DMCC Crypto Center and QX Lab to launch AI Center

DMCC Crypto Center and QX Lab to launch AI Center

UAE based DMCC ( Dubai Multi Commodities Center) has partnered with the Dubai-based artificial intelligence firm Qx Lab AI as it gears up to launch the DMCC AI Center later this year.

Through its ‘Ask Qx’ platform, Qx Lab AI offers generative AI capabilities that can be integrated into services such as online chat functions or used by businesses and individuals to enhance productivity.

Ask QX’s unique neural architecture offers unprecedented scalability for the product, providing a digital infrastructure that can benefit firms by reducing overall computational power costs, building up platform security, and creating a protective shield against potential data breaches.

With this groundbreaking technology, QX Lab AI aims to become the first AGI company in the world to access and leverage 372 billion parameters.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said: “In a short space of time AI has emerged as the single biggest force reshaping the way we do business – and we have barely scratched the surface of its potential. As we prepare for the imminent launch of DMCC’s AI Center, I am delighted to be partnering with Qx Lab AI whose unique generative AI platform and revolutionary neural architecture will provide DMCC and its members with unprecedented opportunities to enhance efficiency, productivity, and platform security at scale. This is just one example of the innovations we are pioneering from DMCC, reinforcing Dubai’s status as one of the world’s leading technology and AI hubs for years to come.”

Tilakraj Parmar, Co-Founder and CEO, QX Lab AI, added: “The significant amount of money invested globally in AI research and deployment is just the start of a seismic shift in the way we all operate – both professionally and personally. We are glad to bring our AI capabilities to DMCC and its 24,000 member companies as we position Dubai at the forefront of AI research and deployment.”

Today the DMCC Crypto Centre is home to over 600 Web3 firms, making it the largest concentration of crypto and blockchain companies in the region. Since its launch in 2023, the DMCC Gaming Centre has welcomed over 100 gaming companies, from developers and publishers to esports teams and software engineers, positioning Dubai as a hub for the immersive form of entertainment.

In 2023 DMCC Crypto Center had announced it had 500 crypto and blockchain companies in the center. Since then DMCC crypto center has signed partnership agreements with Solana and others.

Sui Blockchain establishes academy at American University of Sharjah

Sui Blockchain establishes academy at American University of Sharjah

Sui, a Blockchain Layer 1 platform has partnered with UAE American University of Sharjah (AUS) to establish the AUS-Sui Blockchain Academy, a blockchain academy creating opportunities for hundreds of aspiring developers to learn about and ultimately advance the state of the art of the technology.

The agreed upon AUS-Sui Blockchain Academy will operate under the auspices of the multidisciplinary Center of Entrepreneurship, Innovation and Sustainable Development. This placement strategically aligns with entrepreneurship, innovation, and sustainability, underscoring the Academy’s dedication to responsible and impactful technological development. 

The initiative is part of the Emirate of Sharjah’s objective of positioning itself as a regional hub for education and research, particularly in the field of technology and blockchain.

“The establishment of the AUS-Sui Blockchain Academy will provide students with invaluable insights into contemporary and future-oriented topics,” said Dr. Tod Laursen, Chancellor of American University of Sharjah. “It will empower them to engage with trending subjects and essential future technologies, equipping them with the skills and knowledge necessary to thrive in the evolving landscape of tomorrow.”

The Sui Foundation has also previously instituted several educational initiatives such as the establishment of a Web3-focused program at the Wheeler Institute for Business and Development at London Business School, the distribution of $400,000 in Sui Academic Research Awards (SARAs) to fifteen universities worldwide, and the establishment of a groundbreaking new web3 curriculum for high school students which debuted in 2023 at the Costeas Geitonas High School in Greece.

“The establishment of the AUS-Sui Blockchain Academy will provide the next generation of builders and world leaders with the knowledge they will need to create web3 technology that can address global challenges,” said Dr. Siourounis. “Seeing this academy come to life makes me particularly proud given the crucial role that this region is set to play in technological innovation.”

