non-banking entity joins Blockchain UAE Trade Connect platform

non-banking entity joins Blockchain UAE Trade Connect platform

Beehive, a peer to peer lending platform, has become the second non-banking entity to join Blockchain enabled UAE Trade Connect platform. DP World Finance platform partnered with UAE trade Connect in November.

Beehive is regulated by the Dubai Financial Services Authority (DFSA). It has rapidly grown into a leading disruptor in the fintech industry, providing an alternative finance solution for small- and medium-sized enterprises (SMEs) in the ever-growing lending ecosystem.

Beehive recently signed off with UAE Trade Connect (UTC) as its newest member and second non-bank entity to join its consortium. This strategic alliance is set to enhance trade finance operations and fortify the fight against fraud in the UAE. Beehive will leverage UTC’s platform to detect fraudulent and suspicious invoices and mitigate duplicate financing risks against bank invoices, leading to more flow of working capital finance for its customers.

Craig Moore, CEO and Founder of Beehive, said: “By joining the UTC platform, Beehive underscores its dedication to transparency and security in financial processes. We aim to revolutionize peer-to-peer lending alongside other UTC members by infusing greater transparency into the lending ecosystem.”

Zul Javaid, CEO of UTC, commented: “FinTech’s have emerged as a welcome addition in the GCC region enriching the financial landscape by providing innovative alternatives to traditional lending processes. With Beehive in our consortium this means that their working capital lending will be presented to our system daily, in real time, and will serve to de-risk their invoices as well as those of our member banks.”

UAE Trade Connect (UTC), Launched in 2021, was co-created by e& enterprise and the UAE banking industry and offers a technology solution to detect suspicious transactions and prevent fraud and duplication in real time.

This highly scalable advanced platform is completely cloud-native and incorporates cutting-edge technologies such as Distributed Ledger Technology (DLT), and Artificial Intelligence (AI). The consortium currently houses 14 members which includes banks and NBFI’s while additional financial intuitions are piloting the platform.

Invest Bank became the 13th bank to join UAE Trade Connect which is paving the way for a secure, efficient and technologically advanced trade finance landscape in October.

CoinBase launches Blockchain powered Project Diamond out of ADGM reglab

CoinBase launches Blockchain powered Project Diamond out of ADGM reglab

CoinBase Asset Management, has launched Blockchain powered Project Diamond, with the execution of the first debt instrument on the platform as it prepares to enter the Abu Dhabi Global Market (“ADGM”) RegLab sandbox.

Project Diamond’s initial use cases will be for registered institutional users outside the U.S. only. Project Diamond harnesses the power of the Coinbase technology stack: Coinbase Prime custody, Web3 Wallet, the Project Diamond platform, and USDC, all connected to the Base layer-2 blockchain.

Project Diamond has received in-principle approval from the Financial Services Regulated Activity (FSRA) of Abu Dhabi Global Market (ADGM) to conduct the regulated activity of Developing Financial Technology Services within the RegLab.

The goal of Project Diamond is to enable institutional use of next generation financial technology. Project Diamond is a platform to create, buy, and sell digitally native assets leveraging the power of the Coinbase technology stack and Base, an Ethereum layer-2 blockchain.

On November 10, the first digital debt instrument on Project Diamond was successfully issued, distributed, and matured on the platform as a technical demonstration of feasibility to the Financial Services Regulatory Authority as it prepares to join the ADGM RegLab sandbox.

Coinbase Asset Management is building Project Diamond to enable a future where institutions can create, distribute and manage a wide range of digitally-native assets directly onchain. On our journey, we seek world class partners to join us in imagining and creating the future of the global financial system. Together, we will make finance scale like software.

In April 2023, CoinBase global crypto currency exchange,revealed that it was in talks with UAE’s regulator in Abu Dhabi, FSRA ( Financial Service Regulatory Authority)  part of ADGM (Abu Dhabi Global Market) to expand its regulated operations to the UAE.

Mubadala backed Andalusia Labs raises $48 million and sets up headquarters in UAE

Mubadala backed Andalusia Labs raises $48 million and sets up headquarters in UAE

Mubadala backed Andalusia Labs, formerly known as RiskHarbor, has raised $48 million in a series A funding round and sets up its global headquarters in UAE Abu Dhabi in ADGM ( Abu Dhabi Global Market).

Andalusia Labs aims to create the industry’s security standards, instill confidence and resilience across the blockchain and Web3 industry, and help integrate this transformative technology into global financial services worldwide. Andalusia Labs intends to utilize the funds to accelerate product development, enhance institutional partnerships, and continue global expansion. The team is rapidly expanding, and hiring across finance, business development, AI, cryptography, distributed systems, and security engineering, among many other roles.

