UAE Cypher Capital participates in $12 million round for AI and XR Social Nexus

UAE Cypher Capital participates in $12 million round for AI and XR Social Nexus

UAE based Cypher Capital multi-strategy crypto investment firm, participated in a $12 million private funding round for SecondLive, an  AI and XR Social Nexus. This latest funding will allow SecondLive to continue its rapid growth, supported by Cypher Capital’s investment, by enhancing its innovative AI-generation ability to create virtual spaces for large-scale events and  spatial web infrastructure building, as well as focusing on building social networks and supporting creator economic activities.

The funding round was led by Crypto.com, with additional contributions from Spark Digital, MetaEstate, TAISU Ventures, NewTribe Capital, BitValue Capital, Titans Ventures, Newave Capital, and CSP DAO, bringing SecondLive’s total financing to $15 million.

SecondLive is the leading AI and XR Social Nexus, using GenAI to craft virtual autonomous worlds for crypto enthusiasts, creators, AI fans, and business partners across Web2 and Web3. With over 5 million registered users and 1.81 million UGC & AIGC digital assets, the platform covers eight major public chains, including BNB Chain, Ethereum, and TON. 

“SecondLive is revolutionizing the way users interact within digital environments and the spatial web,” said Bill Qian, Chairman of Cypher Capital. “They are at the forefront of utilizing AI to create dynamic, user-generated virtual spaces, opening up the future of Web3 to the spatial web and a variety of applications that aligns with Cypher Capital’s vision for the future of Web3.”

The platform’s use of AI within various social and role-playing scenarios has positioned SecondLive at the forefront of innovation in the spatial web, offering customizable Avatars, explorable virtual spaces, no-code creator tools, and the Secondlive Marketplace for trading digital assets. With its expansive user base and robust technological framework, the platform can lead the next wave of advancements in digital identity and asset creation.

Recently Cypher Capital also invested in an AI and Blockchain startup called SxT ( Space and Time).

VARA Dubai tightens the reigns of VASP marketing campaigns

VARA Dubai tightens the reigns of VASP marketing campaigns

The Virtual Assets Regulatory Authority (VARA) updated its marketing regulations, which it states is aimed at strengthening the regulatory framework for Virtual Asset Service Providers (VASPs) operating in Dubai but whose effects transcends to the entire UAE and GCC region. VARA has introduced a comprehensive Marketing Guidance Document to provide clear and actionable insights for VASPs engaging in marketing activities within the region. The new regulations will come into effect on October 1st 2024.

As per the press release, marketing Regulations for Virtual Assets and Related Activities 2024 are designed to enhance the integrity and transparency of marketing practices within the virtual assets sector in Dubai.

The updated regulations place a strong emphasis on the accuracy of marketing communications, the avoidance of misleading information, and the protection of consumer interests. They apply to all entities involved in marketing virtual assets or related activities, regardless of their licensing status with VARA.

VARA also issued a new Marketing Guidance Document that will serve as a vital resource for VASPs. This document provides detailed instructions and best practices on how to conduct compliant marketing activities in Dubai, ensuring that VASPs can navigate the regulatory landscape with confidence. The guidance covers a range of topics, including the appropriate use of language in marketing materials, disclosure requirements, and the ethical considerations that should underpin all marketing efforts.

“As the world’s first independent regulator for virtual assets, VARA is dedicated to creating a regulatory environment that not only protects consumers but also supports the growth and innovation of the virtual assets sector,” said Matthew White, CEO of VARA. “Our updated marketing regulations and the newly issued guidance document reflect our commitment to maintaining Dubai’s position as a global leader in digital finance. We believe that by providing clear and actionable guidance, we can help VASPs deliver their services responsibly, while fostering greater trust and transparency in the market.”

The new guideline aims to make the marketing of that VASPs undertake to be fair, clear and not misleading so that participants and investors can make informed decisions based on marketing materials. The guideline covers anything from memes, short videos to articles. As per VARA the marketing articles, videos, or memes should use plain language, clear and concise.

