Lara

Total Post: 917

UK Nexo crypto lender to hire a150 workforce in UAE as it expands its MENA presence

UK Nexo crypto lender to hire a150 workforce in UAE as it expands its MENA presence

In a recent article published by Arabian Gulf Business Insight, Nexo Co-Founder and MD Antoni Trenchev announced that the UK entity would be opening its offices in the UAE as it expands into the MENA region.

The MENA region will grow to account for 30 percent of its total global operations. NEXO as per the article which currently has 5 million users across 200 jurisdictions will set up under Dubai’s VARA regulations as well as DIFC.

As per comments made by Trenchev 150 people will be recruited. In the article he states, “We are seeking two lines of regulation,” Trenchev said. “One is for the crypto-related activities which will be at VARA, while DIFC will be for more traditional offerings associated with wealth management.

“There appears to be a political will to create a blockchain fintech financial hub in the region but more specifically Dubai and Abu Dhabi, which is always welcoming,” he said.

“In the Middle East the rules are being developed as we go, but there is the clear desire to have the business here, whereas in the US, when you deal with the various agencies and you assess their moves, you’re not really sure whether they want to have any crypto there apart from maybe Bitcoin,” he adds.

Qatar Innovation program chooses Blockchain Digital Port & Marine Platform project as winner

Qatar Innovation program chooses Blockchain Digital Port & Marine Platform project as winner

Qatar Research Development and Innovation Council’s innovation program has chosen among its seven winning innovation solution providers, a Blockchain Digital Port and Marine Services platform developed by Milaha in partnership with  Vendia, which offers Next-gen blockchain delivering a single source of truth for real-time data sharing across partners, geographies, clouds, and applications.

Milaha is one of the largest and most diversified maritime and logistics companies in the Middle East with a focus on providing integrated transport and supply chain solutions.

Qatar Open Innovation (QOI), announced a host of winning innovation partnership programs (seven in total) from KAHRAMAA, Ooredoo, Milaha, and Sidra Medicine.

Commenting on the awards, Haya Al-Ghanim, RDI Program Director at the QRDI Council, said: “As we announce the new round of winners of the Qatar Open Innovation program, we take pride in recognizing their well-put proposed solutions. These seven projects embody the spirit of innovation that is essential to achieving the goals of the Qatar National Vision 2030. By embracing forward-thinking ideas and creative solutions, we can strengthen Qatar’s economy, enhance its global competitiveness, and pave the way for a prosperous future.”

The new round of Qatar Open Innovation (QOI) Program’s Winners

Partner: Kahramaa

Challenge: “Grid Level Energy Storage Solutions for Harsh Environments”

 Awardee Name: John Cockerill

 Partner: Ooredoo

Challenge: “Smart Troubleshooting AR / VR Software for WiFi Applications.”

 Awardee Name: AutoVRse

 Partner: Ooredoo

Challenge: “Smart Tools for Audio Analytics in IoT Networks.”

 Awardee Name: Groundup.AI

 Partner: Milaha

Challenge: “Smart Personal Protective Equipment (PPE) for Workers’ Health, Safety and Security.”

 Awardee Name: Interactive Wear AG

 Partner: Milaha

Challenge: “Digital Port & Marine Services Platform Supported by Blockchain Technology.”

 Awardee Name: Vendia

Partner: Milaha

Challenge: “Seeking Innovation for a Reliable and Close to Real-time Carbon Accounting and Reporting.”

 Awardee Name: Solupia

Partner: Sidra Medicine

Challenge: “Comprehensive and fast asthma assessment device for pediatric patients.”

Awardee Name: Sonavi labs

Considered a first-of-its-kind initiative, the Qatar Open Innovation Program aims to support the nation’s innovation ecosystem by fostering innovation partnerships for government entities and Large Local Enterprises in Qatar. The program has continuously promoted innovation in the country and created a conducive environment for innovators and entrepreneurs to solve complex challenges through open innovation.

The program has been the primary platform for startups and innovators to showcase their products and solutions that address the nation’s most pressing challenges. It has provided a unique opportunity for innovators to collaborate with leading organizations, industry experts, and mentors to develop and scale their ideas.

