Lara

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Finstreet launches Blockchain enabled digital venue for trading financial assets in ADGM

Finstreet launches Blockchain enabled digital venue for trading financial assets in ADGM

Finstreet, a subsidiary of Rorix Holding, announced on LinkedIn, that it would be the first to launch a Blockchain enabled regulated digital venue for trading financial assets both global private and public securities from Abu Dhabi ADGM ( Abu Dhabi Global Market).

As per the post, “ Finstreet will be using a blend of traditional and blockchain technology, Finstreet enables investors and issuers worldwide to access greater liquidity, global connectivity, and comprehensive 360-degree trading — all from one centralized global infrastructure.”

They add, “This is just the beginning of what we believe will reshape the future of securities and commodities markets.”

This category defining financial market infrastructure and its combination of activities makes it the first of its kind to operate across the global markets from Abu Dhabi’s ADGM. Following direct application of English common law under the regulation and supervision of the FSRA, Finstreet provides a platform for transitioning towards the future of capital markets as they respond to the opportunities presented by new technologies.

Finstreet’s three subsidiaries will be the first regulated, global market infrastructure to offer an end-to-end hybrid traditional and blockchain-powered ecosystem to investors and issuers, covering the full lifecycle of financial assets, including origination, issuance, trading, settlement and custody.

Dr. Thani bin Ahmed Al Zeyoudi, the Executive Chairman of Rorix Holdings, stated, “Today’s launch of Finstreet and the granting of its FSP licence by ADGM’s Financial Services Regulatory Authority is a testament to the UAE’s commitment to embracing technological advancement and enabling inclusive global trade. I am certain that Finstreet’s digitised trade exchange platform will provide markets with a holistic approach towards international trade and bring a new standard to capital markets on a global scale.”

Ahmed Jasim Al Zaabi, the Chairman of Abu Dhabi Global Market (ADGM), said, “Finstreet’s pioneering initiative embodies ADGM’s unwavering commitment to driving innovation and redefining the future of global finance. By establishing the first regulated digital market for the trading of both public and private securities within our jurisdiction, we are further solidifying Abu Dhabi’s status as a premier global financial hub. This launch not only reinforces our strategic vision of positioning Abu Dhabi at the heart of global finance but also propels economic growth and enhances connectivity across the global marketplace.”

Ajay Hans Raj Bhatia, the Chief Executive Officer of Sirius International Holding and Managing Director of Finstreet, commented, “With this initiative, we further our mission to diversify UAE’s economic growth agenda. Finstreet provides a foundation for a new, innovative infrastructure to allow global financial market participants to both realise their own capital raising ambitions and participate in the substantial growth story of UAE-based firms.”

Sunidhi Pasan, the Chief Executive Officer of Finstreet Limited, added, “By harnessing Finstreet’s innovative infrastructure and deep market knowledge, we are opening up new avenues for investment and trading for issuers and investors both in the region and abroad.”

RAKBANK executes international remittance using CBDC

RAKBANK executes international remittance using CBDC

The National Bank of Ras Al Khaimah (“RAKBANK”) has become 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.

Project mBridge is an ambitious initiative aimed at addressing inefficiencies in cross-border payments, such as high costs, slow processing times, and operational complexities. Launched in 2021, it is a collaborative effort between the Central Bank of the United Arab Emirates (CBUAE), the BIS Innovation Hub, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority.

The core of mBridge is a multi-central bank digital currency platform, built on distributed ledger technology (DLT). This platform allows participating central and commercial banks to conduct real-time, peer-to-peer cross-border payments and foreign exchange transactions. The mBridge Ledger, a new blockchain, underpins the platform, supporting secure and instantaneous transactions.

Raheel Ahmed, Group CEO of RAKBANK, commented: “The participation of RAKBANK in the mBridge platform and the execution of our first-ever central bank digital currency international payment highlight RAKBANK’s cutting-edge digital capabilities. This milestone reflects our commitment to breaking boundaries and solidifying our position as a leading retail and commercial bank in the UAE, with a rapidly expanding international payments arm”.