As per the guidelines, the “fair, clear and not misleading” requirement should be assessed in a manner which is proportionate to the means of communication, content, target audience and/or the nature of the product or service being promoted. Different audiences may require variations in the content and presentation of the Marketing materials.

As per VARA, for instance, marketing addressed to broad retail clients may need to include more information on potential risks of investments.

 In addition, the marketing materials should provide a balanced impression of the product or service being promoted, so that recipients can make informed investment decisions. For example, Marketing materials should not emphasise or exaggerate potential benefits or investment returns without indicating relevant risks and should not omit or obscure important information, statements, or warnings.

License announcements should not imply VARA endorsement

Marketing should clearly state the regulatory status of any product, service and/or platform involved, whether in Dubai or, if applicable, other jurisdictions. This includes not containing messages which may mislead the public with regards to a business’s licensing status or scope of regulated activities.

For example, a person must not present VARA’s approval of the issuance of a Virtual Asset as a regulator’s endorsement of the quality of the Virtual Asset or its issuer.

Sponsored VASP Content

Moreover, if material has been paid for either as an advertisement, advertisement feature or promoted or sponsored content in a prominent place, it needs to be identified as such.

For example, large billboard advertisements in public areas, will be viewed as being obviously identifiable as promotional in nature without the need for additional wording as it is widely understood by the public that such areas are used for advertisements.

Social media posts can include both promotional and non-promotional content and as such must be identified as Marketing.

For any sponsored content, it should be clearly stated that the content is sponsored, along with the name of the sponsor (if the sponsor is not readily identifiable from the content) (e.g. “sponsored content”, “sponsored by ABC VASP”, “paid content brought to you by ABC VASP”, “in paid partnership with ABC VASP”) in a prominent place of the content (e.g. next to the heading of the content).

VARA showcased what it qualifies as monetary and non-monetary incentives. These include offers of:

•             incentives when investing in a Virtual Asset for the first time, or signing up for an Entity’s service provided as part of any VA Activity for the first time;

•             incentives where the client refers another Entity to invest in a Virtual Asset or use an Entity’s service provided as part of any VA Activity;

•             special offers when investing a particular amount in Virtual Assets;

•             offer of gifts or other incentives once an investment in a Virtual Asset has been made or once an Entity has signed up for an Entity’s service provided as part of any VA Activity; or

•             offer of gifts or other incentives for making additional investments when already using a product and/or service.

Monetary or non-monetary incentives should be made available for an adequate period of time so that they do not create a sense of urgency for recipients of Marketing to acquire Virtual Assets and/or use services as part of any VA Activities in anticipation of future appreciation in value or profits, or create a fear of missing out on future appreciation in value or profits due to inaction, in compliance with Marketing Regulation

While disclaimers need to be legible or audible and easy to spot.

The Role of journalists and influencers

The VARA guideline defines journalists as media personnel (content creators and/or presenters) that are duly licensed by the Media Regulatory Office of the UAE; and foreign media correspondents that are duly accredited by the Media Regulatory Office of the UAE.

 “Key opinion leaders” and/or influencers are not regarded as journalists and do not qualify for consideration under the journalistic exemption.

 VARA will assess the overall purpose of content to determine whether it qualifies for the respective exemption, or whether the content is Marketing.

 In doing so, VARA will consider whether the content taken as a whole , including any promotional material contained in it – including merchandise and/or give-aways at events, charities, ceremonies etc. – is for the promotion of any Virtual Asset or service provided as part of a VA Activity or the VASP.   

Educational content generally means content which is purely educational and for informational purposes only without the intention of leading the recipients to engage in the activity of investing in a Virtual Asset or signing up for a service provided as part of a VA Activity.