Since its inception, the program has received over 350 submissions from innovators across Qatar and the globe. The challenges were focused on a wide range of areas, including health, energy, environment, transport, education, and smart cities. In its latest award announcement, the Qatar Open Innovation program received 116 proposals from more than 34 countries for the innovation calls for Hassad Food. Two of them were awarded the winning partnerships.

The program previously launched several challenge calls, including the “Future of Food,” “Energy Efficiency,” “Smart Transport,” and “Smart City Challenge.” Each call was designed to address a specific challenge and invited innovators to submit their solutions.

This announcement comes after two other blockchain announcements earlier this week. 

Qatar pilots blockchain digital signatures and announces future DLT regulations

Qatar pilots blockchain digital signatures and announces future DLT regulations

Two blockchain announcements have come out of Qatar demonstrating that the Gulf country is starting to utilize and grow DLT (Distributed Ledger Technologies) and Blockchain.  The first is the piloting of digital signatures and certificates to be validated on Qatar’s national blockchain network and the second is the inclusion of DLT in Qatar’s Central Bank Fintech strategy.

This comes after Qatar announced its Blockchain blueprint in 2022 led by the Communications Regulatory Authority.

Qatar’s Genesis Technologies launched the imdaat pilot, a decentralized signature and certificate issuance platform during AlFikra national entrepreneurship competition an initiative of Qatar Development Bank and Qatar University.

As per the LinkedIn post by Genesis Co-Founder Mazen El Masri, “Over 130 certificates were issued, signed, and registered on Genesis blockchain network. Our team at Genesis Technologies LLC is happy and proud to support such national initiatives. The pilot was successful and a start of a long journey to have all digital signatures and certificates registered and validated on a national blockchain network.”

Genesis is the brain child of two professors at Qatar university who came together to build a blockchain network from scratch that would not only be utilized as a ledger but also as a super computer. They named it Maxya blockchain which is built on consensus mechanism “Proof of Useful Work”. The consensus mechanism creates added value by solving optimization problems for business.

The project started with a $2.6 million fund for an applied research program from Qatar National Research Fund, from which the launched MaxYa test net based on was launched and is being tested in Qatar.

But that was not the only Blockchain news from Qatar. The Central Bank of Qatar announced its Fintech strategy which includes the implementation of DLT (Distributed Ledger Technology) as part of its corporate enablement tools.

As per the Fintech strategy, the Central Bank of Qatar will be the focal point for regulations that include emerging technologies such as cloud computing, AI, an DLT. They will also be launching an enhanced regulatory sandbox to test the innovative technologies. 

Binance invests more than $2 million to educate and mentor women on crypto and Web3

Binance invests more than $2 million to educate and mentor women on crypto and Web3

As part of Women’s Day, Binance cryptocurrency exchange, is investing more than $2 million in more than 10 countries globally to educate them and mentor them on crypto and Web3. Currently women comprise only 37% of crypto owners.

Binance Charity donated $2 million to fund over 36,000 dedicated Web3 scholarships for women in 2022, and will continue funding courses, programs and scholarships in 2023 with a focus on women and underrepresented communities.

The 2022 scholarships to study blockchain and crypto-related courses at universities, schools and nonprofits were awarded to women in Germany, Nigeria, Kenya, Brazil, France, South Africa, Australia, and Ukraine. 

For Women’s Day, Binance Charity will also make an additional donation of $100,000 to Georgia’s Innovation & Technology Agency (GITA) to support web3 education and training for women. Binance Academy will provide educational content for GITA web3 courses.

With the objective of supporting women’s participation in the blockchain and Web3 industry in the Middle East, Binance held a Woman in Crypto event in Dubai. The event aimed to empower women with the knowledge and skills necessary to thrive in the crypto space and featured a diverse line-up of female experts in key fields such as entrepreneurship, personal branding, and Web3 career advice. 

The event also covered crucial topics, including how to select the right company to work with and ways to create an empowering platform for women interested in entering the crypto industry.

Binance was co-founded in 2017 by Yi He, making the company one of the few female-founder crypto companies in the world. Less than 5% of crypto founders at top crypto companies are women2.  As of 2022, the number of female-founded cryptocurrency companies was approximately 292, out of more than 10,000 companies3.

In order to further address the gender gap, Binance has created its first formal internship and graduate programs, which offer more access to careers in crypto for diverse talent, including women. The company also offers guidance and career advice to women through female mentorship programs, talent workshops, educational courses and lectures to share industry experience and insights on how to break into a career in Web3.

