UAE Phoenix Group now on FTSE ADX 15 Islamic Index

UAE Phoenix Group now on FTSE ADX 15 Islamic Index

UAE Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX: PHX) has announced its inclusion in the newly-launched FTSE ADX 15 Islamic Index (FADXI 15). 

As per the press release, live on ADX, the FADXI 15 marks a significant step forward in diversifying Shariah-compliant investment opportunities. Being included in the ADX FADXI highlights Phoenix’s stability and market leadership, and will enhance investor confidence, attracting investment opportunities for those seeking Sharia-compliant products.

“The inclusion of Phoenix Group in the FTSE ADX 15 Islamic Index is an honor and a testament to our dedication to aligning with global standards in ethical and Shariah-compliant investments,” said Mr. Seyed Mohammad Alizadehfard (Bijan), CEO and Co-Founder of Phoenix Group. “To be part of this exclusive index offers investors the opportunity to engage with high-growth, Shariah-compliant companies that are reshaping the future of the UAE’s technology sector.”

Munaf Ali, Co-Founder and Group Managing Director of Phoenix Group said “Phoenix Group remains focused on advancing innovation and economic growth in the UAE and throughout MENA, providing investors a structured entry point into the region’s dynamic tech sector, aligned with their ethical and financial aspirations. This index is a key channel for accessing exciting, Shariah-compliant growth opportunities.”

A week previously Phoenix announced its Q3 results.

UAE tokenization issuance platform Libre Capital and Mantra offer institutional investors access to onchain funds

UAE tokenization issuance platform Libre Capital and Mantra offer institutional investors access to onchain funds

MANTRA, a layer 1 blockchain purpose-built for tokenized real-world assets (RWAs) has partnered with Libre Capital, a UAE-headquartered financial instruments tokenization and issuance platform, to provide investors with onchain access to a diverse range of attractive investment funds.

As per the press release the partnership will provide those MANTRA users that are institutional or accredited investors with investment opportunities across a number of notable onchain funds, including leading hedge funds, private credit funds and money market funds.

By leveraging Libre’s capabilities and MANTRA’s robust ecosystem, the partnership will facilitate the issuance of a tokenized Money Market Fund, and expand investment horizons for institutional and accredited investors seeking to diversify their portfolios within the digital asset landscape. The initiative underscores MANTRA’s commitment to leading the development of a comprehensive and diverse digital asset infrastructure, and strengthens MANTRA’s position in the growing digital asset spectrum within the financial services industry.

Libre operates backbone infrastructure that allows investors to access tokenized versions of real world assets such as money market funds, private credit and hedge funds and other alternative asset products on public blockchains. Libre does this through the on-chain Libre Gateway DeFi dApps (decentralized applications) deployed on each public chain. This enables accredited, professional and institutional investors to directly access top-tier funds on MANTRA Chain in a fully compliant manner.

“We’re honored to be partnering with Libre to give users access to this caliber of funds, ” said MANTRA Co-Founder and CEO John Patrick Mullin, “with the addition of protocols like the Libre Gateway, MANTRA can better equip users with a best-in-class collection of tools to continue to grow the real-world asset economy.”

“The launch of the Libre Gateway on MANTRA Chain is a huge step forward to enable access to wealth and treasury management tools for users on MANTRA, and for Libre to take advantage of MANTRA’s RWA-specific infrastructure,” said Dr. Avtar Sehra, CEO and founder of Libre.

Bahrain Singapore Gulf Bank to offer digital asset custody services

Bahrain Singapore Gulf Bank to offer digital asset custody services

Operating under full regulatory approval from the Central Bank of Bahrain, Singapore Gulf Bank (SGB) has launched in Bahrain to offer comprehensive digital banking services to corporate customers in the digital economy to manage their traditional financial and digital assets on a single platform.

Global clients can onboard through Singapore Gulf Bank’s remote digital on-boarding solutions. SGB will extend its digital banking services to individual clients by the end of the year.

