SC Ventures to invest in digital assets, SMEs, the online economy from its office in Abu Dhabi

SC Ventures to invest in digital assets, SMEs, the online economy from its office in Abu Dhabi

Standard Chartered’s  venture capital firm, SC Ventures, opens office in ADGM (Abu Dhabi Global Market) Abu Dhabi UAE, after setting up a digital asset joint venture with Japanese SBI Holdings in the UAE.

SC Ventures office will engage the fintech and startup ecosystem in Abu Dhabi and the region; identify venture-building capabilities and partnerships with UAE’s venture capital community; invest in promising growth opportunities, collaborate with local universities and explore new technologies and business trends. The ADGM office will follow SC Ventures’ four high-conviction themes that include Online Economy & Lifestyle, Digital Assets, SMEs & World Trade and Sustainability and inclusion.

SC Ventures aims to tap into the region’s vibrant technology and business innovation ecosystem, venture building capabilities and access to local talent. Gautam Jain, member of SC Ventures, is slated to lead the new Abu Dhabi office.

Gautum Jain stated, “UAE’s global tech ecosystem experienced a 134% growth in Ecosystem Value — the sixth fastest globally and the biggest in the Middle East and North African region. SC Ventures sees strong opportunities in the regions’ potential to help rewire the DNA in banking through its top-notch talent and capabilities in venture building and investment mandate — specifically in the areas of fintech, digital assets and data.”

He added, “In Q3 2023, ADGM’s assets under management (AUM) increased 52% from Q3 2022. This remarkable growth has solidified ADGM’s reputation as a trusted financial hub. SC Ventures looks forward to tapping into this community of innovation as we continue to rewire the DNA in banking to best serve clients and meet society’s needs.”

“We are pleased to see additional international financial institutions choosing ADGM and Abu Dhabi as their home for business development and regional growth. We welcome SC Ventures’ strategic decision, and we look forward to witnessing its positive contributions to the financial ecosystem as well as working with broader eco-system including Hub 71, the venture capital community in ADGM and beyond, as it continues to thrive and expand its business operations and services offerings,” said Arvind Ramamurthy, Chief of Market Development at ADGM.

“ ADGM is a hotbed of innovation as the UAE is methodically building the ecosystem, aiming to develop more than 8,000 SMEs and startups by 2030 and with the goal of creating 20 startups valued at more than US$1 billion by 2031 as part of its Entrepreneurial Nation initiative. We are excited to join and will contribute to the best of our abilities, as we continue to build our portfolio of ventures to rewire the DNA of banking and financial services in the region,” said Alex Manson, CEO, SC Ventures. 

Mashreq Bank to utilize Fils Blockchain enabled platform for sustainability

Mashreq Bank to utilize Fils Blockchain enabled platform for sustainability

UAE based Fils, a Blockchain enabled digital platform for launching sustainable focused products has 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.

In a bid to eliminate the deceptive practice of misrepresenting environmental responsibility through greenwashing, Fils infrastructure uses blockchain technology to track all carbon credits used to avoid double counting and provide transparency.

The MoU was signed at Mashreq’s Global HQ by Nameer Khan, founder of Fils; and Mashreq’s Head of Corporate and Investment Banking Group, Joel D Van Dusen, with the support of the UAE’s Chief Trade Negotiator and Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, H.E. Juma Al Kait.

The agreement represents the first step in Mashreq’s development of specialized carbon-offsetting blockchain enabled financial products, which will launch in collaboration with selected UAE-based Mashreq corporate clients. With the initial solution expected in the first half of 2024, the announcement represents a critical milestone for the region’s financial sector, underlining a significant shift towards incorporating environmental responsibility within the region’s financial practices.

Within the UAE, carbon credits are an increasingly important part of the decarbonization strategy. The partnership between Mashreq and Fils will create a solution that solves a number of historic challenges, including the fact that trading markets are not typically accessible directly by corporates.