“As one of the few female leaders in the industry, I believe that we have a mission, through Binance Charity and Binance Academy, to help more women understand web3 and blockchain technology — our education and internship programs aim to empower young women with knowledge and skills ready for industry disruption,” said Yi He, Binance co-founder and chief marketing officer. “We believe that anyone with ideas can change the world, regardless of gender. We hope these commitments will result in more women on the front line of innovation and bring change to our industry.”

UAE nealthy NFT and crypto investment platform raises $1.3 million in pre seed round

UAE nealthy NFT and crypto investment platform raises $1.3 million in pre seed round

UAE based nealthy, a Web3 startup for investing in NFTs and cryptocurrency, has raised $1.3 million in pre-seed funding. Nealthy will use these funds to grow a core team, hire talent, and boost sales & development.

nealthy offers index tokens that enable investors to enter Web3 markets quickly and worry-free. Index tokens replicate the structure of classic exchange-traded funds (ETFs) by storing multiple virtual assets, diversifying the portfolio in case of unexpected market shifts. Moreover, index tokens like nealthy’s $NFTS retain real underlying value, with $NFTS being pegged 1:1 to blue-chip NFTs.

Co-founders Ludwig Schrödl (CEO), Zied Said (CTO), and Tim Pascual (CMO) established nealthy after observing a gap in the market for diversified index tokens. With backgrounds that unite finance, data science, and a deep knowledge of virtual assets, the co-founders’ expertise will keep investors at the forefront of a rapidly expanding market.

Although the founders’ origins lie in Germany and Tunisia, nealthy is incorporated in Dubai so that investors can benefit from a world-leading, tax-friendly regulatory environment. nealthy will also incorporate in the Metaverse Zone of Anguilla to emit the token in a regulated environment.

nealthy handles transactions via blockchain technology, the decentralized Web3 network behind most cryptocurrencies. The Ethereum Net blockchain enables nealthy to openly display proof of reserve, confirming the presence of blue-chip NFTs in nealthy’s digital vault.

“This is a space with enormous potential, and with any potential comes risk,” says Zied Said, CTO of nealthy. “To counteract those risks, we maintain security by storing all assets in cold wallets and smart contracts. Each cold wallet is public and maintains completely transparent holdings.”

As the market’s first dynamic blue-chip NFT token, nealthy’s $NFTS stores the market’s ten most valuable NFT collections. Currently these collections include the likes of CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Azuki, but because $NFTS is allocated by the market, any single NFT collection will be swapped should it drop from the top ten. No single collection will ever comprise over 25% of $NFTS’ value.

“As NFT trading markets evolve, potential investors are showing increased interest in diversification,” says Ludwig Schroedl, CEO of nealthy. “That’s even more true for first-time investors. A blue-chip index token, like $NFTS, provides superior investment opportunities at a reduced level of risk. And if we can do it with NFTs, we can do it with every asset on the blockchain.”

nealthy plans to release the $NFTS token in summer 2023.

UAE Telecom du utilizes blockchain for criminal records

UAE Telecom du utilizes blockchain for criminal records

UAE, du telecom which is participating at the World Police Summit, taking place from 7-9 March 2023 at Dubai World Trade Centre will be utilizing blockchain technology to enhance security for law enforcement.  du will showcase use cases such as decentralization of criminal records through blockchain technology which supports the UAE Blockchain Strategy 2021. Blockchain can replace criminal records with a network where documents are easily accessible and could not be tampered with, making them safe and secure.

At the event, du will present innovative digital solutions to enhance digital security for law enforcement with technology-driven tools and resources to aid in their day-to-day operations and enable them to carry out their tasks more efficiently and effectively.

Jasim Al Awadi, Chief ICT Officer (Acting) at du said: “From leveraging high-bandwidth low-latency 5G mobile networks to enhance security to utilizing blockchain technology to assist law enforcement, the World Police Summit presents a platform to explore new opportunities within the current security dynamics. du aims to drive the future of smart policing through innovative solutions and contribute to enhancing the quality of life for citizens to support the UAE’s success in being a leading global hub for smart economy initiatives.”