Andalusia, valued at $1 billion, is a risk management infrastructure for digital assets. It has received investment from  Lightspeed Venture Partners led the round with participation from UAE Mubadala Capital and existing investors Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group. Other existing investors include industry giant Coinbase, Proof Group, Nima Capital, Naval Ravikant, and founders, general partners, and executives from leading global organizations.

In conjunction with the round, Andalusia Labs announced the establishment of its global headquarters in Abu Dhabi’s Financial Center, Abu Dhabi Global Markets. As per the press release this strategic move underscores the company’s commitment to expanding its global footprint and highlights Abu Dhabi as a leading financial hub for digital assets that nurtures growth and fosters innovation through its progressive regulatory structure, unique connectivity to eastern and western markets, and being home to some of the world’s largest sovereign wealth funds providing strong access to institutional capital.

“Andalusia Labs is addressing one of the most significant challenges in the blockchain industry today,” said Ravi Mhatre, Partner at Lightspeed Venture Partners. “Financial institutions and blockchain companies grapple with the absence of robust risk management technologies to safeguard their assets. Raouf, Drew, and their team are the first to fill this gap by delivering mission-critical risk management infrastructure that not only paves the way for wider institutional adoption by an order of magnitude, but also empowers developers to create novel applications that are inherently safe and secure from day one.

Andalusia offers blockchain solutions for risk management. The first product is Karak is a Layer 2 blockchain introducing a novel risk management infrastructure for blockchain, Web3, and global financial services, prioritizing financial security while upholding the highest standards of security, scalability, and affordability. Karak represents a new approach to securing a wide array of financial products and services for blockchain, Web3, and global financial services.

Subsea natively built on the Karak blockchain, is the world’s leading risk management marketplace for digital assets that pioneered a completely automated, transparent, and impartial invariant detection mechanism to secure users against digital asset risks, hacks, and attacks. Subsea has secured over $1 billion in digital assets and built 100+ integrations with different blockchains and financial applications.

The second product is Watchtower is an institutional security platform for digital assets. Unlike current market models that lack realism, Watchtower is creating realistic market simulations in real time with real data for the first time. Currently, Watchtower is in private beta. The combination of Subsea and Watchtower built on the Karak blockchain will provide the foundational risk management and security required to build a safe environment for the industry.

“Blockchain is still in the very early innings, and we’re thrilled to have partners like Lightspeed and Mubadala who share our commitment and vision for building the premier risk management infrastructure for the world,” said Raouf Ben-Har and Drew Patel, founders of Andalusia Labs. “This funding will enable us to continue developing the best-in-class products for our users that will unlock the potential of digital assets and drive innovation in global financial services around the globe.”

“We’re honored to build our partnership with Raouf, Drew and the Andalusia Labs team. The opening of their global headquarters in Abu Dhabi will catalyze their global scaling efforts and strategically position the company for unparalleled growth. We look forward to supporting them on the next chapter of their journey in shaping the future of blockchain and Web3 parametric risk management,” said Shaun Lee, partner at Mubadala Capital.

Recently Swiss based Copper, an institutional digital asset infrastructure provider focusing on custody and collateral management, acquired  Abu Dhabi based Securrency Capital Limited, a full-service, regulated blockchain-enabled brokerage firm offering digital securities trading based in the Abu Dhabi Global Market (ADGM), making its entry into the UAE market.

UAE Fils leverages Blockchain Sui platform to track carbon credits

UAE Fils leverages Blockchain Sui platform to track carbon credits

UAE Fils leverages Blockchain Sui platform to track carbon credits. Sui is a next generation Layer 1 blockchain.

The collaboration will leverage blockchain technology to serve use cases in line with the ESG goals that modern businesses are seeking. Users will also benefit from the unique crypto wallet infrastructure provided by Sui. For example, using Sui’s zkLogin tooling, end users can authenticate by simply using Web 2 social credentials, creating and accessing their wallets will be effortless.

Nameer Khan, the Founder and CEO of Fils stated, “Sui offers speed and scalability that is unique, along with a commitment to sustainability that make them an ideal partner for us. We look forward to leveraging this capable blockchain to offer an unprecedented solution to one of the world’s most intractable challenges,” said Nameer Khan.

Fils officially launched in November with its B2B2C product offering, the company is targeting several industries including financial services, hospitality, and e-commerce. With Sui platform, Fils can now elevate the user experience and enhance the platform’s capabilities through blockchain technology.