Sui established the current partnership with aid from its strategic partner in the region, Ghaf Labs, whose founder and managing partner, Feras Al Sadek, added, “We are extremely pleased to play a part in creating this historic initiative. The AUS-Sui Blockchain Academy will pave the way for future generations to enrich and benefit this industry and the region.”

Commercial Bank International enters the world of digital asset payments

Commercial Bank International enters the world of digital asset payments

UAE based Commercial Bank International PJSC (‘CBI’), a corporate and retail bank headquartered in Dubai, and Fuze, MENA’s digital asset infrastructure provider, signed a Memorandum of Understanding that will allow both parties to jointly explore digital assets use cases under the comprehensive regulatory frameworks of the UAE.

The agreement between CBI and Fuze provides the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments. Leveraging CBI’s extensive and robust track record in business and personal finance, with Fuze’s cutting-edge digital assets infrastructure and expertise, the two parties will collaborate to develop a suite of digital asset and blockchain products.

Driving this agreement is an underlying demand from customers for safe and regulated digital assets platforms. The collaboration emphasises responsible innovation and as a regulated business, Fuze is committed to structuring compliant products that foster trust and confidence in the UAE’s digital asset ecosystem.

On the occasion of the MoU signing, Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International (CBI) stated, “Pooling the knowledge, expertise and resources of CBI and Fuze will help us explore a range of innovative new digital assets use cases for business and personal finance. This agreement will bring our customers closer to the many opportunities of digital assets, within a safe and regulated environment, in line with the UAE’s world-class virtual assets regulations. The signing of this MoU marks CBI’s commitment to furthering innovation and aligns perfectly with the UAE Government’s prioritisation of innovation as a pivotal force for driving positive change and economic development”.

Mohammed Ali Yusuf (Mo Ali Yusuf), CEO and Co-Founder of Fuze, added, “We’re thrilled to support CBI in connecting customers with future-facing financial products through the power of blockchain infrastructure. Collaborating with CBI marks a significant milestone for digital assets in the UAE. We look forward to supporting the Bank in providing greater financial accessibility and empowerment for their customers through powerful digital assets and cryptocurrency use cases”.

In December 2023, Fuze which had recently received a license from Dubai’s regulator, signed a similar MOU with UAE Fardan Exchange to allow the exchange to offer digital asset products such as buying, selling and transfer.

cryptocurrency regulation could be out in months in Saudi Arabia

cryptocurrency regulation could be out in months in Saudi Arabia

According to a recent interview by Zawya, with, Bandar AlTunisi, Head of Development at Binance in Saudi Arabia, high level digital currency regulation could come out in Saudi Arabia tomorrow or in a month’s time.

He states, “With discussions on cryptocurrency ongoing at several Saudi government bodies, Saudi Arabia, is looking forward to possible “high-level” regulation for digital currencies in the country this year.”

AlTunisi said there had been growth over the past seven years.  “It could be tomorrow, it could be in a month’s time, but once they’re ready, they will move quickly, which is what excites us about the Saudi market. I am hopeful about this year, but it is dependent on a lot of different factors,” he said.

Bader Al Kalooti, Head of Binance Middle East, Africa and Southern Asia (MEASA) and Turkey, said: “It is still very early. Relatively speaking, this is a nascent industry. The way these things tend to work, you will have disruptive technology roll out, then it takes a while to demonstrate that there is a product market fit, that people want this technology, then the regulations catch up.”

Dubai and Bahrain were early movers, he said, and other markets will catch up, although it will not happen overnight.

Bodies involved in studying potential crypto regulation include the Saudi Central Bank (SAMA), the Ministry of Communications and Information Technology (MCIT), which will be involved from a blockchain point of view, and the Capital Markets Authority (CMA).

Saudi Arabia also launched the Financial Sector Development Programme in 2018, under which the development of cryptocurrency regulation could also fall.

The creation of such regulation would be followed by a period of understanding how the regulations will be applied, AlTunisi said. Saudi is a priority market for crypto in general as well as Binance, he said.

“There is no other major exchange that has boots on the ground in Saudi in the way Binance does,” he adds, “Saudi is one of those places where once they move, they move big/. We really anticipate that there is going to be movement soon, and once they do, it is going to be a huge catalyst for growth in the industry.”