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 August RAKBANK partnered with Bitpanda Technology Solutions, a leading digital assets infrastructure provider, to provide a robust platform that will enable UAE residents to effortlessly manage digital assets, subject to UAE Central Bank approval.

Ripple renews blockchain research partnership with NYU Abu Dhabi University

Ripple renews blockchain research partnership with NYU Abu Dhabi University

Ripple, provider of digital asset infrastructure, proudly has renewed its partnership with NYU Abu Dhabi through its University Blockchain Research Initiative (UBRI). As per the announcement, this extension solidifies Ripple’s commitment to advancing blockchain research by supporting innovative student initiatives in the region, bringing the total funding grant to over $1 million in support of NYU Abu Dhabi research projects and student initiatives.

“Ripple and NYU Abu Dhabi share a vision of unlocking the full potential of blockchain research and innovation in the region,” said Reece Merrick, Ripple Managing Director, Middle East, and Africa. “The UBRI program plays a crucial role in supporting cutting-edge research and academic exploration, and this ongoing collaboration exemplifies Ripple’s dedication to driving transformative advancements in digital finance. Coupled with our recent partnership with the DIFC Innovation Hub to support blockchain innovation in the region, these initiatives highlight our broader strategy to integrate blockchain technology into startups and established institutions in the UAE.”

Ripple’s UBRI program is dedicated to fostering blockchain research and development at over 58 universities worldwide. The initiative aims to drive global adoption and interoperability of digital assets through strategic support, technical resources, and funding grants. UBRI’s global impact encompasses over $60 million in funding since its launch in 2018.

Lauren Weymouth, Director, University Partnerships at Ripple, added, “Ripple’s University Blockchain Research Initiative is dedicated to advancing blockchain research and education globally. In the past year alone, we’ve seen remarkable progress, funding over 313 scholarships and blockchain-related research projects and publishing over 150 research papers and technical projects. As we build on this momentum, we’re eager to further collaborate with NYU Abu Dhabi to cultivate innovation, foster fintech advancements, and contribute to the UAE’s growing leadership in the digital economy. By supporting UBRI-led research, we are investing in a region that leads in innovation and technological advancement, reinforcing our mission to foster transformative projects and support the UAE’s vision of becoming a global financial hub.”

Raša Karapandža, Visiting Professor of Economics at NYU Abu Dhabi, added, “NYU Abu Dhabi is thrilled to extend its partnership with Ripple, which has been instrumental in placing the university at the forefront of blockchain research and education in the region. The continued support from Ripple’s UBRI program strengthens our commitment to driving innovation and fostering a forward-thinking mindset within our academic community. As we extend this partnership, we aim to further empower our students and faculty by deepening their engagement with blockchain technology, advancing research in this transformative field, and equipping the next generation with the skills and knowledge needed to lead in the rapidly evolving digital economy.”

NYU Abu Dhabi was the first UAE university to join Ripple’s University Blockchain Research Initiative (UBRI). Since its inception in 2021, the Ripple Blockchain Collaboratory at NYU Abu Dhabi has successfully driven research and project-based courses in blockchain, cryptocurrency, cybersecurity, and fintech. Additionally, it has integrated with the Corporate Sprint Accelerator Program powered by startAD, helping fintech and blockchain startups launch and scale in the UAE through innovative pilot projects.

In its fourth year, this renewed partnership with NYU Abu Dhabi is part of Ripple’s broader strategy to deepen its engagement in the UAE and the wider Middle East region, underscoring its dedication to nurturing talent, fostering innovation, and advancing the adoption of digital assets.

As part of its commitment to its university partners, UBRI has played a pivotal role in this collaboration. NYU Abu Dhabi professors, including Raša Karapandža and Yaw Nyarko, are conducting world-class, UBRI-led research using blockchain and AI to create efficient markets in Africa, with a live crypto project in Ghana. The goal of their research is to leverage technology and markets to transform rural agricultural markets in developing countries, apply innovative blockchain technologies, digital currencies, and AI to benefit these markets, and improve the livelihoods and economic development of the poorest farmers in sub-Saharan Africa through technological innovations, enabling sustainable prosperity and growth.

