edge companies that are developing and deploying advanced technology to enhance some of our most important industries. VeraViews’ distributed ledger technology based advertising platform has the potential to revolutionise the media sector here in the UAE – and, ultimately, across the world.

“Advertising is a crucial means for companies to build their business, expand their customer base and promote their products and services, and it is vital we are able to create an industry that is transparent and trustworthy, and an arena in which every dollar spent by our enterprises receives a dollar’s worth of value.”

VeraViews CEO Mark Firth believes the UAE is the ideal home for the company’s global headquarters. He added, “The media industry in the UAE is dynamic and diverse, with a mature blend of platforms, publishers, agencies and networks. VeraViews believes our distributed ledger technology can add significant value to the sector by helping to eliminate fraud and prevent the dissemination of misinformation or other forms of harmful content.

“We are hugely appreciative of the support the NextGen FDI programme has offered and welcome the opportunity to work with both the UAE government and industry stakeholders to build an advertising ecosystem that benefits everyone.”

The global digital advertising market is currently worth over US$550 billion, with the Middle East one of its fastest-growing regions. The region’s advertising market is projected to reach US$6.9 billion by the end of 2024, with online advertising accounting for well over half that total.

The UAE remains the second-largest advertising market, with US$1.8 billion spent in 2023.

UAE ShipFinex partners with Tokeny to ensure regulatory compliance

UAE ShipFinex partners with Tokeny to ensure regulatory compliance

UAE based ShipFinex, tokenization platform for maritime finance, has announced a strategic partnership with Tokeny, the leading onchain finance operating system specializing in tokenized securities.

As per the announcement, the collaboration aims to transform the tokenization and management of maritime assets, introducing a new era of transparency, security, and compliance in the multi-billion-dollar maritime sector.

ShipFinex will leverage Tokeny’s state-of-the-art technology to ensure that all tokenized maritime assets on its platform adhere to the highest standards of regulatory compliance and security. This integration will utilize the ERC-3643 standard, bolstering investor confidence and setting a new benchmark for digital finance in the maritime industry.

ShipFinex and Tokeny will aim to offer a secure, transparent, and regulated marketplace that opens maritime investments to a broader range of global investors.

The announcement follows ShipFinex’s recent milestone of receiving initial approval from the Virtual Asset Regulatory Authority (VARA) in the UAE.

This partnership with Tokeny further underscores ShipFinex’s commitment to adopting world-class solutions to enhance the security and compliance of its platform. By integrating Tokeny’s robust infrastructure, ShipFinex is well-positioned to lead the digital transformation of maritime finance.

R3 DLT instrumental in UAE’s RAKBANK CBDC cross border transaction

R3 DLT instrumental in UAE’s RAKBANK CBDC cross border transaction

R3 announced on LinkedIn that it was thrilled about the success of UAE RAKBANK  in their first cross border CBDC transaction using mBridge in which R3’s issuance layer technology solution played an instrumental role.

David E Rutter, CEO of R3 said: “The first cross-border CBDC transaction by a UAE local bank, RAKBANK, is a groundbreaking development for the UAE, and the region more broadly.

He added, “R3’s issuance layer technology and CBDC integration solutions have been instrumental in supporting RAKBANK to achieve this exciting milestone in production. R3’s ambition is to continue to deliver interoperable distributed ledger solutions, using Corda, our open, permissioned tokenization platform to the UAE and beyond.”

Rutter adds that R3 is committed to working with UAE domestic banks like R3 to build their digital ecosystem.

The National Bank of Ras Al Khaimah (“RAKBANK”) recently became one of the first banks in the United Arab Emirates to execute an international remittance using mbridge CBDC. The Bank utilized China’s digital Yuan (eCNY) in exchange for the Digital Dirham, the UAE’s CBDC.

Vikas Suri, Co-Head of Wholesale Banking Group at RAKBANK, added, “The successful transfer of eCNY to our correspondent in China is a game-changer in several respects. It’s one of the first UAE-led foreign currency transfers executed in local currencies without involving a third currency to China and without using conventional payment rails. This is a gamechanger that paves the way for instant blockchain based CBDC exchanges with payment versus payment, fundamentally altering how we approach international payments. Our next steps will focus on supporting the China and UAE business corridor for our clients, by leveraging mBridge to reduce costs and improve the speed of remittances.”

In an 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 noted 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.