LaraontheBlock spoke withNaquib Mohammed, Founder and CEO of MRHB Network, who recently started operations in KSA, explained, ” We have been in meeting with stakeholders from SAMA ( Saudi Central Bank) on a regular basis. SAMA is working on regulations, but there is nothing happening anytime this year.”

MENA is home to three of the top 30 countries receiving crypto in Chainalysis index: Turkey (12), Morocco (20), and Iran (28). However, Turkey dominates in terms of raw transaction volume, but interestingly Saudi Arabia comes in third in terms of crypto value received, with UAE coming in at number two and Turkey taking number one place.

$1 billion Web3 gaming fund in UAE with Creta and Lloyd Investment

$1 billion Web3 gaming fund in UAE with Creta and Lloyd Investment

Creta, a Web3 metaverse gaming platform, has partnered with Lloyd Investment Group, a global private investment fund headquartered in Dubai, UAE in collaboration with Thomas Vu, legendary producer of League of Legends and Emmy Awards winner for Arcane, and Sangyoun Lee, CEO of Diverse, the development company of Creta to launch a $1 billion fund.

The partnership will establish a new fund, currently valued at $1 billion, aimed at propelling the growth of the Web3 gaming industry across the MENA region.

Lloyd Investment Group, known for its focus on energy, infrastructure, technology, and real estate sectors, recognizes the potential within Creta and is committed to leading the market across the MENA region in the entertainment and gaming sector.

The newly established fund will provide grants to emerging developers, enabling them to bring their game concepts to life. It will offer creative developers and startup studios the opportunity to access funding for the development of innovative game ideas, ultimately contributing to the success of the CRETA Platform. The launch of this USD$1 billion Fund underscores the growing importance of the Web 3.0 gaming industry and its potential to shape future social interactions, leisure activities, and work dynamics on the CRETA Platform.

CRETA’s ultimate goal is to unite a coalition of top-tier developers, creators, and producers, inviting them to contribute their high-quality creations to the platform. With a cutting-edge gaming and entertainment platform, Creta aims to lead the next generation of game and metaverse content industries.

The new fund aims to expand the Creta metaverse by developing content and cultivating a pool of skilled developers.

Creta, headquartered in the UAE with additional offices in Japan and Armenia, is spearheaded by Diverse, a Korean metaverse game developer renowned for its high-performance game engines and advanced graphics technology. Leveraging Locus Chain, a robust public blockchain, Creta offers a super-sized multiverse where multiple metaverses can seamlessly merge and expand, boasting photo-realistic visual quality.

Creta is a Web3-based multiverse gaming platform headquartered in Dubai, UAE, with a team of developers, publishers, and blockchain experts who have made a name for themselves in the global gaming industry. These include Ray Nakazato, a respected producer in the Japanese and global gaming industry, Alexander Harutyunyan, former CEO of European game publisher INNOVA, and CCR’s Seokho Yoon, who developed Korea’s national game Fortress. The partnership with Okamoto, the legendary game designer behind Street Fighter 2, Resident Evil, and Monster Strike, and Thomas Vu, producer of League of Legends and Emmy Award winner for Arcane, is expected to result in a world-class lineup of Web3 game titles.

First Solana and now BridgeTower set up Blockchain digital asset platforms in UAE

First Solana and now BridgeTower set up Blockchain digital asset platforms in UAE

Deus X Capital, a $1 billion family-office backed investment and operating company and Bridgetower Capital, a leading provider of digital asset and blockchain infrastructure with $800 million, have partnered to launch BridgeTower Middle East in ADGM (Abu Dhabi Global Market) in the UAE.

Tim Grant, CEO of Deus X Capital, and Cory Pugh, CEO of Bridgetower Capital, will lead the newly formed entity that is the first of many expected partnerships between the two companies.

The company which will also have a presence in Dubai is set to launch and operate an institutional grade digital asset infrastructure platform to facilitate the rapid growth of digital assets business in the UAE and Middle East/GCC Region.

The company is self-funded and brings more than $250 million of delegated assets for turnkey staking, alongside years of digital asset and capital deployment experience and resources available through Bridgetower and Deus X.