Additionally, the university has been running an XRP Ledger (XEPL) validator and a new EVM side chain validator to enhance XRPL interoperability and support the broader adoption of innovative technologies in the region. Furthermore, the university has been offering fintech courses as well as courses on Technology and Economic Development that cover blockchain and AI technologies in great depth to prepare the next generation of leaders.

Saeed Darmaki joins Snorble Board as it ramps up digital asset education for youth

Saeed Darmaki joins Snorble Board as it ramps up digital asset education for youth

Snorble an innovator in educational technology for children, dedicated to creating dynamic learning experiences that promote overall development through AI-driven interactions, has appointed Saeed Al Darmaki, to its Global advisory board as they launch educational products in ME, Europe and Asia geared towards teaching the youth about digital assets.

Al Darmaki a distinguished expert in blockchain and DeFi, Saeed brings a wealth of technological acumen and strategic insight that will be pivotal in navigating the complex landscapes of these diverse markets. His deep expertise in the integration of cutting-edge financial technologies will greatly enhance Snorble’s ability to deliver unique educational content and tools tailored for global audiences.


With a seasoned background that spans significant roles from the Abu Dhabi Investment Authority (ADIA) to leading initiatives in blockchain and digital assets, Saeed is well-versed in the intricacies of global finance and technology. His tenure in finance has equipped him with a keen understanding of how to effectively scale innovations while addressing the specific regulatory and cultural nuances of new markets.

Central to Snorble’s mission and Saeed’s advisory role is the advancement of financial literacy among young learners, a crucial skill in today’s digital economy.

As per the press release, Saeed’s leadership will be instrumental in developing content that not only educates children about financial basics, but also introduces them to advanced concepts like digital currencies and savings strategies, empowering the next generation with the knowledge to succeed financially.

Saeed Al Darmaki states, “As an advisor, I am passionate about the potential of integrating cutting-edge technology to fundamentally improve educational content. Financial literacy is particularly close to my heart, and I am excited to guide Snorble in creating educational tools that will equip young minds with essential financial skills. This initiative not only supports Snorble’s commitment to societal betterment, but also prepares children globally to navigate and succeed in an increasingly complex financial landscape. Snorble is primed for integrating blockchain and trust and traceability as a service within the enterprise as part of a long term plan. I am excited about Snorble as we share in our vision to do better for the world.”

Mike Rizkalla, CEO and Co-Founder of Snorble, on Global Strategy added, “As Snorble gears up for expansion into key international markets, the insights and experience that Saeed Al Darmaki brings to our advisory board are invaluable. His expertise will guide our strategic deployments across Europe, Asia, and the Middle East, ensuring that our educational solutions are both innovative and compliant with local market demands. Saeed’s leadership in technological finance is crucial as we adapt our offerings to meet the educational needs of children around the world.”

Cardano partners with Dubai Blockchain center for blockchain education

Cardano partners with Dubai Blockchain center for blockchain education

Cardano has announced it will partner with The Dubai Blockchain Center (DBCC) to advance blockchain education and technology adoption across the Middle East and North Africa (MENA) region. This partnership, follows the initial announcement at the Dubai TOKEN2049 event and represents a major milestone in bringing together two forces in the blockchain industry.

The agreement sets the stage for an innovative series of educational initiatives, including two masterclasses designed to elevate the understanding and practical application of advanced blockchain technologies among industry professionals. The first of these, titled “Blockchain Technology Fundamentals for Enterprise Enablement,” is scheduled to take place at Emirates Towers in September 2024. This will be followed by a second masterclass during the highly anticipated Cardano Summit on 23-24 October 2024. These sessions will not only cover the core principles of third-generation blockchain but will also delve into its transformative potential for enterprises, particularly in sectors such as supply chain management, digital assets, and climate impact.

The collaboration is particularly notable for integrating the Cardano Academy’s educational resources with DBCC’s training programs and the collaboration is expected to provide unparalleled learning opportunities, equipping participants with the knowledge required to drive blockchain adoption within their organizations.

