Egyptian Financial holding Granite tests money market fund tokenization

Egypt based GRANITE Financial Holding and Tarmiiz Information Technology is testing its model for tokenizing money market fund assets within Egypt’s Financial Regulatory Authority Sandbox.

As per the announcement, the initiative will examine the regulatory and operational needs when applying asset tokenization to money market funds in Egypt. It will also showcase how blockchain could be utilized for the recording and managing of ownership of financial assets within a regulated environment.

Under the collaboration, GRANITE will work with Tarmiiz, a technology company specialising in blockchain and asset tokenization solutions, to develop and test an operational model for tokenized money market funds. The companies will coordinate with the FRA to assess the regulatory framework and operational mechanisms required for potential commercial implementation.

The project builds on an existing relationship between the two companies, combining GRANITE’s asset management activities with Tarmiiz’s blockchain infrastructure for registering and managing digital asset ownership.

Ahmed Khalifa, executive director of Egypt’s regulatory sandbox and its chief data officer announced that so far 50 projects have applied to the sandbox in its first year, and nine have been granted preliminary approval. Another two projects are now in testing phases.

Khalifa said the figures reflect growing interest among companies and entrepreneurs in testing innovative technology solutions under the FRA’s regulatory framework.

He added that the Sandbox serves as a link between innovation and practical application, supporting the development of new technologies, products and services while helping markets respond more efficiently to changing customer needs.

Hisham Akram, founder and CEO of GRANITE Financial Holding, explained, “The Regulatory Sandbox provides an opportunity to test these models within a controlled framework and evaluate the regulatory and operational considerations associated with their implementation.”

He added that asset tokenization is gaining increasing attention globally as financial institutions explore new approaches to capital market infrastructure and asset management.

Amr Soliman, Chairperson and Co-Founder of Tarmiiz, said the project would allow the company to test asset tokenization applications within a regulated environment.

“Testing these models within the Regulatory Sandbox will help identify the operational and regulatory requirements for broader implementation,” Soliman said.

In 2025, QNB Group ( Qatar National Bank), Standard Chartered and DMZ Finance, an RWA tokenization infrastructure provider, launched the Dubai International Financial Centre’s (DIFC) first regulated tokenized money market fund, the QCD Money Market Fund (units in QCDT). In July QNB had announced that the fund had been licensed.

In 2026, Truleum Venture Partners based out of DIFC ( Dubai International Financial Center) in Dubai UAE, announced that its Turleum flagship tokenized venture fund has been officially structured under DFSA (Dubai Financial Services Authority) Investment Token regime. ZIGChain,a Layer 1 blockchain for Wealth generation infrastructure, in partnership with Disrupt.com, acquired a strategic stake in Truleum, back in 2025.