UAE Fuze and Bit2Me partner to improve digital asset connectivity

UAE Fuze and Bit2Me partner to improve digital asset connectivity

Abu Dhabi’s Hub71 startups, Fuze, MENA provider digital assets infrastructure, and Bit2Me, a Spanish digital assets company, have partnered to improve digital assets infrastructure connectivity between Latin America, Europe, and the Middle East.

As per the press release, this agreement unites two of the world’s leading digital assets platforms to maximize the prospect of platform trading using the United Arab Emirates Dirham (AED). Fuze and Bit2Me’s collaboration will enable companies to collaborate on digital assets, products, and services. This includes enabling liquidity provision, collaborating on cross-border trading between Latin America, Europe, and the Middle East, and facilitating connections, trades, and transactions in target market currencies. Both organizations will benefit from enhanced stability, decreased operational costs, and increased market efficiency.

Mohammed Ali Yusuf, Co-Founder and CEO of Fuze, said, “Bit2Me has a strong focus on regulation, security, and compliance across digital assets, marking them as an ideal partner for our strategic expansion. Together, we will be able to innovate and tap into the wealth of possibilities for regulated digital assets globally. We are proud to sign this agreement in Abu Dhabi, where we started our journey, a place that will be pivotal in developing cryptocurrency and the future of finance.”

Koh Martinez, Co-CEO of Bit2Me added, “There is a significant demand for digital assets services across the Middle East. We are delighted to enhance our global offering in tandem with Fuze.  Our teams will be able to share unique experiences and case studies across three continents to provide solutions for the ever-evolving cryptocurrency market.”

Peter Abou Hachem, Head of Growth and Strategy at Hub71 commented, “Within just one year of accepting our first cohort in Hub71+ Digital Assets, we have seen international startups like Bit2Me and Fuze join our vibrant community and collaborate to accelerate development in the digital assets space. This partnership is a testament to our community-focused programs and the supportive regulatory environment of Abu Dhabi Global Market (ADGM). By connecting and nurturing startups within our ecosystem, we are meeting our objective of driving innovation and creating valuable partnerships from our ecosystem to advance Abu Dhabi’s position as a leader in technology globally.”

In August of this year, Klumi Ventures a blockchain-native Venture Capital Firm and Fund Manager based in Abu Dhabi, partnered with Fuze, to harness Klumi Ventures’ investment acumen and Web3 expertise alongside Fuze’s robust digital assets infrastructure to accelerate the adoption of Web3 technologies throughout the region. 

Even Tether, the global stablecoin and Fuze, signed a Memorandum of Understanding (MoU) to establish the terms of a collaboration on educational initiatives within the digital asset realm, with a particular focus on Turkey and the Middle East.

Five digital asset startups accepted into Abu Dhabi’s Hub71 cohort

Five digital asset startups accepted into Abu Dhabi’s Hub71 cohort

Abu Dhabi Hub71 welcomed 21 new startups to its Cohort 15, among them five startups into its digital asset’s cohort. The five startups set to join Hub71+ Digital Assets, a specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets include Norway-based Gateway.fm, a distributed blockchain infrastructure that automates and provides enterprises with turnkey solutions for deploying private blockchains and infrastructure. The company has raised USD 6 million (AED 22 million).

Also joining the Hub71 + Digital Asset cohort is Chainsight, a platform aggregating on-chain and off-chain data, including Real World Assets (RWAs), to deliver comprehensive insights through time-series analysis.

easeflow will also join. It is an AI enabled management tool that simplifies node setup, operation, and management for node operators in the blockchain industry, while Greengage is a Web3 FinTech company providing accounts and lending services to SME’s and family office clients.

UK-based Greengage that offers Web3 FinTech solutions for SME and family offices has raised USD 10 million (AED 36 million) in funding is set to join the Hub71+ Digital Assets specialist ecosystem. By joining Hub71, these startups are establishing operations in Abu Dhabi, further solidifying the UAE capital’s status as a leading global tech hub and a preferred destination for entrepreneurial growth.

Finally Stables has joined. It is a platform that offers a mobile-first digital wallet live in 130 countries, powered by stablecoins to make cross-border remittances.

So far since its inception the Hub71 Cohort 15 has raised over $130 million in capital for startups with 80 percent of those startups headquartered outside UAE.

Hub71, Abu Dhabi’s global tech ecosystem, has welcomed 21 startups in Cohort 15, increasing the total number of ventures it supports to 243. Following a rigorous selection process, these startups will enter Hub71’s Access program and the specialist ecosystems of Hub71+ Digital Assets and Hub71+ ClimateTech.