Educational content which does require buying a Virtual Asset for use, or using a service provided as a VA Activity, at any stage, should limit these to where they are necessary and provide multiple options, or explain that multiple options are available, where possible.

Content which is sponsored or paid for in return for any monetary or non-monetary benefit for the author Entity will not qualify as “educational content”.

Readers are reminded that educational content must still include prominent disclaimers where they are required in the Marketing Regulations, as applicable.

Whats app groups and Telegram groups are included

VARA considers purely personal or private communications as only those that include friends, family or colleagues.

Any communications which are accessible by fifty (50) individuals or more in aggregate, whether directly or indirectly, would not be considered personal or private. Communications which are accessible by fewer than fifty (50) individuals may still be considered as Marketing, and not deemed to fall within this exemption.

Conclusion

In Conclusion VARA considers that overall campaign in UAE or those targeting GCC (Gulf Cooperating Council) whether local newspaper, mail, broadcast online or physicals will be considered by VARA.

This includes marketing campaigns that use AED as the denominator currency or one of the denominator currencies in Marketing materials; campaigns with Emirati Arabic dialect or uses local slang, ‘in words’ or phrases (either in English or Arabic); campaigns using UAE and/or Dubai imagery (including, but not limited to, the UAE flag, Dubai skyline); campaigns using UAE celebrities or famous individuals with large influence base/followings in the UAE; any Marketing in public areas in the UAE; maintaining any communication channels which target UAE residents (e.g. chatrooms or social media pages); promotional plan(s) specifically addressing/intending to target the UAE; and/or restrictions (if any) that have been put in place to prevent or restrict UAE residents from accessing Marketing materials (e.g. geoblocking of websites or advertising campaigns).

UAE Blockchain and AI enabled TradeTech starts next phase

UAE Blockchain and AI enabled TradeTech starts next phase

The UAE has commenced with the AI and Blockchain enabled TradeTech Initiative. The announcement was made during the WTO Public Forum in Geneva, Switzerland. The UAE confirmed that Artificial Intelligence (AI) will be the core focus of the second stage of the program.

Abdelsalam Mohamed Al Ali, Minister Plenipotentiary and Director-Representative of the Permanent Mission of the UAE to the World Trade Organisation (WTO), revealed the plans during his introductory remarks at a session titled “TradeTech Interviews: The Thinker, the Innovator, and the Builder”, which explored the impact of tools such as AI on global trade.

“AI will be our primary focus for this year, offering unmatched potential to streamline logistics, optimize trade finance, and enhance decision-making across supply chains,” Al Ali noted. “Integrating AI into trade systems will unlock new levels of efficiency, predictability, and resilience, making global trade faster and smarter. TradeTech is fundamentally about breaking down barriers – those that slow the flow of goods, limit market access, and increase costs. By embracing innovation, we aim to make trade more responsive and inclusive, benefiting all stakeholders from large corporations to small enterprises and from developed nations to emerging economies.”

The TradeTech Initiative was launched by the Ministry of Economy and the Abu Dhabi Department of Economic Development in collaboration with the World Economic Forum at Davos in January 2023, with the goal of inspiring the integration of advanced technologies throughout global supply chains. The first year of the initiative led to the creation of the first TradeTech Report and the inaugural TradeTech Forum in Abu Dhabi, which coincided with the 13th Ministerial Conference of the WTO.

The second phase of the initiative will now see the development of a Regulatory Sandbox for Artificial Intelligence in trade finance and an Accelerator to foster new solutions that enhance the role of technology in trade.

“The TradeTech initiative represents a vision of a world where trade is more efficient, inclusive, and sustainable. By harnessing technologies like distributed ledger technology, AI, and automation, we aim to revolutionize global trade. The UAE, as a major trading hub, is leading this charge, setting new standards and driving innovation in TradeTech,” Al Ali added.