Dr. Marwan Alzarouni, CEO of Dubai Blockchain Center, expressed his enthusiasm for the partnership, stating, “This collaboration with the Cardano Foundation aligns perfectly with our mission to position Dubai as a global leader in blockchain innovation. By bringing together our expertise and resources, we are poised to deliver world-class education that will empower professionals across the MENA region to harness the full potential of blockchain technology.”

Frederik Gregaard, CEO of the Cardano Foundation, added, “Dubai is increasingly being recognized as one of the leading locations for blockchain technology, with a continued investment in and dedication to the advancement of blockchain utility. By deepening our connections in Dubai and this region, the Cardano Foundation will continue to drive forward the adoption and operational resilience of this key technology.”

The partnership also offers exclusive opportunities for participants, including vouchers for the Cardano Blockchain Certified Associate Course and chances to win tickets to the Cardano Summit. These incentives aim to foster greater engagement and support the broader goal of advancing blockchain literacy among professionals in the region.

Saudi Central Bank works with IMF on cost benefit analysis of wholesale CBDCs

Saudi Central Bank works with IMF on cost benefit analysis of wholesale CBDCs

The IMF (International Monetary Fund) has noted in its recent country report issued on Saudi Arabia: 2024 Article IV Consultation-Press Release; and Staff Report, that the Saudi Central Bank is conducting a cost-benefit analysis of wholesale CBDCs (Central Bank Digital Currencies) in consultation with local banks and a team of IMF experts.

In the report which commends Saudi Arabia for improvement in various areas, the IMF discusses the exploration of Central Bank Digital Currencies by SAMA.

As per the report, “SAMA is exploring the application of a Central Bank Digital Currency (CBDC). It has joined project Aber with the UAE in 2019 to explore digital ledger technology and more recently, the cross-border CBDC project known as M-bridge.”

The report adds, SAMA has also been conducting a cost-benefit analysis of CBDCs, in consultation with local banks and a team of IMF experts. Considerations have so far focused on wholesale transactions.”

The IMF report notes that IMF staff supports SAMA’s cautious approach as it explores the complex requirements and risks to monetary and financial stability relating to the regulatory, technological, or other aspects of CBDCs.

IMF notes two thirds of countries in MENA exploring CBDCs

This is not the first time that the IMF discusses CBDC projects in KSA and in the MENA region. In June 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.

Saudi Arabia is working on CBDC project mBridge

Saudi Arabia has been working on CBDC implementation project for over three years. Earlier this year, as the BIS (Bank for International Settlements) announced that it had reached a minimum viable product stage, Saleh Algrayan, AI Advisor at Bank for International Settlements and an employee of Saudi Central Bank, announced that Saudi Central Bank had now joined mBridge. Saudi Arabia’s Central Bank becomes the second Arab central bank to join after the UAE Central Bank.

In 2023, at WEF, and during the World Economic Forum’s session Financial Institutions innovating under pressure’ The Saudi Minister of Finance Mohammed al-Jadaan stated that while CBDCs have privacy issues they are a fantastic tool in developing countries

Digital asset insurance now in Saudi Arabia with One Degree

Digital asset insurance now in Saudi Arabia with One Degree

OneDegree, Asia’s first licensed insurer for digital assets, has 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.

As per the press release, Middle East and North Africa (MENA) has emerged as an increasingly vibrant and dynamic hub for Web3. Saudi Arabia in particular has implemented various initiatives to support the growth of the Web3 sector in line with its Vision 2030 program. The two insurers share a vision to support the good actors in Web3 and work closely with regulators to create a stable and sustainable ecosystem. 

OneDegree launched OneInfinity three years ago and has become a leading force in Web3 risk management, with innovative solutions spanning cybersecurity, risk monitoring and insurance. OneDegree entered MENA in 2023 and works with a large number of local and international players who choose MENA as their base for developing their Web3 businesses. Walaa is the perfect partner to support OneDegree with this business. 