Collectively, the startups in Cohort 15 have raised USD 134.9 million in funding, which underlines Hub71’s success in attracting high-potential startups poised to drive technological innovation across the priority sectors of Abu Dhabi’s diversified economy.

Ahmad Ali Alwan, CEO of Hub71, said: “Cohort 15 is abundant with pioneering startups that are positioned to contribute to Abu Dhabi’s innovation ecosystem. By providing the startups with access to investment opportunities and market reach, Hub71 is supporting the founders’ journey in Abu Dhabi and accelerating their transformative impact globally.”

By joining Hub71 “Access” and Hub71+ specialist ecosystems, startups will be able to tap into a vibrant community of mentors, partners, and investors within Abu Dhabi’s thriving technology ecosystem, gaining access to market opportunities, top talent, and capital, which significantly enhances their prospects of securing commercial deals, attracting investment, and driving market growth. Additionally, startups will benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity, through a SAFE note. High-performing startups will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity upon completing the program.

Circle and KryptoGO partner for stablecoin growth as KryptoGo expands into Middle East

Circle and KryptoGO partner for stablecoin growth as KryptoGo expands into Middle East

Circle, issuer of stablecoin USDC, and KryptoGO, a leading Web3 infrastructure platform, have partnered to drive the worldwide adoption of stablecoins and enhance compliance solutions, as KryptoGo seeks to expand into the Middle East.

As per the announcement, this collaboration represents a major step forward for both companies in enabling efficient, and scalable virtual asset management solutions across various industries.

KryptoGO’s products, including the KryptoGO Studio and KryptoGO Wallet, now offer seamless integration of stablecoin features such as peer-to-peer transactions, social payments, etc.

“We are excited to collaborate with Circle to bring our vision of a compliant stablecoin ecosystem to life,” said Kordan Ou, CEO of KryptoGO. “At KryptoGO, our focus is on delivering solutions that uphold regulatory standards while offering users a seamless experience in managing their virtual assets. This partnership allows us to expand globally, making stablecoin transactions more accessible and reliable for users worldwide.”

The global stablecoin market has seen exponential growth, with a total market capitalization exceeding $1.6 trillion. USDC alone accounts for more than 20% of this market, offering a highly regulated stablecoin option.

As part of its strategic expansion into global markets, KryptoGO is actively focusing on regions such as the Asia-Pacific, Middle East and Asia, where demand for stablecoin solutions and compliant virtual asset services is rapidly increasing.

The collaboration between KryptoGO and Circle opens up new possibilities for stablecoin adoption in industries such as telecommunications, payroll, and financial services, particularly in the rapidly growing Asia market.

Oman Refining company invests in digital asset exchange SDAX

Oman Refining company invests in digital asset exchange SDAX

Oman Muscat Precious Metal Refining company has invested in SDAX, Singapore’s Digital Asset Exchange. SDAX raised $50 million Series B2 funding round led by the Oman-based Muscat Precious Metals Refining Company LLC (“MPMR”). SDAX plans to launch digital asset exchange in Oman.

This follows a US$18 million Series B funding round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global. They joined existing shareholders: ESR, RHT and Crazy Goats, supporting SDAX’s mission to empower investors with access to private markets and alternative investment opportunities.

As per the press release, the funds raised will accelerate the expansion of the SDAX ecosystem on several fronts, chief among them is the focus on client acquisition and the inclusion of other business lines such as wealth and fund management.

Regional expansion is another priority, as is the launch of a digital asset exchange in Oman. This platform will not only provide a strategic gateway to the GCC and Africa but will also connect Oman to liquidity pools globally.

Rachel Chia, Chief Executive Officer of SDAX, said, “The successful Series B2 funding round is a testament to SDAX’s commitment to democratise access to institutional-grade private markets and alternative investments. We value the continued support of our current investors, and welcome both our new shareholders MPMR and the business potential that this new partnership brings. We are particularly excited about the opportunity to expand into the GCC region.”

Nick Cochrane-Dyet MBE of MPMR, and Chair-designate of SDAX, commented, “After more than a year of working with SDAX, the results of our partnership have demonstrated the potential SDAX has to offer in democratizing investments for financial inclusion. We look forward to deepening our partnership with SDAX by developing capabilities in Oman to provide companies in the GCC with an alternative source of funds, and to building a strong investor base in the region. We look forward to supporting SDAX’s growth journey and contributing to its continued success.”