In addition to regular corporate banking services, SGB will provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures. As per the announcement this enables businesses to manage their finances flexibly, whether they are traditional or digital assets – facilitating their participation in the digital economy.

Edmund Lee, Founding Chairman of the Board of SGB, stated, “We’re building the foundation for a new era of global finance where traditional and digital worlds converge to enable businesses to operate anytime and anywhere.”

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, said, “The launch of SGB marks a pivotal moment in deepening financial connectivity between MENA and Asian markets through Bahrain. As the digital economy continues to grow, our kingdom will serve as a gateway connecting Asian enterprises with opportunities across traditional and digital financial markets. SGB is a testament to Bahrain’s pro-innovation environment and our ability to attract and anchor ambitious global enterprises.”

H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain, commented: “SGB’s launch demonstrates Bahrain’s commitment to fostering innovation in financial services while upholding the highest regulatory standards. With SGB, Bahrain will serve as a crucial nexus that connects businesses around the world and bridges traditional and digital financial services.”

SGB is pioneering a new era of banking where everyone can easily access and manage digital assets alongside traditional assets within one integrated network. Underpinned by its compliance-first approach, SGB will serve as a vital link between mainstream financial services and the rapidly advancing digital asset economy, empowering the next billion users with access to the future of finance.

In early October SINGAPORE Gulf Bank (SGB) appointed former Goldman Sachs executive Ali AlShamma as chief financial officer and ex-Sygnum executive Elaine Leong as chief operating officer. These two hires reinforce the mission of SGB to provide frictionless interaction between digital and traditional finance, said the digital bank.

Tether to issue AED Stablecoin on TON blockchain

Tether to issue AED Stablecoin on TON blockchain

On the same day that Tether the issuer of the USDT stablecoin announced that USDT is now on TON Network on MobeeID, Alessandro Giori, Tether’s senior strategic partnership manager based out of Dubai UAE, speaking at the TON Gateway event in Dubai UAE, announced that the upcoming USDT AED stablecoin will be launched on the TON Blockchain network.

The announcement was made during the TON Gateway annual event for the TON community. As per the website the TON Gateway event aims to power TON Blockchain and put crypto in every pocket by acting as a gateway to Web3 for millions of Telegram users. The Gateway brings the TON ecosystem together to collaborate and drive this mission forward.

During the event Giori was speaking on the topic of USDT on TON. He was followed by Oleg Andreev CEO of Ton Apps, who spoke on gasless payments on TON, while Victor Mendes, Director of BD of Top discussed stablecoin adoption on TON.

Giori stated, that Tether and Ton have a strong relationship because they both focus on emerging markets. He noted that Tether is focusing on Brazil, Argentina, and Turkey. While Tether has 400 million users, TON has 1 billion users.

He states, “ In Just six months since we launched USDT on Ton, we have seen 1 billion USDT transacted on Ton chain, the fastest adoption for Tether in its history. We have been around for 10 years, on Ton we have seen 160,000 transactions per day and 7.6 million wallets.”

He noted that for example Turkey has inflation of 80%, Tether is used to protect value. They save in USDT, from the fisherman in Turkey to guy in Argentina who sells meat, Tether allows them to save in a currency that is more stable than theirs.

He also noted, that TON and Tether have been jointly educating people on stablecoin and Blockchain in nine universities in Africa. He explains this is very important given that 3 billion people around the world are unbanked because they don’t have enough money for banks to accept to open accounts with them.

In his final comments he stated, “As you might have heard about our announcement with joint venture UAE Phoenix Group and Acorn Group for the launch of a dirham backed stablecoin, we are happy to announce we will do Tether AED stablecoin on TON.”

Tether in August 2024, announced its plans to offer an AED pegged stablecoin set to be launched in collaboration with UAE based Phoenix Group. The Tether dirham backed stablecoin will need to be licensed from the UAE Central Bank which recently came out with its Payment Token services regulation. The regulation notes that only dirham backed stablecoins can be used as legal tenders for the purchase of goods and services within the UAE. Tether’s USDT can only be used for the purchase of virtual assets.