Greg Siourounis, Managing Director at the Sui Foundation, added, “The most important challenges of our era demand the most capable technology implemented by the strongest teams working together to build solutions. I am extremely proud to see Sui’s infrastructure being integrated by the forward-thinking team at Fils to address the crucial global issue of climate change in a fundamentally new way.”

So far there have been many announcements pertaining to Blockchain platforms for Carbon credits or sustainability including the recent e&enterprise announcement today.

UAE e&enterprise to develop largest Blockchain sustainable exchange

UAE e&enterprise to develop largest Blockchain sustainable exchange

UAE e& enterprise partners with Blockchain and AI enabled platform World Wide Generation to develop the world’s largest global sustainability exchange platform.

The platform powered by WWG’s G17Eco platform, e& enterprise’s ‘Sustainability as a Service’ is set to transform the way in which organizations access, interpret, and act on sustainability data, offering insights, solutions, and support across various sectors.

The cloud-based G17Eco platform, powered by innovative technologies such as data bots, blockchain and AI, integrates over 3,000 ESG metrics and 50 frameworks into a unified digital taxonomy. This integration significantly reduces the time, cost, and risk associated with disclosure, enabling real-time data sharing with stakeholders.

Sustainability as a Service involves a diverse selection of offerings, such as sustainability advisory services for ESG assessment and target setting, monitoring and tracking platforms, and solutions to enhance efficiency and decrease carbon emissions.

The service benefits  various stakeholders comprising large and small enterprises SMEs, government bodies, financial institutions, and regulators. Its aim is to facilitate the end-to-end mapping, tracking, measurement, and marketing of sustainability performance.

The partnership intends to develop a marketplace that motivates and rewards companies with robust sustainability credentials through sustainable financing alternatives.

Salvador Anglada, the CEO of e& enterprise, noted,“We are excited to collaborate with World Wide Generation and utilise their G17Eco platform, which perfectly aligns with our sustainability strategy. Our partnership will allow us to work together on AI ethics, climate action, and sustainable cities, and demonstrate our collaborative dedication towards advancing the SDGs. WWG’s implementation of Fourth Industrial Revolution (4IR) technologies, such as data bots, blockchain, and artificial intelligence (AI), is in line with our goal to advance community and individual progression. The organisation’s inspiring women leadership has elevated the inventive utilisation of these technologies, reflecting a commitment to objectivity and precision.”

Manjula Lee, World Wide Generation’s CEO and Founder  added “After six years of development and the launch of G17Eco a year ago, we are pleased to announce a partnership with e& enterprise. e& enterprise provides an optimal collaboration for advancing G17Eco’s mission, beginning with initiatives in the United Arab Emirates, Saudi Arabia and Egypt to drive tangible progress in sustainability.”

Recently many sustainability initiatives launched in the UAE. UAE Aya licensed under Web3 Innovations FZE, an entity of Enjinstarter, a Web3 Launchpad and advisory that it has been granted a virtual asset services provider license pending fulfillment of pre-operating conditions and qualifying for operational approval.

KSA Bank to patent Blockchain system for CBDCs

KSA Bank to patent Blockchain system for CBDCs

The Saudi Islamic Development Bank Institute (IsDBI) is working to patent a Blockchain system for smart stabilization for CBDCs and digital assets after receiving a positive evaluation for its Blockchain smart stabilization system patent. The World Intellectual Property Organization (WIPO) is looking into the patentability of the system.

WIPO has acknowledged the Stabilization System as a novel, inventive, and industrially applicable solution. WIPO also noted its significant potential for international patent recognition.

The Blockchain smart stabilization system will work to enhance the stability of organized asset markets without compromising efficiency. The system will effectively manage the gap between supply and demand to mitigate price volatility while upholding the market-equilibrating role of this gap.

As such Dr. Sami Al-Suwailem, Acting Director General of IsDBI, expressed his appreciation towards the team’s dedication and hard work, stating, “This recognition from WIPO not only validates our commitment to innovation but also positions IsDBI at the forefront of bolstering the financial stability of the digital and crypto-based economy.”

The Blockchain system for smart stabalization will be utilized in financial assets, digital currencies ad CBDCs using Blockchain technology.

The Blockchain system is self-financed, with no need for substantial capital to achieve its objectives. A prototype is under way after IsDBI signed an agreement with Settlemint. Saudi IsDBI bank started working on this project with Blockchain solution provider Settlemint in May 2023.

UAE CoinMENA to reduce fiat to crypto costs

UAE CoinMENA to reduce fiat to crypto costs

UAE CoinMENA licensed crypto exchange will be able to reduce fiat to crypto transaction costs after being awarded its license from VARA, the Dubai virtual asset regulatory authority. CoinMENA holds a broker license allowing it to cater to retail and institutional clients.