Johnson Varughese, the Chief Executive Officer of Walaa, said “Saudi Arabia is taking a leading role in digital developments in MENA and worldwide. Gaining exposure to Digital Asset Insurance as a reinsurer puts Walaa at the forefront of this development. We identify OneDegree as the perfect partner to help us realise our goals in line with Vision 2030.”

Robin Scott, General Manager of Middle East of OneDegree, said, “We are thrilled to embark on this strategic partnership with Walaa Insurance. OneInfinity by OneDegree’s products are empowering leading Web3 companies worldwide to expand their operations securely and in compliance with regulations. Collaborating with Walaa Insurance, OneInfinity by OneDegree aims to enhance support for VASPs in the region and beyond.”

In January 2024, OneDegree, announced it was expanding its offering to the UAE through a local partnership with Dubai Insurance Company. Both UAE local entity and OneDegree will insure digital asset firms in the UAE using its OneInFinity product offering.

Upcoming AIM Congress in Abu Dhabi to delve into digital economy, blockchain, and IoT

Upcoming AIM Congress in Abu Dhabi to delve into digital economy, blockchain, and IoT

The AIM Congress 2025, a well-known global investment platform, which will be held from April 7th-9th 2025, under the theme “Mapping the Future of Global Investment” will have a dedicated portfolio for Digital Economy in addition to its FDI (Foreign Direct Investment) portfolio which will address digital transformation as one of the key drivers.

The Digital Economy portfolio is dedicated to supporting the transformation of the global economy into a digitally-driven economy, fostering a sustainable, inclusive and secure digital future. Digital technologies present unparalleled opportunities for economic transformation. They enable novel interactions among individuals, communities, and governments, facilitate access to information, streamline business operations and enhance engagement with public authorities. Also, the diminishing of geographical and physical barriers creates new avenues for economic, social and cultural development, while also boosting regional and global competitiveness.

As per the announcement, digital transformation, data-driven insights, automation, the Internet of Things, blockchain adoption, focussing on cybersecurity and cognitive technologies are among the key drivers revolutionizing the finance industry. Over the next five years, these advancements are expected to significantly reshape the sector at all levels. The Future of Finance portfolio offers a unique opportunity for finance professionals and stakeholders to network, exchange experiences, and gain valuable insights, enabling participants to navigate and thrive in this rapidly evolving financial landscape.

The AIM Congress 2025 will include eight portfolios, which include Foreign Direct Investment (FDI), Global Trade, Startups & Unicorns, Future Cities, Future Finance, Global Manufacturing, Digital Economy, and Entrepreneurs. These portfolios will encompass a broad range of sectors such as smart agriculture, energy, infrastructure, finance and stock exchange markets, and information and communication technology. Additionally, they will address industry, medical tourism, biotechnology, medical technology, the pharmaceutical industry, international trade, logistics and transportation, water technology, tourism, and education. This diverse lineup underscores AIM’s comprehensive approach to exploring and advancing critical areas of development and innovation.

Focussing on innovation and entrepreneurial opportunities, the Startups and Unicorns portfolio will bring together leading innovators, seasoned investors, industry professionals and influential organizing bodies from around the globe, thereby contributing to equipping startups with essential information, tools and networking opportunities to ensure their success in the competitive market environment.

AIM Congress 2025 will explore the latest trends and developments shaping the global investment landscape, focusing on addressing current and future challenges while driving collaborative efforts to forge innovative solutions, with the goal of fostering a balanced, prosperous and sustainable global economy.

The event will see the participation of an elite group of leaders, government officials, policymakers, industry leaders, senior regional and international investors, as well as prominent international companies and organizations from various sectors.

His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade and President of AIM Congress, emphasized the significance of this gathering, stating, “AIM Congress 2025 is an opportunity to reaffirm the UAE’s unwavering commitment to leading global efforts in addressing the pressing economic challenges of our time. As the world navigates profound economic shifts, AIM will provide a crucial platform for the international community to come together, devise innovative investment strategies, and build a framework that ensures sustainable and inclusive growth for all.”