Soon afterwards in October, AED Stablecoin LLC announced that the Central Bank of UAE had provided it with in principle approval to launch and establish its own stablecoin, AE Coin. This comes after the Central Bank of UAE announced the “Payment Token Services Regulation”; Circular No. 2/2024, dated 7 June 2024, to be licensed by the Central Bank of the UAE.

Both Saudi Arabia and the UAE are shifting towards stablecoins as their preferred asset class. In Saudi Arabia, stablecoins accounted for 46.1% of the total crypto value received, while in the UAE, they accounted for 51.3% — both higher than the global average of 44.7%

UAE M2 crypto exchange resolves $13 million hack in 16 minutes

UAE M2 crypto exchange resolves $13 million hack in 16 minutes

On October 31st, UAE crypto exchange M2, underwent a cybersecurity breach involving $13.7 million but was able to quickly address the incident within 16 minutes.

M2 has since they fully resolved the issue, restoring all customer funds and taking responsibility for any potential losses.

M2 on its website stated, “We would like to report that the situation has been fully resolved and customer funds have been restored. M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests. All services are now fully operational with additional controls in place.”

They added, “We are dedicated to upholding the highest standards of security and compliance, and we are actively cooperating with relevant legal and regulatory authorities to ensure this matter is dealt with thoroughly and appropriately.”

This is not the first Middle East crypto exchange to have been compromised. In May 2024, crypto exchange RAIN in Bahrain was exploited for $14.8 million.

At the time ZachXBT, an internet sleuth with over 500 hundred thousand followers on Twitter, informed followers that Bahrain and UAE regulated crypto broker, RAIN, had likely exploited for $14.8 million. The exploit happened on April 29th and according to ZacHxbt no statement was made by RAIN on the incident.

According to ZachXBT on TME, “It appears the crypto exchange Rain was likely exploited for $14.8M on April 29, 2024 after their BTC, ETH, SOL, and XRP wallets saw suspicious outflows. Funds were quickly transferred to instant exchanges and swapped for BTC and ETH.”

Stobox partners with UAE RASMA Legal to spur tokenization solutions

Stobox partners with UAE RASMA Legal to spur tokenization solutions

Stobox, a tokenization company, has partnered with UAE based RASMA Legal, a legal advisor to spur the tokenization landscape in the UAE by combining Stobox’s innovative technology and RWA expertise with RASMA Legal’s extensive legal and regulatory expertise.

The partnership aims to accelerate the adoption of tokenization in the region, offering businesses a streamlined and compliant approach to leveraging tokenized assets.

Stobox, with over six years of experience in the tokenization space and more than $300 million in tokenized assets, is recognized for its robust technology solutions that empower businesses to tokenize and manage digital assets seamlessly. With over 70 clients globally, Stobox has consistently delivered innovative tokenization solutions, positioning itself as a leader in the industry, and will soon launch the product Stobox 4.

With a reputation for regulatory excellence, RASMA Legal plays a pivotal role in guiding businesses through the regulatory complexities of digital asset frameworks across the UAE, Saudi Arabia, and the GCC region. Known for its strategic insight into digital asset laws and fintech regulations, RASMA Legal has become a trusted advisor for businesses across the GCC looking to navigate this transformative space. The firm’s extensive experience allows it to provide end-to-end legal support for tokenization projects, from initial assessment to transactional documents and regulatory licensing.

Further enhancing its role as a key industry player, RASMA Legal maintains a presence at digital asset forums and regulatory discussions, actively shaping best practices and influencing regulatory evolution within the GCC.

Stobox sees immense potential for tokenization in the UAE, a region known for its forward-thinking regulatory frameworks and growing interest in digital assets. By partnering with RASMA Legal, Stobox aims to introduce its tokenization platform to businesses across the UAE, leveraging RASMA’s local expertise to ensure full compliance with regional regulations.