With the license CoinMENA now has, it can serve clients from Dubai and utilize local banking services. Users can now instantly deposit and withdraw funds.

As Talal Tabbaa CO Founder of CoinMENA  explained, “Dubai is at the forefront of crypto growth and innovation, launching various initiatives to push the adoption of the digital asset in the region. Working with VARA will enable us to better serve our institutional and retail users in the Emirate as well as reduce fiat to crypto transaction costs.”

Dina Sam’an Co Founder and Chief Operation Officer added, “Building strong relationships with local regulators has been a priority for us since day one. We are delighted to have received a license from VARA, which further strengthens our market position and gives confidence to our users and investors.”

CoinMENA is the fifth crypto broker to receive a license from VARA. CoinMENA and others have received licenses both broker and exchange before Binance and other international players such as Crypto.com and OKx have.

CoinMENA already holds a license in Bahrain.

This comes two weeks after M2 launched in Abu Dhabi with full crypto exchange services. Dubai and Abu Dhabi are proving to be the center of regulation casting doubt on the regulatory environment in other countries such as the USA.

SBI Japan moves across GCC with digital asset ventures reaching Saudi Arabia with Aramco

SBI Japan moves across GCC with digital asset ventures reaching Saudi Arabia with Aramco

The big news in the region is the recent announcement by SBI Holdings that it has entered into a Memorandum of Understanding with Saudi Arabian Aramco, one of the leading energy and Chemicals Company, after SBI Holding established a digital asset venture in UAE with Standard Chartered.

The signing was between SBI Holding, Chairman, President and CEO, Yoshitaka Kitao; and Aramco’s President and Chief Executive Officer: Amin H. Nasser.

As per the press release, based on the MOU, SBI Holdings and Aramco will consider a business alliance in the areas of collaboration in the field of digital assets and co-investments leveraging both parties’ investment portfolios related to digital assets, as well as identifying Japanese startups in the digital asset field which have interests in expanding their business in Saudi Arabia and supporting their entry and growth.

It also includes launching various specific projects related to investments in the semiconductor field, including establishment of factories in both Japan and Saudi Arabia.

The scope of the alliance may be expanded upon agreement between the Company and Aramco.

SBI Holdings has been promoting the establishment of investment funds with local partners in the Middle East, as well as the construction of semiconductor factories in Japan, through a partnership with Powerchip Semiconductor Manufacturing Corporation. SBI Holdings recently announced a partnership with Standard Chartered to launch a $100 million Fund in the UAE to also establish a digital asset joint venture.

Through this partnership with Aramco, the parties will, together, leverage their mutual knowledge and resources to discuss further business opportunities in advanced technology fields, such as semiconductors, digital assets, etc. and contribute to economic cooperation between Japan and Saudi Arabia.

Furthermore, the SBI Group plans to establish “SBI Middle East” in Riyadh as a base of operations for conducting business in the Middle East, and is working towards further expanding its businesses in the region.

Saudi Aramco has made prior investments into Blockchain startups, including Data Gumbo, IR4Labs, VAKT, and others.

While Sanabil, the $3 billion fund owned by the government’s Public Investment Fund, is an indirect crypto investor. It mainly invests in other funds, with half its assets in venture capital (VC). They include commitments to crypto-focused Haun and Blockchain Capital as well as several other VCs with major crypto portfolios such as Andreessen Horowitz, Coatue and Tiger Global.

However this news on SBI Holding agreement with Aramco and its relation to the semi conductor business is significant given that recently USA forced Saudi backed fund Prosperity7 from investing in Sam Altman’s AI startup Open AI.  Prosperity7 has already invested as well in Blockchain, with Red Date Tech.

UAE Blockchain enabled ACX Group carbon marketplace partners with Brazil B3

UAE Blockchain enabled ACX Group carbon marketplace partners with Brazil B3

UAE Blockchain enabled ACX Group has partnered with Brazilian financial service provider B3 to streamline carbon market access to Brazilian companies seeking to reach their net zero goals.  The partnership will leverage UAE blockchain ACX’s proprietary exchange technology and established leadership in the carbon market and B3’s position as the largest financial exchange in Latin America.  

ACX operates the world’s first recognized investment exchange for environmental instruments in Abu Dhabi. It caters to corporates, financial traders, carbon project developers, and other industry stakeholders. ACX provides participants with an efficient and transparent trading platform that is user-friendly, seamless and offers the lowest transaction fees in the market. Leveraging distributed ledger technology,

As part of the partnership, B3, with its strong presence in the Brazilian capital markets and its deep relationships with market participants, aims to contribute to the expansion and success of ACX’s Brazil trading platform which is targeted to be launched in 1Q 2024.