The account will also solve the problem of minimum purchase amounts that typically apply, whereas FILS will provide fractionalized credits. This removes the complexity and accessibility of dealing directly with the carbon credit markets and simplifies the purchasing, auditing, and reporting through Mashreq.

Joel D Van Dusen, Head of the Corporate and Investment Banking Group at Mashreq, said, “This initiative will have a broad impact on Mashreq’s corporate clients, offering a solution designed to contribute towards environmental sustainability. It also reinforces the UAE’s position as a pioneer in integrating sustainability into its economic and financial sectors, aligning with the nation’s role in hosting COP28 and its ambition to lead global sustainability efforts. Furthermore, the pioneering initiative signifies Mashreq’s dedication to sustainable practices.”

The new carbon offsetting corporate offering from Mashreq is a unique product that reflects the growing use of carbon credits. 41% of global companies plan to use carbon credits to meet their  carbon reduction targets, and the carbon credit market is expected to grow at a 30% CAGR over the coming years.

Nameer Khan, Founder of Fils, said, “Fils’ partnership with Mashreq in the development of a ground-breaking carbon offsetting product is a powerful catalyst for the evolution of ESG enforcement across the region’s financial markets.  Created with transparent KPIs, the accounts spell the end of greenwashing and clear a path towards greater accountability and implementation of actionable outcomes that can improve the sustainability of the world we live in.”

Blockchain consulting firm enters MENA with ivolve technologies in UAE

Blockchain consulting firm enters MENA with ivolve technologies in UAE

Nisum is a global digital consulting firm based in Silicon Valley which leverages over 20 years of industry expertise in digital strategy and engineering, data-driven insights and analytics, blockchain solutions, customer-centric experiences, business agility, and software development, has entered the Middle East market through a partnership with iVolve.

This strategic partnership between Nisum and iVolve unites a strong duo of global technology firms offering their clients access to a wide array of industry-leading services, including private and public cloud consulting, Kubernetes and OpenShift consulting, DevOps and application modernization, cyber security services, and more.

iVolve Technologies is a UAE cloud consulting company specializing in a wide range of cutting-edge cloud-native technologies. With a focus on Application Modernization, Automation, Kubernetes, Red Hat OpenShift, DevOps, GitOps, DR, Migrations, and Public Cloud solutions.

“iVolve’s established regional footprint and offices in the UAE and KSA align seamlessly with Nisum’s goals, fostering collaboration and innovation tailored to local needs. iVolve’s advanced cloud capabilities enhance Nisum’s technological landscape, providing a competitive edge. In return, Nisum contributes specialized expertise, particularly in application development. The partnership creates a robust value proposition for both entities,” said Salman Kassim Mohammady, Pakistan Country Head at Nisum.

“At iVolve Technologies, we’re thrilled to announce our strategic partnership with Nisum. This collaboration propels us to provide clients with cutting-edge technology to deliver business applications, amplified software development services, and the unmatched expertise of Nisum’s seasoned architect team. We eagerly anticipate the growth of our partnership and the collective impact on our clients,” said Mr. Amin Ali Amin, COO & MD of iVolve Technologies.

This strategic partnership marks a new era for Nisum and iVolve as they join forces to contribute to the growth and technological advancement of the Saudi Arabian and Middle Eastern markets.

Blockchain UPCX sponsors Qatar’s World Swimming Championships

Blockchain UPCX sponsors Qatar’s World Swimming Championships

Blockchain UPCX, a payment project is sponsoring Qatar’s World Swimming Championships including the 2024 Swimming World Cup.

The Doha World Swimming Championships are scheduled to take place from February 2nd to 18th, 2024 in Qatar’s capital and will bring together the world’s elite swimmers, water polo players, divers, synchronized swimmers, open water swimmers, and high divers, all vying for glory. Following this, from October to November 2024, the Swimming World Cup tour will unfold in three Asian cities—Shanghai, China; Incheon, Korea; and Singapore—with athletes from around the globe participating in this three-week-long event.