With years of experience, du has enhanced its in-house capabilities and developed a wide range of solutions for 5G, video analytics, mobile apps, blockchain, NFT and digital security. Visitors to the World Police Summit will have the opportunity to speak with du’s team of business experts and learn more about the following:

In addition du will showcase its solutions for digital certificates are critical for establishing digital trust and enabling users to take advantage of all that the digital world has to offer, including internet banking, websites, e-commerce, games, and social media. du’s approach to digital certificate management leverages modern digital certificate technology for increased security and efficiency.

UAE based Avanza Group exports its GCC Blockchain KYC banking experience to Pakistan

UAE based Avanza Group exports its GCC Blockchain KYC banking experience to Pakistan

In 2021 Avanza Innovations was piloting its KYC banking solution in Pakistan, two years later, Pakistan Banks’ Association (PBA), on behalf of all its member banks, signed the project contract for the development and execution of Pakistan’s first, blockchain based, national eKYC banking platform with the Avanza Group.

Avanza Group’s eKYC platform, ‘Consonance’, is being implemented for PBA. The platform will use blockchain technology through which banks will be able to standardize and exchange, with customers’ consent, their details via a decentralized and self-regulated network. This will be a support platform for Pakistan’s banking industry and all participating member banks will be able to perform assessments of their existing, as well as new customers, by utilizing information/ data available with any other bank on ‘Consonance’.

In 2021 Avanza was piloting the EKYC blockchain enabled platform with three big banks. In an interview Waqas Mirza, Founder and CEO of Avanza Innovations notes, “ “We are launching the EKYC Blockchain enabled platform initially for three of the biggest banks in Pakistan under the auspices of Pakistan Banks Association (PBA) and in-line with the guidance of State Bank of Pakistan. The eventual goal is to roll out this National EKYC platform to all banking and financial institutions in Pakistan.”

He had noted at the time that it is always recommended to start with a pilot and limited number of participating entities before scaling. 

In the latest announcement Mirza stated, “The Standardization and anomaly detection of Customer’ KYC details is just the first use case in this journey. In the future, the same platform can be enhanced to share Trade Finance related details, digital exchange and verification of banking documents, digital cheque clearing and many more. Avanza is very proud to implement the first building block of this multi-year journey that will greatly benefit the industry as well as end customers.”

Mentioning trade finance, digital cheque clearing is paramount because it is what put Avanza on the map in the UAE as well as Bahrain and other places.

Avanza had rolled out the National EKYC platform for BENEFIT in Bahrain back in 2021.  At the time Mirza had stated that GCC region has been our best partner for experimenting and implementing blockchain solutions and now we are replicating these solutions in neighboring countries.

Avanza Group had started its blockchain projects in the UAE and GCC region. Avanza was the technology partner for UAE Trade Connect Project. Blockchain UAE Trade Connect platform, the UAE’s first trade finance platform to combat fraud has 11 UAE banks on its platform and was the UAE’s first commercialized solution to combat fraud in the trade finance space built on advanced technologies, namely blockchain and Artificial Intelligence (AI). UTC is a collaborative project of the banking industry and co-created with e& enterprise.

With the advent of the Invoice Factoring law recently published by the Federal Government of the UAE, the UTC blockchain platform was a key enabler for banks to increase lending to SMEs and allow corporates to borrow against their trade receivables.

In December 2021, the UAE Blockchain AI enabled UAE Trade Connect trade finance had processed 10 Billion AED (2.7 billion USD) worth of invoices during the first eight months of its operation. Etisalat Digital launched UTC trade Finance platform in April of 2021 alongside seven banks within the UAE.

In early 2022, Abu Dhabi Commercial Bank joined UTC platform as did Dubai Islamic Bank. At that time UTC had in total nine banks on its roster. The founding banks included First Abu Dhabi Bank (FAB), RAKBANK, Emirates NBD, Commercial Bank of Dubai, National Bank of Fujairah, Mashreq Bank, ADIB – Abu Dhabi Islamic Bank, and Commercial Bank International.

The experience and reputation Avanza gained from both projects in Bahrain and UAE spurred the growth to other countries and continents.

Avanza Innovations, part of Avanza Group has also worked with multiple other UAE  governmental entities on Blockchain projects. Entities include DP World, Dubai Chamber of Commerce, Dubai Customs, RTA, Dubai Police and others.  