UAE AI and Blockchain climate tech startup raises $3 million

UAE AI and Blockchain climate tech startup raises $3 million

UAE based AI and Blockchain enabled Coral, climate tech startup specializing in carbon emission management and offsetting solutions, has secured $3 million in funding in its recent seed round. The round was led by a group of seasoned tech investors with a cumulative 40 years of experience in the sector.

Coral offers a comprehensive, AI-driven platform that facilitates and automates carbon data collection, footprint evaluation, reporting, and offsetting in a single system, providing businesses with a streamlined solution to manage their carbon emissions. The platform also offers e-commerce businesses the ability to integrate a one-click offset integration in their checkout pages, which provides their customers the sustainable shopping experience they desire. Coral’s blockchain backend also allows full lifecycle traceability of carbon credits and real-time auditability of offsets to ensure quality and transparency.

“We’re thrilled to have completed our seed round and are grateful for the support from our investors who share our vision for a sustainable future,” said Daniele Sileri, Director of Product and Strategy at Coral. “This funding will enable us to scale our platform, expand our team, and accelerate our mission to make carbon neutrality accessible and transparent for businesses worldwide.”

Coral has already established key partnerships, including a significant collaboration with Nissan, where the company has been providing carbon footprint calculations and offsetting solutions since last year for their Formula E team. Coral’s Emissions Management System (EMS) is already live for several other clients and currently onboarding major corporate customers and ecosystem players, including partnerships with international climate organisations.

“Our platform differentiates itself by not just talking about AI and blockchain as trendy topics, but by effectively implementing them as core components of Coral’s EMS Platform that truly enhance the customer journey. We’re proud to demonstrate how these advanced technologies can be seamlessly integrated to simplify data collection, analysis, and reporting; offering real value to our users,” added Juergen Hoebarth, Director of Operations and Research. “With the carbon market expected to grow exponentially by 2030, we’re in a prime position to make a significant impact, helping organizations achieve their sustainability goals. Following our recent funding, Coral plans to expand its operations by opening a new office in Abu Dhabi and further growing our team of experts to reach a broader customer base and scale up operations.”

This comes as sustainable climate projects for the digital economy take precedence in the UAE with the launch of the Digital Energy Fund.

In MENA the Fastest growing crypto countries are Saudi Arabia and Qatar while biggest are Turkey and Morocco

In MENA the Fastest growing crypto countries are Saudi Arabia and Qatar while biggest are Turkey and Morocco

Chainalysis shared an excerpt from its upcoming 2024 Geography of Cryptocurrency report covering the MENA region and noting that MENA is the seventh largest crypto market globally in 2024 with the biggest two crypto countries being Turkey and Morocco.

In addition, it noted that the fastest growing crypto countries are Saudi Arabia and Qatar. Saudi Arabia remains the fastest-growing crypto economy in the MENA region, growing by 154% year-over-year, with a focus on blockchain innovation, central bank digital currencies (CBDCs), gaming, and fintech innovation more generally. Qatar follows closely as the region’s second fastest-growing market, growing by 120% year-over-year. It is noteworthy that Qatar recently officially launched its digital assets Lab, as well as digital assets and DLT framework, while Saudi Arabia has been growing and investing in Web3, gaming, AI and Blockchain.

Biggest crypto countries in MENA Turkey and Morocco

The biggest two countries in MENA were Turkey and Morocco. Turkey held 11th position while Morocco 27th where Turkey capture $137 billion and Morocco $12.7 billion.

While the UAE between July 2023 and June 2024, received over $30 billion in crypto, ranking the country among the top 40 globally in this regard and making it MENA’s third largest crypto economy.

In total the MENA region received $338.7 billion in on-chain value between July 2023 and June 2024, accounting for 7.5% of the world’s total transaction volume.

The majority of crypto activity in MENA is driven by institutional and professional-level activity, with 93% of value transferred consisting of transactions of $10,000 or above.