HE Al Zeyoudi went on to say, “As the hosts of this prestigious global investment congress, the UAE is leveraging its forward-looking vision and the guidance of our wise leadership to deepen our engagement with the world in trade and investment, expanding economic partnerships with key global economies that will drive progress towards a more interconnected and resilient world economy. AIM Congress 2025 is a critical opportunity to exchange expertise, share pioneering innovations, and lay down a roadmap for the future of sustainable global investment.”

Building on the continued success of the previous editions of AIM Congress, the organizing committee is committed to meeting the high expectations of the global investment community. AIM Congress 2025 will be expanded significantly, with an increased number of events, activities and exhibitors. The exhibition area will be doubled to over 30,000 square metres, and the event will host more than 25,000 distinguished participants from 180 countries, with over 1,000 speakers are expected to engage in more than 350 panel discussions.

Dawood Al Shezawi, Chairman of the Organizing Committee of AIM Congress, emphasized the event’s ongoing success and increasing participation. He said: “Following the resounding success of the previous AIM Congress, which attracted 12,427 prominent figures from 180 countries and featured 412 dialogue sessions exploring investment trends, challenges and opportunities, we are committed to building on this momentum. The previous edition featured 927 speakers, including industry leaders and policymakers, who engaged in discussions to foster collective action and collaboration aimed at driving sustainable global economic growth.”

Al Shezawi added: “As we prepare for AIM Congress 2025, we are dedicated to organizing a bigger and more impactful edition with the goal of continuing the journey towards shaping a more prosperous and inclusive global economy and achieving sustainable economic development, contributing to shaping the evolving investment landscape with renewed vigour.”

Al Shezawi said: “In its commitment to stimulating strategic partnerships, the AIM Congress 2024 signed 43 memorandums of understanding between government entities, financial institutions and private sector companies. It also coordinated 8,130 bilateral meetings between investors and participating entities. The agenda of AIM Congress 2024 also included an exhibition, which was dedicated to highlighting the latest innovations, products and services showcased by 352 exhibitors.”

UAE based Klumi Ventures for Web3 partners with DWF Labs

UAE based Klumi Ventures for Web3 partners with DWF Labs

Klumi Ventures and DWF Labs, an investor and market maker have partnered to offer comprehensive strategic advisory, investments, and market-making expertise for companies entering the UAE market.

As per the press release, the collaboration provides essential support in go-to-market strategies, regulatory compliance, fundraising, and business development. Additionally, DWF Labs will facilitate OTC deals and launch a new options platform, offering Klumi Ventures’ clients access to crucial liquidity, tailored trading solutions, and varied yield opportunities.

Kristiina Lumeste, SEO and Founder of Klumi Ventures, commented, “DWF Labs is one of the leaders in the Web3 space and has seen notable success in Asia. The team is now expanding its footprint to the UAE and we are excited to support DWF’s top portfolio companies and contribute to the growth of their Web3 ecosystem in the UAE.”

Klumi Ventures and DWF Labs will collaborate to offer comprehensive strategic advisory services to companies looking to expand into the UAE market. This includes guidance on go-to-market strategies, regulatory compliance, fundraising, and business development to ensure successful expansion.
Leveraging DWF Labs’ expertise in investments and market making, the partnership aims to provide Klumi Ventures’ portfolio companies with access to crucial liquidity and capital resources, enabling them to scale effectively in the UAE’s growing digital asset market.
OTC Deals and Options:

DWF Labs will facilitate OTC deals, providing tailored solutions for clients seeking to trade large volumes of digital assets securely and efficiently. In addition, DWF Labs is soon launching its own full scale options platform where Klumi Ventures clients can access various levels of yields.
The partnership will launch a series of educational initiatives in the UAE, including workshops, aimed at sharing critical knowledge and tools needed to thrive in the UAE Web3 ecosystem. These initiatives will focus on strategies, networking, regulatory and legal requirements, and the complexities of operating within the UAE market.