BridgeTower ME will offer turnkey institutional staking, a secure service that will see Bridgetower ME validate transactions across some of the world’s largest blockchains that it is bringing to the region.

It will also offer advanced data center capabilities including AI GPU services over blockchain networks. Bridgetower ME will produce and distribute AI GPU compute power generated from its proprietary bare metal server infrastructure and data center capabilities.

In addition the platform will also offer private equity/venture building facilitation, to support and grow the blockchain digital asset ecosystem in the UAE region, and its customizable Web3 commerce platform, to service prominent brands who are evolving products and services into digital asset opportunities.

This includes participation by large global consumer brands, global art markets, and partnerships with global sports clubs, associations and athletes amongst others.

It is anticipated the Board of Directors will utilize long-term capitalization options aligning with its commitment to the country, including liquidity events such as a public listing on the Abu Dhabi stock exchange, ADX.

“Staying true to our road map of global expansion and partnering with top companies, it’s a rare privilege to see Deus X and Bridgetower partner to create Bridgetower ME as one jointly owned, Abu Dhabi entity,” said Bridgetower Chairman and CEO Cory Pugh. “We will bring substantial assets forward to the newly formed Bridgetower ME. We have tremendous respect for the UAE business culture and regulatory approach to digital asset infrastructure and look forward to investing resources to both incubate and bring new opportunities to the UAE.”

“We are delighted to have the opportunity to work with Abu Dhabi to incorporate a company that is solely focused on making the country the global leader in digital assets and fintech,” said Deus X Capital CEO Tim Grant. “Our mission is to help bring about a new financial ecosystem that is cheaper, fairer and more accessible for everyone, and this is an enormous opportunity to help achieve that goal in the region.”

Arvind Ramamurthy, Chief of Market Development at ADGM said “Bridgetower ME is making exciting moves as they look to strategically contribute to the development of the digital asset infrastructure in the UAE and throughout the MENA region, by establishing their presence in Abu Dhabi. ADGM’s comprehensive regulatory framework for digital assets provides a solid ground for leading players in this sector and creates a business-friendly environment for their development and operations expansion. We look forward to Bridgetower ME participation in ADGM’s vision of technological innovation and excellence, and its contribution to positioning Abu Dhabi as a global hub for digital assets.”

This announcement comes after Solana also set up its presence in ADGM announcing a partnership to enhance distributed ledger technology and blockchain innovation.

The Solana Foundation is a non-profit organization dedicated to decentralization, adoption, and security on Solana network.

As per the press release, the collaboration between ADGM and the Solana Foundation will further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi.

Hamad Al Mazrouei, CEO of ADGM Registration Authority, stated, “Our strategic alliance with the Solana Foundation marks a key milestone in cementing ADGM’s leadership in the blockchain sector, and represents a direct reflection of the effectiveness of our DLT Foundations Framework and our commitment to the growth and the development of the blockchain sector. We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasizing the value of regulation and compliance in ensuring robust and sustainable development. We are confident that this significant collaboration will lead to bolstering the blockchain ecosystem and driving further innovative initiatives in Abu Dhabi and the UAE.”

The UAE has emerged as a global hub for innovation and adoption of blockchain technology, said Lily Liu, President of the Solana Foundation. “Working closely with ADGM is a significant step forward in the continued growth of blockchain adoption in the region as a whole, and advances the Solana Foundation’s goal of fostering innovation, security, and widespread adoption on the Solana network in the Middle East.”

In November 2023, IOTA DLT Foundation announced that it had been registered as the first foundation under the DLT Foundations Regulations at ADGM ( Abu Dhabi Global Markets.

Hashgraph Association and Saudi Ministry of Investment to launch $250 million deep tech venture studio

Hashgraph Association and Saudi Ministry of Investment to launch $250 million deep tech venture studio

The Hashgraph Association (THA), the Swiss-based organization at the forefront of global Blockchain digital enablement, has during the Swiss Economic Mission to Saudi Arabia in the presence of the Swiss Federal Councillor, Guy Parmelin,signed a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a “DeepTech Venture Studio” in Riyadh worth $250M USD over five years (2024-2028).

