Just after receiving its license in Saudi Arabia, MRHB Blockchain has partnered with UK based Aligne, a tech and AI consulting and engineering firm. Both companies will pool their expertise to deliver innovative solutions in the fields of enterprise blockchain, digital assets and artificial intelligence (AI) for KSA and the region.
MRHB Network, utilizing its experience in halal digital assets and blockchain sector, will work with Aligne, who has a strong history in banking technology and now AI-based product offering. Combining their strengths, they will offer consulting and engineering services tailored specifically for financial institutions looking to take advantage of rapid growth digital assets and AI.
The first projects that the duo will work on is tokenized commodities, and client interest in enterprise, and Software as a service. Furthermore, the collaboration will extend into the application of AI tools for enterprise risk management and investments
Despite regulatory immaturity, a recent report by Chainanalysis highlighted Saudi Arabia as the number one fastest growing crypto economy with a 12% YoY increase (one of only six markets globally to show a rise) to reach over US$31 billion of transaction volume. The domestic Islamic finance sector is almost US$900 billion and represents an extraordinary opportunity for the Kingdom to lead in the bringing the US$6 trillion Islamic economy onto the blockchain.
Commenting on this partnership, Khalid Howladar, Chairman of MRHB Network, venture angel and ex-Head of GCC banks for Moody’s Investor’s Service stated, “The Kingdom is a global leader in both the digital assets volumes and Islamic banking sectors – this unique partnership will service the untapped intersection of these markets”.
He added “Aligne’s extensive enterprise experience with blue-chip UK financial institutions is key to MRHB Network offering a robust halal web3 product suite to businesses in the Kingdom. This partnership reinforces our mission to drive digital asset transformation of the $6 trillion Islamic Economy.”
Nadeem Siddique, CEO of Aligne (IBM partner), with ex-Technology Head roles at HSBC UK and BP MENA noted, “Our collaboration with MRHB Network represents a significant milestone in our journey to expand our services into the high growth digital assets space with a ready product’. He adds “crucially this partnership also delivers us an engineering base in one the most critical growth markets of the next decade. Together, with our growing AI risk and compliance suite Axion – we will empower local businesses with the best-in-class tools for risk management.”