ACX and B3, both regulated financial companies under their respective jurisdictions, will seamlessly connect what is expected to be one of the world’s largest carbon markets to the broader international marketplace.  ACX’s transparent and award-winning platform will allow Brazilian businesses to transact with buyers and sellers worldwide.

William Pazos, Co-Founder and Co-CEO of ACX, said, “We are excited to partner with B3 in Brazil.  This transaction connects one of the world’s largest carbon markets to the broader network of ACX exchanges.  With our strong partners and by providing market-leading trading technology, we aim to support Brazil’s efforts to promote sustainable development and grow its native carbon market.”

Leonardo Paulino Betanho, Head of OTC products at B3, said, “Brazil has the potential to be one of the biggest carbon credit suppliers in the world and B3 is committed to boosting this market in this country by providing a safe, with price transparent, and integrated trading platform that supports the acceleration toward a more sustainable future. Furthermore, the deal is in line with B3’s strategy of developing new products and advancing the ESG agenda in a way that promotes sustainable economic development.”

Together, ACX and B3 are dedicated to promoting the growth and visibility of Brazil’s carbon market, fostering economic prosperity, and addressing climate change challenges. By facilitating connections between local and global stakeholders, this partnership sets the stage for a more sustainable future, where Brazil’s carbon credits can make a meaningful impact on a global scale.

Carlos Martins, CEO of BlockC, ACX’s Brazilian partner, said, “With B3’s market position and strong network, ACX’s technology and expertise in carbon trading, coupled with BlockC’s deep understanding of the local market, we have an invaluable combination of strengths as we establish our presence and bring ACX’s Brazil platform to fruition.”

The Saudi NEOM Food Company Topian to utilize blockchain technology

The Saudi NEOM Food Company Topian to utilize blockchain technology

Saudi Arabian NEOM, the development taking shape in Northwestern Saudi Arabia announced the launched of Topian, the NEOM Food Company which will utilize blockchain technology.

As per the press release, Topian seeks to redefine food production, distribution, and consumption through the creation of sustainable and innovative food solutions across five vertical pillars: climate-proof agriculture; regenerative aquaculture; novel foods; personalized nutrition; sustainable food supply and ESG.

Topian has been launched with the support of the Saudi Ministry of Environment, Water and Agriculture (MEWA). It is fully aligned with the KSA’s goal of achieving Saudi Vision 2030, spearheading the Kingdom’s efforts to ensure food security, mitigate climate change and achieve net-zero emissions by 2060.

Topian aims to perfect the ‘Art of More with Less’, embracing a ‘new era of food’ to achieve food security. Topian’s launch concept, ‘Future to Table’, will introduce and apply innovative solutions and initiatives that will revolutionize the current global food system and tackle issues arising from rapid population growth, changing consumption patterns, climate change, and the depletion of our natural resources.

Nadhmi Al-Nasr, CEO of NEOM, stated “NEOM is an accelerator of human progress and Topian reflects our dedication to creating a positive, long-lasting transformation to lives in Saudi Arabia and the rest of the world. Topian’s innovative approach will be a key driver in shaping the future landscape of a sustainable and secure food industry. We look forward to working closely with investors, partners, and food industry experts in turning ambitious ideas into reality, supporting economic diversification in the Kingdom and aligned with Saudi Vision 2030.”

Dr. Juan Carlos Motamayor, Chief Executive Officer of Topian, added “As a wholly-owned subsidiary of NEOM, Topian is fully aligned with NEOM’s commitment to providing high-quality food products to the market, and promoting food security and sustainability, while contributing to the Kingdom’s self-sufficiency objectives and long-term economic goals. Topian is leading the food-security conversation to create a resilient food supply in line with the Saudi Green Initiative and the United Nations Sustainability Development Goals. We are not only committing to shaping a transformative global food system, but also to setting a global benchmark by pioneering new technologies and innovative solutions to overcome food-related challenges and create a more secure, sustainable, and prosperous future for all.”

Answering LaraontheBlock on whether Topian will utilize Blockchain technology, CEO Motamayor replied that yes it will.

Topian has signed agreements, with entities such as King Abdullah University of Science and Technology (KAUST), Tabuk University, as well as Tabuk Fish Company, BlueNalu, Van der Hoeven Horticultural Projects, and Cargill, to collaborate on research-and-development initiatives, and harness partners’ expertise to develop innovative and sustainable approaches to food production.