As part of the Swiss Economic Delegation traveling to Saudi Arabia under the patronage of Guy Parmelin, Head of the Department of Economic Affairs, Education and Research (EAER), The Hashgraph Association, which fosters the Hedera Blockchain ecosystem, will launch a custom-designed DeepTech Venture Studio to enable local Saudi companies, as well as international portfolio companies seeking to establish operations in the Kingdom, to develop innovative solutions, leveraging deep tech such as AI, DLT, Robotics, IoT, VR, and Quantum Computing.

Dr. Munirah Alaboudi, General Manager, Human Capital & Innovation at the Ministry of Investment of Saudi Arabia, stated, “The Ministry of Investment welcomes the launch of a DeepTech Venture Studio in Riyadh by The Hashgraph Association. With human capital and innovation at the heart of the Saudi Vision 2030, we look forward to the empowerment of entrepreneurship for a vibrant society in Saudi Arabia.”

The DeepTech Venture Studio, which aims to onboard and empower over 500 companies during the five-year program, will receive dedicated support from the Ministry of Investment of Saudi Arabia through the facilitation of entrepreneurial licenses and the entrance of companies under Saudi laws and regulations, including connecting with key government stakeholders, strategic partners, and investors. With an investment commitment of $50M USD, THA will be working closely with MISA to onboard other co-investors to participate in this global deep-tech venture-building studio.

Kamal Youssefi, President of The Hashgraph Association, adds, “We are delighted to sign this major strategic partnership with the Ministry of Investment of Saudi Arabia. We are committed to investing in a digital future through our DeepTech Venture Studio in Riyadh that will positively contribute to the three pillars of Vision 2030 and foster a thriving digital economy in Saudi Arabia.”

The DeepTech Venture Studio, which will provide technical engineering, training and certification, project delivery, product development, business strategy, commercialization, marketing, legal and regulatory compliance, and venture capital investments – including IPO listing support on the Saudi Exchange (“Tadāwul”) – will be managed by The Hashgraph Group (THG). THG is the service delivery organization of The Hashgraph Association that currently oversees the delivery of the Hashgraph Innovation Program, a professional training and innovation program launched out of Canton Schwyz worth $165M USD over five years (2022-2026). The program is focused on enabling startups, enterprises, and government institutions to develop enterprise-grade solutions and decentralized applications on the Hedera DLT/ Blockchain network. The partnership will also include a cross-border “Entrepreneurship Exchange Program” to facilitate knowledge-sharing and the exchange of entrepreneurial, engineering, and management experience.

Urs Durrer – Head of Office for Economy, Canton Schwyz, said: “We welcome this strategic partnership between THA and MISA to launch a DeepTech Venture Studio in Riyadh, fostering knowledge-sharing and technology innovation through a Swiss-Saudi entrepreneurship exchange program out of Canton Schwyz.”

The initial phase (Phase A) of the Venture Studio will focus on ramping up local operations within 12 months and onboarding the first batch of 100 projects. The second phase (Phase B) will focus on accelerating the Venture Studio over 24 months and ensuring steady-state operations, while onboarding and investing in a new batch of 200 projects. The final phase (Phase C) of the five-year program will focus on scaling up the Venture Studio operations into new strategic markets globally, and onboarding the next and final batch of 200 projects. Startups qualifying for the program will receive up to $250,000 USD in venture capital investment, with enterprises receiving up to $500,000 USD.

Stefan Deiss, Co-Founder & CEO of The Hashgraph Group, noted “We are excited to launch our Swiss/Saudi government-endorsed DeepTech Venture Studio in Riyadh that will empower the next generation of Web3 entrepreneurs through technological, business, and capital-enablement programs, while leveraging the power and convergence of deep technologies.”

With an experienced team of over 40 professionals and practitioners, THG will begin recruiting and onboarding local talented engineers, industry experts, and professionals, as well as forming a robust local ecosystem of leading Saudi-based technology partners, academic institutions, and international organizations, including leveraging its existing partnerships with IBM, BCGX, and many other leading firms. Interested applicants, partners, and investors, can already register their interest on the registration webpage of the DeepTech Venture Studio: hashgraph-saudi.com.