Waqas Mirza, Founder and CEO of Avanza Innovations in an interview in 2021 mentioned the work Avanza was doing in Saudi Arabia. He discussed working on a Blockchain Invoice verification with a well renowned company. He at the time stated, “We have won a project as one of the subcontractors working on an invoice verification solution built on Hyperledger. The client is utilizing this solution to ensure seamless procurement and payment procedures with its suppliers.”

In conclusion, Avanza Innovations a UAE blockchain solution provider has used UAE’s Blockchain strategy and commitment to innovation to grow well beyond its roots. This is a lesson to many blockchain and crypto entities that are setting up in UAE, the limits are endless.

Blockchain CargoX to take over former IBM Tradelens customers in MENA

Blockchain CargoX to take over former IBM Tradelens customers in MENA

CargoX, the provider of the fastest-growing electronic trade document platform, and CEBS Worldwide, a global integrator of business solutions and a former TradeLens integrator, launched a partnership to help corporations continue the digitalization of their bills of lading and trade document workflows even those in the MENA region. 

Businesses that started using TradeLens for their eB/L have been scrambling to migrate their electronic trade document processing to a new platform since TradeLens unexpectedly announced the end of its service in December 2022. 

While TradeLens was able to onboard global carriers — CMA CGM, MSC Mediterranean Shipping Co., Hapag-Lloyd, Ocean Network Express and Zim Integrated Shipping Services — it announced in November 2022 it would shutter due to a lack of a path toward profitability. TradeLens was also piloting projects in Oman and KSA. 

Saudi Customs, in partnership with the Ministry of Communications and Information Technology, the General Authority of Ports, and Maersk International Company, one of the founders of Tradelens had announced in 2019 the successful Blockchain pilot and the importance of blockchain technology in the shipping industry.

In addition Oman’s Port of Salalah  took the first step and is collaborating with Oman Customs and TradeLens built on IBM Hyperledger Fabric Platform for shipping and logistics industry. 

The new partnership provides existing customers of the discontinued TradeLens platform with a proven, reliable and powerful alternative for creating, transferring, and processing electronic bills of lading and trade documents. CEBS and CargoX will provide former TradeLens users with a frictionless transition of their workflows on the TradeLens platform by integrating the platform features through CEBS’s framework interfaces.

CEBS will start migrating current TradeLens customers to their Supply Chain Finance platform and the CargoX Blockchain Document Transfer (BDT) Platform for electronic trade document exchange. This is accomplished by using CEBS’s middleware cloud and on-premise platform to help organizations effortlessly leverage different public blockchains in their enterprise applications, saving time and money.

This way, companies can become future-proof and fully blockchain platform agnostic. Companies can keep their everyday workflows and introduce CargoX’s optimized, tightly integrated blockchain document transfer features into their existing processes. 

Satish Swaroop, CEO of CEBS Worldwide said: “We are committed to digitalizing the supply chain network for all trading partners and ensuring all transactions and documents exchanged are secure, traceable, and immutable. We have good partnerships and teams working with the public and private sector to shape the future and usher in a new era of global trade that is both frictionless and compliant.” 

Stefan Kukman, CEO of CargoX said: “We are incredibly proud to welcome CEBS as our new partner. They are a true innovator in the market, binding together diverse solutions and platforms to build customer value. The digitalization of trade documentation is in full swing worldwide, and companies need all the support and advice they can get to implement the optimum solutions into their everyday workflows. “We see demand rising daily, and more than 104,000 companies registered on our platform prove that the CargoX Platform is becoming a standard item in the toolboxes of modern supply chain participants.” 

CargoX in 2022 announced that Egypt had extended its agreement with Blockchain CargoX to include air cargo in its efforts to accelerate digital transformation of Egypt’s trade flows with the world. At the time the NAFEZA CargoX blockchain document transfer gateway had seamlessly and safely transferred more than 1,100,000 actual trade and finance documents for more than 75,000 customers.

The public-private partnership Misr Technology Services (MTS),80% owned by the Egyptian government, authorized CargoX as its blockchain document transfer gateway service provider for the country’s official NAFEZA single-window trade platform in March 2021. 