“This partnership with Klumi Ventures represents a significant step forward in our shared vision to build a robust Web3 ecosystem that supports innovation and sustainable growth across the UAE region. Together, we are strategically positioned to drive the digital transformation in the UAE, empowering both new entrants and established institutions to thrive in this dynamic landscape,” said Andrei Grachev, Managing Partner at DWF Labs.

The collaboration between Klumi Ventures and DWF Labs stands as a testament to the UAE’s ambition to become a leading global blockchain hub. By combining their expertise and resources, Klumi Ventures and DWF Labs are set to foster innovation and accelerate Web3 adoption across the MENA region, delivering significant benefits to startups and established institutions alike.

Last month Klumi Ventures partnered with Fuze, the Middle East’s regulated digital assets and blockchain infrastructure provider to harness Klumi Ventures’ investment acumen and Web3 expertise alongside Fuze’s digital assets infrastructure to accelerate the adoption of Web3 technologies throughout the region.

UAE University carries out study on Blockchain for food safety

UAE University carries out study on Blockchain for food safety

The American University of Ras Al Khaimah ( AURAK) in UAE has released a new study on how the use of the Internet of Things (IoT) and blockchain to dramatically boost food safety.

The study, done by Dr. Tahseen Arshi, Associate Provost for Research and Community Service at AURAK, in collaboration with researchers from the University of Naples, Italy, advocates integrating the IoT and blockchain to revolutionize the food supply chain significantly. Dr. Tahseen argues that combining these technologies into the food supply chain gives companies visibility into the upstream supply chain.

Food safety is a pressing global concern, particularly in light of the rapidly growing world population (currently 8.11 billion). WHO estimates that 600 million people – almost 1 in 10 persons in the world – fall ill after eating contaminated food, and 420,000 die every year.

This underscores the critical need for innovative solutions, such as those proposed in the study, to enhance food safety. For instance, IoT can track the temperature of food products during transportation, helping to prevent spoilage. Similarly, blockchain can provide a transparent record of a food product’s journey, from farm to table, helping to identify the source of contamination in case of an outbreak.

Prof. Stephen Wilhite, Senior Vice President of Academic Affairs and Student Success and Provost at AURAK, stated: “Food safety is a highly complex issue. Given the dangers it poses to public health, it is vital we use new technologies to monitor the supply chain. AURAK is happy to support this research study, which is an earnest effort to highlight how the effective use of IoT and blockchain can prevent contaminated food from reaching consumers by enabling enhanced transparency and traceability in the food supply chain.”

Dr. Tahseen Arshi commented, “With the rising population, food safety will be under greater threat. Coupled with this, changing climatic weather patterns, scarcity of water, and soil degradation caused by industrialization and urbanization are adding to the problem. Our study investigates how technologies like the IoT and blockchain can revolutionize how food is monitored, traced, and managed across the supply chain, enhancing transparency, accountability, and efficiency.”

The study demonstrates how these new technologies can be game-changers in the area of food safety. Blockchain enables end-to-end traceability of food products. Each stage of the food supply chain—from production to processing to distribution—can be logged on a blockchain. IoT can track food products in real-time through sensors that capture and transmit data on where food has been, how long it has been stored, and under what conditions.

According to the study, these technologies are used for a wide variety of applications, such as Real-Time Monitoring (using sensors and smart tags to monitor environmental conditions during transportation), Predictive Maintenance (IoT devices monitoring equipment for signs of wear and tear); Automated Compliance (monitoring compliance with food safety regulations); Immutable Records (providing a decentralized, immutable ledger to record every transaction or change in the food supply chain) and Enhanced Transparency (access to detailed information about the origins and handling of food).

One of the biggest benefits offered by these technologies is Streamlined Recalls. In the event of a food safety issue, blockchain can help quickly identify and isolate affected products, streamlining the recall process and minimizing the impact of food safety incidents.

The study was published in 2023 as a chapter in IGI Global’s book ‘Impactful Technologies Transforming the Food Industry.’ IGI Global is a Scopus-indexed, US-based, independent international academic publisher dedicated to releasing high-quality, peer-reviewed scholarly research publications.