Stablecoins gain traction in MENA

The Chainalysis excerpt also notes that stablecoins and altcoins making gains across MENA particularly in Turkey, Saudi Arabia and the UAE. Turkey is number one in the world in stablecoin trading volume as a percentage of GDP, by a large margin. It’s important to note this measure is not saying that nearly 4% of Turkish GDP is stablecoins, but that stablecoin trading volumes on CEXs are equal to 4% of GDP in dollar equivalent terms, meaning crypto trading volumes could one day exceed a country’s measure of GDP.

Stablecoins consistently represent the majority of crypto assets purchased with the Turkish Lira, approaching nearly $6 billion in purchases in March of this year. Stablecoin purchases with the Turkish Lira are closely correlated with inflation rates.

Ethereum usage in MENA is below global average.

Unlike most countries globally, the UAE’s crypto activity is growing across all transaction size brackets, signaling a more balanced and comprehensive adoption landscape. The country also boasts a diversified crypto ecosystem, with significant activity beyond CEXs, including DeFi. The total value received by DeFi services, including DEXs, grew by 74% compared to last year, and that received by DEXs alone grew by 87%, from an estimated $6 billion to $11.3 billion.

Deepa Raja Carbon, Managing Director and Vice Chairperson of VARA, speaking to Chainalysis about the unique position VARA occupies as a regulator two years after its creation. “We’ve identified over a thousand entities conducting crypto-related activity within Dubai and we’re working through a legacy transition. Over the next year, we expect to see these entities licensed,” she explained, adding that VARA’s approach is one of collaboration rather than blind enforcement. “Both the industry and regulators come to the table with that perspective — to learn together and evolve,” she said, stressing the importance of balancing market protection with innovation.

Bybit crypto exchange offers shariah compliant trading products

Bybit crypto exchange offers shariah compliant trading products

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the launch of its Islamic Account, offering Muslim traders a suite of shariah compliant trading products. As per Bybit it is the first global cryptocurrency exchange to offer such a service to Muslim traders worldwide providing them with an inclusive platform to engage in the digital asset market.

Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, the account ensures that all products strictly adhere to Islamic finance principles.

Some of the key features is that it is accessible globally, and includes in its initial offering of 74 Shariah compliant tokens, DCA trading bot, and Spot Grid Bot.

It also offers double Shariah Certification, crypto Halal Certification, along with official Shariah certification from ZICO Holdings, guarantees that all products meet the highest standards of Islamic law.


The Islamic economy, serving nearly 1.9 billion people worldwide, is experiencing rapid growth. The Islamic finance sector is currently estimated to be worth a staggering $2.3 trillion, and the Middle East, Africa, and South Asia (MEASA) region is poised to drive its continued expansion. By offering a Shariah-compliant trading platform, Bybit is tapping into a vast and growing market, providing Muslim traders with a trusted and reliable solution.

“We are thrilled to introduce our Islamic Account, which represents a major milestone in our commitment to providing inclusive and accessible trading solutions,” said Joan Han, Sales & Marketing Director at Bybit. “By partnering with Crypto Halal and ZICO Holdings, we have ensured that our offerings align with the principles of Islamic finance, empowering Muslim traders to participate in the growing cryptocurrency market.”

Bybit recently received its full VASP license in the UAE from Dubai’s Virtual Asset Regulatory Authority.

UAE First Abu Dhabi Bank completes Blockchain JPM Coin pilot for second time

UAE First Abu Dhabi Bank completes Blockchain JPM Coin pilot for second time

UAE First Abu Dhabi Bank has successfully completed a pilot for J.P Morgan Blockchain based JPM Coin System for programmable payments. The announcement interestingly has been made for the second time.

FAB has become one of the first financial institution to complete the programmable payment pilot with JPM Coin, enabling payments to be triggered at specific times or events.

This successful pilot opens up the possibility of a dynamic and automated funding and settlement solution to FAB and J.P. Morgan’s mutual clients. This solution will enable clients to benefit from Onyx’s real-time and/or event-based programmable capabilities. As part of the pilot, FAB successfully completed time-based and threshold balance-based account funding into deposit accounts to execute a payment obligation.