UPCX’s Chief Marketing Officer (CMO), Mr. Yutaka Imaizumi, stated, “As sponsors, we are honored to be part of the 2024 Doha World Swimming Championships. A global strategy has always been our priority, and our blockchain services are not limited by national borders. We are committed to global development and serving a broad user base. This collaboration will help us raise awareness of UPCX and enhance global consumers’ recognition of our brand.”

Mr. Brent Nowicki, the Executive Director of the World Swimming Association, also expressed affirmation of this partnership: “We are very honored to welcome UPCX on board. The World Swimming Association and its athletes have always considered themselves innovators. We focus on adopting the most advanced technologies to enhance performance and strengthen engagement with audiences. The collaboration with UPCX perfectly aligns with our commitment to innovation.”

UPCX blockchain technology enhances the efficiency and scalability of payment and financial services, enabling decentralized payments to compete with traditional credit cards and mobile payment methods in terms of performance. With its brand and technology showcase at global sporting events, UPCX is proving its professional strength and potential for continuous growth in the global blockchain payment and fintech sectors.

In 2023 Qatar sought to build both its blockchain ecosystem and framework as well as a digital assets framework.

HAQQ Blockchain and GoMeat to authenticate Halal meat

HAQQ Blockchain and GoMeat to authenticate Halal meat

The Haqq Islamic Blockchain platform has entered into another partnership. This time it is with U.S. based GoMeat, a blockchain delivery application.

According to the latest data, the global blockchain-based agriculture and food supply chain industry is currently valued at around $150 million, and it’s projected to grow at a CAGR of 48.1% by 2025, reaching nearly $948 million. This partnership between GoMeat and HAQQ aims to onboard more local stores into this growing market using blockchain’ s advanced capabilities.

Although the US halal food and meat market is rapidly growing, it’s still significantly fragmented. There’s a real challenge for consumers living in non-Muslim communities to find halal food options regularly, and their options are often very limited. At the same time, local halal stores face scalability issues – they often cannot attract consumers outside their local communities. This partnership will try to solve these specific challenges and create a convenient way to access halal options. 

As a part of the collaboration, the GoMeat app will implement new features and functionalities possible thanks to the advanced solutions of the HAQQ network. The application’s UI will go through a complete overhaul, introducing more interactive, intuitive, and user-friendly elements. The ultimate goal of the revamped GoMeat app will be to streamline the entire halal purchasing process, from selecting the product to making the final payment.

The app will also integrate the HAQQ’s Web3 wallet, providing wider crypto payment options to the consumers. Previously, only GoMeat’s native token $GOMT was available for payments – now, they can use HAQQ’s native token, Islamic Coin ($ISLM), which is listed on several crypto exchanges, including KuCoin.

Through HAQQ’s blockchain framework, the GoMeat app will launch a new halal meat and food authentication system. Consumers will be able to verify and trace the halal certification process of the suppliers. This verification is critical for the Muslim community – halal authenticity is one of the core aspects of their purchase decision.

The app will also have several new AI-driven features. The HAQQ network recently integrated SingularityNET, an industry-leading decentralized AI platform. This integration sets up ethical and regulatory compliance in transactions, and these capabilities will now be extended to the GoMeat app.

Blockchain, and AI startups gravitate to DIFC AI Web3 hub

Blockchain, and AI startups gravitate to DIFC AI Web3 hub

Slowly but surely, the DIFC (Dubai International Financial Center) innovation hub has been welcoming Web3, Blockchain, AI entities and investor companies into their ecosystem. The DIFC Innovation Hub aims to have 500 entities by 2028.

So far they have welcomed in a dozen or more startups and investor partners. Most recently AI and Blockchain Company Mentat Technologies joined the AI &Web3 Campus. In November Mentat announced that it will develop an open source SAP connector and Enablement API to the Algorand blockchain.