Tan Chong Huat, outgoing Chairman of SDAX, added, “We welcome MPMR to our esteemed roster of shareholders and are proud of the SDAX team’s well-deserved achievements. Looking ahead, we are thrilled about SDAX’s international expansion and being recognized as one of the leading digital asset platforms globally. I am honored to have been a part of SDAX’s success and now wish SDAX to attain further heights together with MPMR.”

In April this year, the diversity of products offered on the digital asset exchange platform has been bolstered by the strongest demand for gold in over a decade.

OneDegree launches digital asset insurance in UAE

OneDegree launches digital asset insurance in UAE

OneDegree, Asia’s licensed insurer for digital assets and Dubai Insurance Company have announced the issuance of digital assets custodial risk insurance to their customers in UAE. The Central Bank of UAE approved issuance of the digital asset insurance offering.

OneDegree and Dubai Insurance partnered in 2023. Custodial risk insurance completes the product portfolio and allows the partners to offer a one-stop-shop for digital asset companies in the UAE, under the brand “OneInfinity”.

VARA, Dubai’s dedicated regulator for digital assets, requires such coverage along with professional indemnity and directors & officers insurance. With this latest approval, specialized custodial risk insurance can be offered directly in UAE for the first time. Custodial risk insurance protects companies against the risk of losing access to digital assets including through third party hacks and theft, internal fraud and physical damage to the storage media.

Robin Scott, General Manager of Middle East for OneDegree, said, “UAE has only strengthened its position as a digital asset hub since our market entry last year. There are hundreds of companies setting up across the Emirates and looking to obtain key licenses. For this they need strong, tailored insurance policies. It’s fantastic that we are now able to offer the full suite of OneInfinity digital asset products to these inspiring companies.”

Abdellatif Abuqurah, CEO of Dubai Insurance, added, “We are thrilled to work with OneDegree on this important development in the UAE. Dubai Insurance is committed to bringing the most innovative insurance products to the UAE. Custodial risk insurance is something brand new to the market but that satisfies an urgent demand as UAE cements its position as a global leader in digital assets.”

OneInfinity by OneDegree offers tech-enabled digital asset insurance and risk management solutions globally. By offering tailor-made insurance to end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers).

In addition, OneDegree, recently partnered with Saudi Arabia’s Walaa Cooperative Insurance Company, an insurance and reinsurance company where Walaa will support OneDegree as a reinsurer for its market-leading digital asset products globally. The partnership was announced during 24 Fintech event in Riyadh KSA.

Holon a decentralized green storage provider signs agreement with Arclive

Holon a decentralized green storage provider signs agreement with Arclive

Holon Global Investments Limited (Holon), a technology company aimed at creating a greener Web3 ecosystem, has signed partnership agreement with ArcLive Limited to deliver a solution to enhance energy performance and sustainable data management for both domestic and commercial premises.

Launching this strategic and promising collaboration, Holon and ArcLive signed a Memorandum of Understanding (MoU) on the first day of the Dubai AI & Web3 Festival. Holon’s Managing Director Heath Behcncke and ArcLive’s Co-founder Nicholas Edwards were present to sign the agreement.

Holon, is a green, verifiable distributed data storage and computing company that operates energy-efficient, immersion-cooled edge data centers powered by renewable energy sources utilizing blockchain technology, Holon provides robust governance over the data stored in its systems, ensuring security and sustainability.

ArcLive specializes in the collection, storage, collation, analysis, and presentation of real-time data from various premises and buildings. By leveraging sensors and other hardware, ArcLive collects performance data to help customers analyze and improve the energy efficiency of their buildings.

This joint solution enables regulatory compliance with sustainable finance objectives and helps property owners and their lending banks achieve their decarbonization targets, all while being powered by green energy.

In addition Holon also entered into a partnership with Magma ,a platform that integrates 3D modeling with blockchain technology to enhance collaboration in real estate by exploring opportunities in decentralized data storage, tokenization of real estate assets, and the integration of blockchain technologies.

Holon and Magma aim to develop new solutions that enhance data privacy, ownership, and energy efficiency in building management. By combining their expertise, both companies will focus on creating secure, sustainable, and efficient data management options for residential and commercial properties.

Holon Global Investments Limited (Holon) officially appointed Michael Clark as its Global Holon Evangelist at the highly anticipated Dubai AI & Web3 Festival.

Michael, a renowned data scholar and industry advisor, will work closely with Heath Behncke, Holon’s Managing Director, to advance Holon’s pioneering roadmap for data custodianship, decentralized sustainable storage, and tokenization.

These partnership agreements comes weeks after Holon announced its presence with an office in the UAE.