The Hashgraph Association, also partnered with Tunisian Dar Blockchain to nurture projects, facilitate growth, and profoundly shape the MENA technology landscape

Future of Decentralized mobility is now in Dubai, with DRIFE Web3.0 Taxi

Future of Decentralized mobility is now in Dubai, with DRIFE Web3.0 Taxi

The best companies that have ever existed are those that are built with conviction and passion, DRIFE is such a company. Based on the concept that centralization eventually equates to monopolization, the Founder of DRIFE, a decentralized ride hailing platform built on the Sui Blockchain, Firdosh Sheikh believes that both taxi drivers and their riders deserve a more transparent, secure, cost effective system that benefits both parties. Today with DRIFE being licensed in Dubai UAE that dream is now available in the UAE.

The dream behind DRIFE

DRIFE started and continues to be a personal journey. According to Firdosh, it all started during an UBER ride to an airport in India. As Firdosh explains, “I have always been a user of taxis as my means of transportation starting early on when I moved to Delhi for my studies, and then afterwards in Bangalore while I was working as a financial analyst. Yet one midnight drive to an airport changed everything.”

It was on that evening that the UBER driver had asked her to cancel the trip telling her he would take her at a much lower price. Asking him why, she discovered that UBER was taking 35% commission leaving him with a profit of less than 50% after cost.

After that drive, Firdosh began speaking to all the drivers she would use for rides. The same story emerged, high commissions, no health insurance, and a feeling that they were caught in a vicious circle and still struggling.

She spoke to 1000 drivers, and in the back of her mind she remembered how her father had started his career as a taxi driver, and how as a young girl she would wait patiently for his return while he worked hard to earn money for his family.

It is then she decided that she wanted to change this. She had read about how Bitcoin had offered freedom to the financial sector, and realized Blockchain could do the same for the mobility sector.

Firdosh calls it Taxi 3.0 for short. In her experience Taxi 1.0 was where people would book an unmetered taxi and agree the fare with the driver. Taxi 2.0 was where big tech got involved and everything moved to the platform. It was certainly a technical disruption and people could book and find a taxi with a couple of taps on their mobile phone.

DRIFE is Taxi 3.0.It is disrupting the disruptors of Taxi 1.0, the Taxi 2.0. While Taxi2.0 was a win because of technology, it eventually became a loss for the driver. As Firdosh explains, “In Taxi 3.0, the community, the market and the driver is in control not anyone else. The market sets the prices; there are no commissions, and only a subscription fee to use the platform, so that with every ride, the money belongs to them. This direct connection allows for more personalized and customized ride-hailing experiences, where riders can choose drivers based on specific criteria, such as driver rating, car type, and other preferences.”

DRIFE: The Web3 Taxi

DRIFE utilizes an array of technologies to offer TAXI 3.0. DRIFE has a patent pending auction based dynamic pricing model and removal of middlemen’s profit which contributes to lower prices for riders and higher earnings for drivers.

The platform and its application also utilize smart contracts, a tamper proof system that is resistant to fraud and hacking. This technology ensures that transactions are conducted in a secure and transparent manner, giving riders and drivers peace of mind when using the platform.

The use of blockchain technology, specifically Sui Blockchain in DRIFE’s platform further enhances the transparency of the pricing system, ensuring that riders and drivers can trust the pricing mechanisms. The blockchain also enables DRIFE to operate with a zero-commission structure.

The platform operates on the DRF token, which serves as the native currency for all transactions on the platform. DRF token has two different utilities in the ecosystem. Riders can use DRF tokens to make payments directly to the driver, while drivers can use DRF to pay for their subscription fees.

In addition, DRIFE’s governance structure is built on a decentralized autonomous organization (DAO) model. The DRIFE ecosystem is governed by a network of token holders who have a say in the decision-making processes. The DRF token gives every stakeholder voting rights and enables them to take part in the governance, ensuring that the community needs and priorities are addressed.

DRIFE even uses NFTs (Non fungible tokens). DRIFE Council NFT is their unique approach to uphold the idea of ‘decentralization’ through DAO Governance, which endeavors the growth of the DRIFE ecosystem and brings added value to the DRIFE community.