RASMA Legal will be the first legal service provider to be integrated into Stobox 4, a comprehensive product offering that streamlines the entire tokenization process. Stobox 4 allows businesses to tokenize their assets, raise capital through Security Token Offerings (STOs), and manage their tokenized assets with ease. RASMA’s involvement adds a significant layer of validation to this process, ensuring that businesses from the UAE can not only tokenize their assets but do so in full compliance with the UAE’s legal and regulatory frameworks.


As part of the partnership, RASMA Legal will provide a full range of legal support to businesses looking to run compliant STOs in the UAE. From licensing and registration to ongoing regulatory advice, RASMA’s services will be instrumental in helping businesses navigate the often complex process of tokenizing assets and raising capital through digital securities. This partnership will enable businesses to confidently enter the world of tokenization, knowing they have the legal backing necessary to succeed.

Bahrain Beyon Money partners with Crypto.com for digital payments and AI

Bahrain Beyon Money partners with Crypto.com for digital payments and AI

Bahrain based Beyon Monay, and Crypto.com have partnered to enhance transaction solutions and explore innovative opportunities in digital payments and AI.

As per the press release, the companies will explore collaborations in the transaction and payments sectors, as well as pursue joint innovation in artificial intelligence and open banking.

The partnership will leverage Beyon Money’s role as a financial super-app and payment platform, along with Crypto.com’s established retail products. The aim is to improve the overall experience for customers through enhanced services.

“As we continue to expand our presence in Bahrain, we are excited to investigate ways we can partner with Beyon Money, who are really leading the way in the digital payments space in the Kingdom,” said Eric Anziani, President and COO of Crypto.com.

“Beyon Money has an exciting product structure and reach in Bahrain, with a solid reputation and strong user base and by working together we hope to grow both of our brand’s innovative product range and services we provide to our Bahrain customers.”

“Beyon Money is committed to forging partnerships with leading global players,” states Roberto Mancone, CEO of Beyon Money. “Our collaboration with Crypto.com, which has recently obtained its Payment Service Provider license in Bahrain, will focus on co-marketing and promoting our respective cards. We will also work on integrating our platforms to streamline cryptocurrency purchases on the Crypto.com app, along with other projects that explore innovative technologies creating value through tangible use cases for our clients.

Previously, Crypto.com and Bahrain based BENEFIT, a FinTech and electronic financial transactions services signed an MOU ( Memorandum of Understanding) which aims at discussing combining their expertise and help expand the digital assets and fintech ecosystem in Bahrain including areas such as payment integration and prepaid card capabilities.

In September 2024, Crypto.com received a crypto payment service provider license from the Central Bank of Bahrain allowing it to offer e-money and fiat based payment services regionally, including prepaid cards.

Crypto.com had already received a crypto exchange license from Dubai’s virtual asset regulator in UAE, and considers this license as part of its expansion plans in the GCC region.

UAE Commercial Bank International partners with Zumo digital assets as a service platform

UAE Commercial Bank International partners with Zumo digital assets as a service platform

UAE Commercial Bank International (CBI), a leading UAE bank, has partnered with Zumo, an award-winning digital-assets-as-a-service platform registered with the UK Financial Conduct Authority (FCA) to enable both parties to explore the tracking of digital asset sustainability.

As per the press release this marks a significant step in CBI’s commitment to furthering innovation and offering cutting-edge digital solutions to its clients.

The UAE’s digital assets market is projected to generate $453.20 million in revenue by 2024, reaching an estimated $616.80 million by 2028.

The Commercial Bank of Dubai (CBD) recently launched a dedicated accounts for Virtual Asset Service Providers (VASPs) to manage client money and regulatory prudential requirements, in compliance with the latest regulations issued by the Central Bank of UAE and the Dubai Virtual Assets Regulatory Authority (VARA). The first VASP to be onboarded is Laser Digital a crypto broker and investment service provider, a subsidiary of Japanese Nomura.

Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International, said, “Our partnership with Zumo marks a significant milestone in CBI’s ongoing commitment to innovation and sustainability. Aligned with our vision of partnership driven innovation, we look forward to collaborating with Zumo to become one of the first banks in the world to provide carbon footprint insights with carbon offsetting for digital assets. This revolutionary capability will ensure that, as digital assets become further embedded within the financial ecosystem, customers and institutions have the required tools and data to ensure their sustainability goals are tracked and achieved.”

Clark Povey, Chief Operating Officer of Zumo, added, “We’re delighted to announce our strategic partnership with Commercial Bank International, one of the UAE’s most innovative banks, headquartered in Dubai. Our collaboration with CBI will see Zumo’s pioneering digital assets and blockchain technology complement CBI’s financial expertise and innovative approach to drive sustainability. Zumo solves the biggest challenges in digital assets for financial institutions by providing business-critical technologies to navigate the rapidly evolving digital asset landscape, and with Zumo’s technology and leadership in sustainability of digital assets, the exciting journey ahead is just beginning.”

Zumo provides the critical infrastructure required by financial institutions to implement sustainable digital asset solutions.

As an early signatory of the Crypto Climate Accord, a signatory of the Abu Dhabi Sustainable Finance Declaration and a key contributor to industry guidelines for the decarbonization of digital assets, Zumo has firmly established itself as a leader in advancing sustainability within the digital asset sector. By aligning Zumo’s technology and expertise with CBI’s innovative approach to banking services, this partnership is poised to accelerate the adoption of digital assets within the UAE’s banking ecosystem.

Prior to this, Commercial Bank International and Fuze, MENA’s digital asset infrastructure provider, signed a Memorandum of Understanding that would allow both parties to jointly explore digital assets use cases under the comprehensive regulatory frameworks of the UAE. The agreement between CBI and Fuze provided the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments.

Founder of IOTA Foundation creates tokenized ETF Fund with Neovision in UAE

Founder of IOTA Foundation creates tokenized ETF Fund with Neovision in UAE

Two Abu Dhabi firms, Realize, a financial assets tokenization platform, and Neovision Wealth Management have launched an blockchain enabled investment vehicle that will buy units of exchange traded funds (ETFs) focused on U.S. Treasury bills and convert these assets into digital tokens that can be held, traded and transferred.

The fund is called Realize T-BILLS Fund and it will buy BlackRock’s iShares and State Street’s SPDR, tokenize units from these ETFs, and incorporate them within the fund, Dominik Schiener, Chaiman and co-founder of technology company Realize as well as IOTA Foundation, told Reuters in an interview. It hopes to grow to a $200-million fund.

Realize will tokenize the units of the T-BILLS Fund, while Neovision will manage it.

Tokenized Treasuries are a growing segment of the crypto market, with a market capitalization of $2.4 billion on public blockchains, primarily Ethereum, according to data platform rwa.xyz. They are effectively digital tokens created on a blockchain and backed by U.S. government debt, and issued both by blockchain-native firms and traditional institutions, notably BlackRock and Franklin Templeton.

In March, BlackRock launched its first tokenized fund called BUIDL on the Ethereum blockchain, investing 100% of its assets in cash, U.S. Treasury bills and repurchase agreements or repos. The BlackRock fund has a current market cap of $530 million.

The Realize fund, the first tokenized fund to be domiciled out of the Abu Dhabi Global Market, will issue the $RBILL token and will serve as the digital representation of the units of the fund. They will initially launch on both the IOTA and Ethereum blockchain networks.

Dominik Schiener, Realize’s IOTA Foundation Founder and Realize Founder, told AGBI magazine in UAE, that his target was for the fund to have $100 million in assets under management in 12 months’ time. Of this, he expects 20 to 30 percent will come from investors in the Gulf and the remainder from Europe and Southeast Asia.

“Southeast Asia is going to be the largest demographic for us. We also want to do a lot in the Middle East because it has a high penetration of crypto users and wealthy individuals,” Schiener said.

Arvind Ramamurthy, Abu Dhabi Global Market’s chief market development officer, said in a statement announcing the fund’s launch: “As a tokenized investment fund adhering to stringent regulatory standards, it positions the international financial Centre of Abu Dhabi as a global leader in real-world asset tokenization.”