Unlike traditional cash concentration structures, which often lack real-time features or event-based configuration controlled by a bank, this innovation delivers more forward-looking possibilities where programmability can be used to provide flexibility to the client. Conditions for payment initiation and execution can be replicated on the bank’s side, resulting in improved execution response times with finality and traceability. Banks, with their rich transaction data, are in a better position to build a wide range of programmable scenarios, including instructions within payments and obligation-linked payments that are settled in an all-or-none manner.

With programmable payments, treasurers can transition from cash forecasting to dynamic or just-in-time (JIT) funding 24/7, maximising yields on surplus cash and minimising fees and opportunity costs. Unexpected payment failures or drawing on credit lines can be minimised. The successful pilot will also pave the way for more use cases, such as automated and conditional invoice payments, margin funding, and settlement solutions.

“One of our foremost objectives has been to bring new and innovative digital solutions to our clients and the industry at large. We are delighted to work with the FAB to extend our programmable payment offerings to multi-bank use cases. We believe that digital programmable ledgers will form the foundations for the finternet in the coming years,” said Naveen Mallela, Co-Head of Onyx by J.P. Morgan.

FAB is at the forefront of providing cutting-edge technologies to create a future-ready bank that delivers smarter and more agile solutions to serve its clients’ needs, as underscored by this innovative pilot in collaboration with J.P. Morgan.

In 2023 UAE FAB bank, (First Abu Dhabi Bank), made the same announcement.

Bahrain’s ABC Bank was the first bank to actually go live with Coin System built on Onyx by J.P Morgan, after two years of piloting.

ADFW Unveils Top Finance speakers including founder of Circle

ADFW Unveils Top Finance speakers including founder of Circle

Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Executive Council, Abu Dhabi Finance Week (ADFW), the flagship financial event of the MEASA region hosted by ADGM, has announced that its 2024 edition will gather more than 300 speakers from across the globe, including the CEOs and Chairs of 50 major global financial institutions.

Among the confirmed speakers are finance titans such as Sergio Ermotti – Group CEO of UBS, Bill Huffman – CEO of Nuveen, David Hunt – President & CEO of PGIM, Isabelle Scemama – Global Head of AXA IM, Bill Ford – Chairman & CEO of General Atlantic, Shayne Nelson – Group CEO of Emirates NBD, Ray Dalio – Founder of Bridgewater,Rajiv Jain – Chairman and CIO of GQG Partners, Mohammed Alaradhi – Executive Chairman of Investcorp, His Excellency Ambassador Majid AlSuwaidi – CEO of Alterra, Jeremy Allaire –Co-Founder, Chairman and CEO of Circle and Mohamed Abdelbary – CEO of ADIB.

His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “As Abu Dhabi continues to solidify its position as a global financial powerhouse, ADFW 2024 will be a pivotal moment for the financial industry. The rapidly increasing participation of CEOs from globally significant financial institutions underscores ADFW’s rising prominence and influence as a leading platform. At ADGM, we are committed to driving meaningful dialogue, fostering innovation, and reinforcing Abu Dhabi’s role as the Capital of Capital.”

Local and regional government and government-affiliated leaders will also take centre stage at this year’s ADFW with prominent names such as Sheikha Shamma bint Sultan Bin Khalifa Al Nahyan – President & CEO of the UAE Independent Climate Change Accelerators (UICCA), H.R.H. Prince Khaled bin Alwaleed bin Talal Al Saud – Founder and CEO of KBW Ventures, H.E. Abdulla Bin Touq AlMarri – Minister of Economy of the UAE, H.E. Dr. Thani bin Ahmed Al Zeyoudi – Minister of State for Foreign Trade and Minister in charge of Talent Attraction and Retention at Ministry Of Economy of the UAE, H.E. Dr. Amna bint Abdullah Al Dahak – Minister of Climate Change & Environment of the UAE, H.E. Mohammed Ali Al Shorafa Al Hammadi –Chairman of the Department of Municipalities and Transport (DMT).