UK based InfoDriver to launch $10 million DeFi, GameFi, AI fund targeting UAE startups

UK based InfoDriver to launch $10 million DeFi, GameFi, AI fund targeting UAE startups

UK investment company InfoDriver Capital is launching a $10 million fund for DeFi, GameFi and AI startups targeting UAE, UK, Europe and USA.

The company has expertise in supply chain solutions, automated lending platforms, exchanges, DeFi, and AI applications including digital identity, authentication, content generation, and has already developed successful technology products over seven years.

InfoDriver Capital anticipates a 3-5x return on investment in just 2-4 years and is currently seeking experienced and accredited investors with a minimum investment requirement of $100,000. The investment strategy charges only 5% investments and diversifies the total portfolio of the startups from Seed to A round with a working revenue model and user base.

According to Kirill Mishanin, CEO and Founder of InfoDriver Capital stated, “Investing in startups in the Web3 space is a wise decision, as it is the future of the internet. InfoDriver Capital is committed to shaping that future by supporting innovative startups in this field. We are thrilled to be able to support these innovative startups and help them reach their full potential. We believe that Web3 is the future, and we are committed to helping shape that future by investing in startups that are working on innovative solutions.”

Infodriver Capital has already identified several promising startups, including Certhis wallet with utility collections, Aspis DAO asset management, Banger’s gaming DeFi, Toscale’ super app for liquidity and social trading, Main’ community-building platform, Stage’ only-music-fans for Zen Z, and Babylon Voice for Metaverse as Media Wallet with Digital ID – VoicePrint, that is Face ID did for iPhone.

FLUUS crypto payment startup founded by MENA crypto enthusiasts raises $600,000

FLUUS crypto payment startup founded by MENA crypto enthusiasts raises $600,000

Crypto payment startup FLUUS ( which means money in Arabic) founded by MENA crypto enthusiasts has raised $600,000 ahead of its beta launch. FHS Capital, Base 64 and a number of angel investors participated in the raise.

FLUUS is creating a fiat-crypto on- and off-ramp that will give consumers access to web3 services including token swapping and staking. Its payment solution is designed to eliminate friction and simplify the process of entering and exiting the crypto economy.

Funds raised from the seed round will be used to further develop products and roll out FLUUS’ services, bringing crypto-fiat payments to a global audience.

“We are excited to have the support of FHS Capital and Encryptus.io, two highly reputable investment firms,” said Tey El-Rjula, co-founder and CEO of FLUUS. “Their experience and resources will be invaluable as we continue to grow and scale our business to provide financial technology solutions to onboard the next billion into web3.”

Dr. Fady and Mr. Hesham Hannah-Shmouni, Managing Partners at FHS Capital, stated,“Our investment in FLUUS fits perfectly with our vision for empowering exceptional founders and technologies in the web3 space, enabling customers and partners across key industry verticals to benefit from using blockchain technology.”

More than $1 million in cryptocurrency has already been successfully off-ramped in a private trial of FLUUS’ payment gateway. Funds were used to provide aid in Ukraine with the support of an international NGO. The next development phase will see the beta version of FLUUS’ payment solution opened to a broader market segment.

A number of major partnerships are already in place that will see FLUUS’ payment solution rolled out to millions of web users. These include matchmaking platform Dua.com and the GD10 Ventures ecosystem. The FLUUS payment widget can be easily embedded into third party websites and applications, providing crypto-fiat changing on demand.

FLUUS at present features two flagship products, FLUUS Pay: A regulated and compliant crypto ramping service delivered in collaboration with fintech operators and money transfer networks, and FLUUS Auth: An SDK that allows developers to easily integrate secure and user-friendly sign-up and web3 onboarding into their own applications.

FLUUS was founded in March 2022 with the goal of building solutions that will enhance global access to web3, particularly in emerging markets.  To the FLUUS founders, interoperability between financial systems is vital. This is especially important in emerging markets. With FLUUS, users can seamlessly on and off ramp digital currencies using their most convenient payment methods including cash and mobile money. 

As a pioneer in digital payment solutions, FLUUS Pay with its public beta launch expected to handle 62.82% of all crypto ramping in Lebanon by Q4 2023. In January 2023, 30% of all ramping in Lebanon was already done through FLUUS Pay, highlighting the platform’s success in providing a user-friendly, secure, and efficient way to buy and sell cryptocurrencies.