Dr. Ryan Lemand, co-founder and chief executive officer of Neovision, said it makes sense to buy T-Bill ETFs and tokenize them, instead of outright purchasing Treasury bills in the market. He noted buying cash Treasuries in the market would involve continuous transaction costs because they will have to be bought again and again.

UAE Phoenix Group reports $35.9 million in revenues from crypto mining, a 7% quarter decline

UAE Phoenix Group reports $35.9 million in revenues from crypto mining, a 7% quarter decline

UAE’s multi-billion dollar tech conglomerate, Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX: PHX) has announced its Q3 2024 results, reporting core revenue of $35.9M and investment income of $68.5M. Core revenue is primarily generated from self-mining, with additional contributions from trading and hosting services. The investment income, drawn from digital assets and other diversified Web3 investments, reflects the company’s active capital deployment strategy.

As per the press release, total assets saw a 148% year-over-year increase in the first nine months of 2024, rising to $977.6 million from $394.1 million, with a 6% quarter over quarter increase.

The self-mining segment achieved significant growth, surging 285% year-over-year to $26.6 million in Q3 2024, up from $6.9 million in Q3 2023. Earnings per share for Q3 2024 were reported at $0.008.

Q3 2024 revenue came in at $35.9M, with a decline in trading and hosting revenue due to the company’s strategic shift towards deploying more inventory into self-mining. Self-mining revenue has shown resilience, with only a 7% quarter-over-quarter decrease despite the full impact of the halving, increased mining difficulty, and lower BTC prices. Phoenix Group anticipates improvements in mining economics as early indicators of a new bull market begin to emerge.

The company achieved robust returns from investments, marking a 16% quarter-over-quarter growth driven primarily by gains from new digital asset investments.

As per the release, Phoenix Group demonstrated a strong ability to generate value across diverse Web3 investments, with some assets, such as Solana tokens, achieving over 4x returns. The company is actively pursuing a strategy to increase capital deployment into foundational deals and incubation projects. Despite a challenging quarter for the industry, Phoenix Group has shown notable resilience and a strong bottom line, outperforming many peer mining companies.

“Our Q3 results reflect the effectiveness of our adaptive investment strategy, particularly within the self-mining sector and across digital assets. Phoenix Group remains committed to capitalizing on emerging opportunities within Web3 and digital assets, ensuring we continue to lead with innovation and resilience. As we expand into foundational projects and incubation deals, we are well-positioned to provide significant value to our shareholders and support growth in the region’s tech landscape.” said Seyed Mohammad Alizadehfard (Bijan), Co-Founder and Group CEO of Phoenix Group.

“Our Q3 achievements underscore Phoenix Group’s dedication to proactive and sustainable growth, especially within the self-mining and digital asset sectors. By leveraging market dynamics and focusing on foundational investments, we continue to unlock new value streams that fortify our resilience and enhance our market leadership. We remain committed to aligning our strategies with shareholder interests, building a robust platform that stands resilient against market volatility while advancing the UAE’s tech landscape.” said Munaf Ali, Co-Founder and Group Managing Director of Phoenix Group.

In May 2024, Phoenix Group announced its Q1 results, showcasing a net income of $66.2 million which it noted was representing a growth of 166% year-on-year. As per the press release, total assets surged by 237% year-over-year, soaring to $879.3 million from $261 million. ⁠

At the time Phoenix Group noted that quarter-over-quarter growth in total assets stood at 5%, while revenue experienced an 18% quarter-on-quarter increase, reaching $68.9 million. In addition gross profit saw a robust 82.8% quarter-on-quarter rise, amounting to $23.28 million, while total comprehensive income expanded by 312% year-on-year to $102.28 million and by 33.7% quarter-on-quarter. As such the earnings per share for Q1 2024 amounted to $0.011.

It would seem that earnings per share has decreased in Q3 to $0.008 from $0.011 in Q1.