Other speakers from world renowned organisations include Robert Salomon – Dean of Stern at NYUAD, Chi-Man Kwan – Group CEO and Founder of Raffles Family Office, Kim Fournais – CEO, Saxo Bank, Christian Angermeyer – Founder, Aperion Investments, Hatem Dowidar – Group CEO of E&, , Rishi Khosla – Co-Founder & CEO of Oaknorth, Javier Carranza – Global Head of Wealth of Grupo Santander, Shamsir Vayalil – Founder and Non-Executive Chairman & CEO of Burjeel Holdings and Andrew Sullivan – EVP & Head of International Businesses of Prudential.

ADFW is currently registering interests and will be open for registration in the coming weeks. For more information please visit: www.adfw.com

Arab Fintech Forum and Oxford Business group partner for MENA Fintech Festival in Qatar

Arab Fintech Forum and Oxford Business group partner for MENA Fintech Festival in Qatar

Oxford Business Group (OBG) has partnered with the Arab Fintech Forum for the much anticipated MENA Fintech Festival 2024, to be held from December 3-5 at the Qatar National Convention Centre in Doha. As a research partner for the event, OBG will also provide key economic intelligence on digital financial services in Qatar in its annual research on the country, The Report: Qatar 2025. 

The collaboration aims to spotlight the significance of fintech in Qatar’s rapidly evolving financial sector, with OBG contributing its expertise and data-driven insights to inform global subscribers about emerging trends, opportunities, and challenges in digital finance.

The three-day event will feature several dynamic tracks, designed to explore the latest trends and foster meaningful interactions within the fintech community:

1.    Investors’ Oasis: a track dedicated to connecting investors with promising fintech startups and scale-ups. 
2.    Women in Fintech: this track will celebrate the contributions of women leaders in fintech and foster discussions on increasing female representation in the sector. 
3.    Startups Hive: the Startups Hive offers startups the chance to present their products and solutions to a diverse audience, including investors, partners, and customers. 
4.    Fintech Bookshelf: the Fintech Bookshelf will allow attendees to explore the latest thought leadership in fintech. 
5.    Fintech Lab: this space will feature live demonstrations of cutting-edge fintech innovations, offering attendees the chance to experience practical applications of technologies such as AI, blockchain, and cybersecurity.
6.    The Pitch Pit: here, there will be valuable feedback for start-ups and the chance to secure funding, while also providing insights into what investors look for in successful pitches.

Fernanda Braz, OBG’s Country Director in Qatar, highlighted the importance of this collaboration for the fintech ecosystem in the region:

“We are very pleased to be collaborating with the Arab Fintech Forum as a research partner for the MENA Fintech Festival 2024. This event is a great opportunity to showcase Qatar’s progress in digital financial services and provide our global audience with in-depth analysis of the fintech landscape. By offering a platform for meaningful discussions and connections, this partnership will help to drive innovation and support the growth of fintech across the MENA region.”

Malik Shishtawi, Founder and President of the Arab Fintech Forum, emphasised the significance of this event for the regional fintech ecosystem stating, “The Arab Fintech Forum is a gathering of minds from across the financial technology spectrum, offering a platform for leaders, entrepreneurs, and policymakers to engage in discussions that shape the future of fintech in the Arab region and beyond. This year’s event will showcase the latest trends and innovations in digital banking, blockchain, and financial inclusion, driving meaningful conversations and collaborations that will propel the industry forward.”

Oxford Business Group’s flagship product The Report: Qatar 2025 will be published in early 2025 and will represent the culmination of over 12 months of extensive field research conducted by OBG’s team. The publication will comprehensively evaluate trends and advancements across various sectors with a key focus on digital finance. 