DRIFE Council members are a group of 200 members responsible for most approvals taking place in the DRIFE ecosystem, starting with approvals for proposal voting and franchise vetting and more. According to Firdosh, “The launch of DRIFE NFT is also a strong indication of our commitment to the utility of DRF (decentralized ride-hailing fuel). We believe that DRF has a bright future as a utility token, and it will continue to play a vital role in the DRIFE ecosystem. DRIFE NFT is an integral part of the DRIFE DAO Framework.”

DRIFE IN UAE

In 2023 DRIFE achieved pivotal successes with licenses in Karnataka, India. At the end of 2023, DRIFE had over 350,000 users and 30,000+ drivers. Today DRIFE expands its operations to the UAE. DRIFE has been granted an e-hailing license.This groundbreaking achievement was made possible through the partnership with AASA Passenger Mobility Services LLC subsidiary of AASA Group, an affiliate of EII Capital (Formerly known as EMAAR Industries and Investments), DRIFE’s franchise partner in Dubai, who played a pivotal role in securing the license.

Firdosh explains, “We are very proud to have received an e-hailing license allowing us to compete against the likes of UBER and Careem which are both Taxi 2.0 mobile based taxi applications. It was not easy acquiring a license in the UAE; it took nine months because here everything is well systemized and organized. This had always been a dream of mine and very honored to see us here.”

Firdosh explains, “To start with, we will work with Limousine drivers, and then eventually we hope to get the RTA taxis on board. Riders can hail a DRIFE Taxi from Dubai and travel anywhere in the UAE.”

At present, bookings can only be made from within Dubai, so the next step according to Firdosh is to obtain a license from Sharjah as well.

In addition, DRIFE is still not utilizing its DRF token in the UAE as it needs approval from Dubai’s Virtual Asset Regulatory Authority. Firdosh states, “We are in the process of receiving approval from VARA to utilize our token, once received we will integrate it into the application.”

Drivers of DRIFE all go through an extensive KYC (Know your customer) process as well as extensive training.

The Future of DRIFE

As for the future of DRIFE not only globally but in MENA, Firdosh aims to expand DRIFE’s operations in India, and within the UAE. She then aims to acquire a license in Saudi Arabia.

Firdosh states, “We want to expand DRIFE across MENA and India, we are looking for partners in KSA because eventually we want to have a strong presence in the region.”

In the future DRIFE will be doing a fundraiser round but at the moment the focus is on the launch in the UAE. Firdosh explains, “My vision for DRIFE is for it to become a global phenomenon, impacting as many drivers as possible. In the end everyone can be part of DRIFE. For us, DRIFE is not just about WEB3 Taxi, but about solving all the problems in the mobility space.

Firdosh believes that drivers can contribute to building a decentralized mobility infrastructure, whether that includes maps or other infrastructure related solutions. This is one of the reasons DRIFE chose the Sui blockchain to be strategic partners to help build mobility specific use cases.

vintage collectibles are now immutable with Sui Blockchain

vintage collectibles are now immutable with Sui Blockchain

UAE vintage pop culture group, AGSpeedy announced a joint venture with Speedy Comics called AGSpeedy Technologies which will use AI and Blockchain to authenticate memorabilia and verify them immutably.

The joint venture, AGSpeedy Technologies will utilize the Sui layer 1 blockchain and smart contract platform.

AGSpeedy Technologies is the brainchild of AGS, an AI-based card grading system that provides authentication and grading services for physical collectibles, from sports trading cards to trading card games like Pokemon and Magic The Gathering, and Speedy Comics ME, the Middle East’s leading destination for vintage comics and collectibles.

Parent company AGS is responsible for grading nearly one hundred thousand cards in 2023, while its AI database covers millions more.

Collectibles have always had a tight grasp on the imagination of consumers – from stamps to the trading card games of the 90s and beyond, consumers love to collect, trade, and own.

 AGSpeedy’s system scans physical collectibles and uses its AI engine to verify and grade the item, generating an authenticity certificate which includes the item’s grade and uploads it to Sui. The certificate serves as an immutable digital twin of the collectible item, which is tradable or sellable, and any change in ownership will be recorded.

Using Sui’s native feature zkLogin, any user can create an account on Sui with credentials from Google, Slack, Twitch and more, abstracting away from the need for private key management. 

“One of the biggest roadblocks to digital collectibles has been onboarding users to web3,” said Alex Aleksandrovski, co-founder of AGSpeedy Technologies. “The process is difficult and confusing to the average person. Because it is so easy to create a web3 wallet using a web2 login on Sui, Sui is finally presenting the solution. AGSpeedy’s goal is to allow collectors to digitize their physical cards and collectibles and we are confident that Sui is the best partner to make that happen.”

“Through this collaboration, AGSpeedy is set to transform the collectibles industry by enhancing market confidence and liquidity,” said Rashed Mohammed Zubair Al Farooq, CEO of Speedy Comics Group and CEO of Pop Con ME. “Recording grading on Sui provides a tamper-proof, immutable record of an item’s quality and condition, increasing trust among buyers and sellers. This heightened confidence is expected to boost market activity, making it easier for collectors to trade and liquidate assets with peace of mind in a trusted and safe secondary marketplace. This technology is completely unique to this region, and this is just the beginning.”

“Collectible authentication is the perfect use case for blockchain technology,” said Evan Cheng, CEO of Mysten Labs and Original Contributor to Sui. “The combination of AI-powered grading and blockchain-based verification for collectors in the MENA region has the potential to reduce fraud while also introducing fans around the world to web3-powered technology, which is what we set out to accomplish with Sui – creating real world solutions for real world problems.”

UAE Fils and Geidea unite to deploy sustainable digital payments

UAE Fils and Geidea unite to deploy sustainable digital payments

Geidea, recognized as one of the 25 top Fintech companies by Forbes Middle East, has partnered with UAE based Fils a force in simplified climate action, empowering businesses of all sizes to embed climate positivity into transactions using their API.

Geidea’s collaboration with Fils not only underlines its commitment to reshaping the digital payments landscape but also signifies a pioneering step towards a sustainable future, aligning seamlessly with Fils’ mission to transform industries, including banking, travel, eCommerce, and fintech, towards environmental consciousness and carbon neutrality. This exclusive partnership is set to make a lasting impact on the UAE’s digital payments sector and beyond.

Fresh from being the official payment and POS provider for the United Nations Climate Change Conference (COP 28), Geidea demonstrates its commitment to sustainability through this collaboration with Fils.

Geidea and Fils are set to embed sustainability into every aspect of their activities. Merchants will now have the capability to empower customers by providing estimates of carbon emissions for specific transactions using Geidea’s payment gateways. Whether it’s flights, rides, products, or shipping, customers can gain valuable insights into the carbon intensity of their actions. This not only fosters a culture of sustainability but also enables informed decision-making.

After being given an estimate of their carbon footprint, the collaboration with Fils allows customers to seamlessly contribute to trusted carbon credit projects directly from any product interface. This streamlined process empowers users to actively support a greener future and reduce their carbon footprint effortlessly with every digital payments transaction. Fils is utilizing blockchain technology in its offering.

Commenting on this transformative partnership, Sailesh Malhotra, General Manager Geidea GCC stated, “At Geidea, we are thrilled to continue leveraging our technology to contribute to impactful and tangible solutions. This partnership with Fils aligns with our mission to go beyond conventional payment services, introducing a new era where sustainability is integrated into the very fabric of digital transactions.”

Nameer Khan, founder and CEO of Fils, stated, “Our collaboration with Geidea is a significant step in Fils’ journey towards leading sustainable innovation in the global fintech landscape. Starting from UAE this partnership will extend regionally, reinforcing our commitment to ESG values across key regions. Working with Geidea is not just about fulfilling our environmental mission; it’s a testament to Fils’ visionary technology and dedication to making every transaction a positive force for our planet. Together, we are setting new standards in sustainable finance, demonstrating that progress and environmental stewardship can go hand in hand.”

Prior to this Fils signed an MOU with Mashreq Bank, a financial institution in MENA. The partnership will develop a corporate carbon offsetting offering that helps corporate and institutional clients to integrate carbon offsetting directly from their Mashreq corporate accounts.