Saudi based Digital Cooperation Organization launches Digital Economy Navigator

Saudi based Digital Cooperation Organization launches Digital Economy Navigator

The Saudi headquartered Digital Cooperation Organization (DCO), a global multilateral organization committed to enabling digital prosperity for all by accelerating the inclusive growth of the digital economy, has launched its inaugural Digital Economy Navigator (DEN) that enables countries to better navigate the paths to digital economy maturity, find opportunities for growth, benchmark progress, and bridge the gap in digital economy maturity.

The DEN was unveiled at the SDG Digital 2024, held during the 79th Session of the United Nations General Assembly in New York, from September 10 to September 27.

Drawing upon officially disseminated statistics, secondary data, and unique proprietary data from a Digital Cooperation Organization large survey, the DEN is a unifying framework that addresses digital economy maturity across 50 countries, including the DCO Member States. The framework provides a platform for nations, stakeholders, and decision-makers to harmonize efforts in advancing the global digital economy, enabling accessibility, sustainability, and shared prosperity across borders.

The Navigator evaluates the extent to which the factors contribute to economic prosperity, sustainability, and enhanced quality of life for people. This provides a common understanding for different stakeholder groups to work together in developing digital economy strategies to bridge gaps and allows for progress to be tracked over time.

Deemah AlYahya, Secretary-General of the DCO, said: “The Digital Economy Navigator aims to enhance accessibility, sustainability, and economic prosperity, ensuring that countries are not just keeping pace but leading in the digital era. As the first global framework to comprehensively address digital economy maturity from a user-centric perspective, DEN plays a pivotal role in advancing the Digital Cooperation Organization’s mission of supporting evidence-based policies and impactful outcomes in the digital economy. By providing reliable and detailed data, insights into current trends and emerging technologies, and strategic foresight into future challenges, DEN equips countries to achieve higher levels of prosperity, inclusion, and sustainability. We at the Digital Cooperation Organization are committed to empowering stakeholders with the knowledge they need to navigate and thrive in the ever-evolving digital landscape”.

Uniquely among global tools, the DEN assesses the digital economy through the lens of three intersecting dimensions: Digital Enablers, Digital Business, and Digital Society. Within the three dimensions, 10 pillars synthesize and summarize key aspects of countries’ digital economy and use of digital technology application from 102 indicators gathered from respected secondary data sources, as well as primary data from a novel survey of more than 27,000 people across the 50 countries.

The DEN introduces a comprehensive maturity classification system with five categories based on pillars’ scores from 0 to 100, that can be used by stakeholders to better target and focus initiatives to drive digital advancement and innovation in their quest for sustainable and inclusive growth of their digital economy.

The DEN reveals a diverse picture of maturity across regions. North America for example leads in digital innovation, followed by ‘Europe and Central Asia’ and ‘East Asia and Pacific’. South Asia leads in digital work and training, followed by the Middle East and North Africa region. The ‘Sub-Saharan Africa’ and ‘Latin America and the Caribbean’ regions are advanced in the Digital education and health services. This pillar particularly “Digital for education and health” demonstrate substantial global maturity, with moderate variability in scores indicating a trend toward global convergence.

As per the report, The Middle East and North Africa has strengths in the Digital for Work and Training pillar, where it is the second strongest region, as well as in the Digital for Health and Education pillar. The DEN results suggest room for improvement in business use and adoption of digital technologies, with the ICT Core Business and Digital Innovation pillars classed as nascent.

Audiences can access the DEN report, infographic, methodology, and data in Excel format by visiting the DEN online platform at .

The report provides an in-depth analysis of digital economy maturity from multiple perspectives. Additionally, users have the option to download the report for offline access.

The DEN will continue to evolve over time to capture the rapidly changing nature of the digital economy. While DEN’s overall objective will remain in future editions, technologies and applications will evolve and be measured by how they contribute to the digital economy.