Another company that has recently joined is Kodin Soft, which develops high tech software solution. The company is working on several projects including TELESCOPELIVE which empowers astrophotography and remote imaging allowing space enthusiasts to experience the night sky like never before.

Even Avail, a Blockchain project spun off of Polygon in 2023 aiming to handle data storage and verification for blockchains, which launched the data attestation bridge test net to secure data off-chain has joined. The bridge connected to Ethereum, and can be used by both zero-knowledge and optimistic rollups that use Ethereum as a base layer.

Avail aims to be a solution for layer 2s and 3s to publish data off-chain, to reduce the high transaction fees that often come from posting data on the main Ethereum blockchain.

Other companies joining include HoloFair, a metaverse platform. HoloFair facilitates seamless integration of gamification, e-commerce, and interactive elements, ensuring an immersive and data-rich metaverse experience.

Even AI startup Zarqa, incubated by SingularityNET, and specializing in Neural Symbolic Large Language Models (#LLMs) has come on board.. Leveraging engineering expertise, Zarqa pioneers the next generation of LLMs with scaled neural-symbolic AI, reflecting technical innovation and steadfast leadership.

CyberNet AI also joined the Dubai AI & Web3 Campus. Cybernet pioneers virtual voice robot services through a seamless SaaS model, featuring AIDOS, an Artificial Intelligence Dialog Operating System. Offering versatile applications in debt collection, NPS surveys, and telemarketing, Cybernet’s solution boasts an impressive 82% collection efficiency while reducing operational costs by 1.5 times.

Then there are the incubators and investors that have joined the AI Web3 campus at DIFC Innovation Hub. Metafour Labs has come in dedicated to elevating early-stage tech ventures specializing in blockchain, and Web3. The company provides strategic advisory services for successful launches and scaling.

Ibtikar a business consultancy firm for Web3 joined. While DIFC Innovation Hub and AI Web3 campus partnered with Middle East Venture Partners (MEVP), MENA venture capital firm dedicated to supporting innovative tech companies in the Middle East.

In addition to those mentioned above many other entities have joined the Web3 AI Campus as DIFC issues commercial licenses at 90% subsidies.  DIFC aims towards having a vibrant ecosystem of DLT, AI, and Web3 entities.

According to DIFC, “The initiative aims to propel Dubai’s journey towards becoming a digital society, fostering collaboration, innovation, and global talent attraction.”

The AI and Web 3.0 Campus aspires to become the MENA region’s largest hub for AI and Web3 companies. With a goal of hosting over 500 high-tech companies by 2028, it envisions bringing in $300 million in funds and creating over 3,000 jobs within five years.

Mohammad Alblooshi, CEO of the DIFC Innovation Hub , states that these licenses will elevate Dubai’s position as a preferred destination for tech-focused companies, driving world-class talent and diversified investments to the region.

Maybe this is why South Korean game developer, Wemade, and UAE DIFC Innovation Hub partnered to build WEMIX Play web3 gaming community to support Dubai Program for Gaming 2033.

Fiat crypto off and on ramp now easier in UAE with Liminal and Encryptus

Fiat crypto off and on ramp now easier in UAE with Liminal and Encryptus

Liminal, Singapore based and Hong Kong regulated digital asset custody wallet provider, which recently received an in principle approval for Abu Dhabi’s digital asset regulator FSRA in ADGM to operate as virtual assets custody provider, has partnered with UAE Encryptus which offer fiat off ramp solutions.

This partnership aims to help institutions to convert crypto to local currencies seamlessly. Liminal users will be able to convert their digital asset treasure into fiat currencies. Encryptus facilitates business payments in 54 countries and individual payments in 80+ countries to bank wires and mobile ewallets.

Encryptus will benefit by gaining access to a diverse client base seeking secure and compliant crypto to fiat solutions.

In parallel, Liminal can now offer extended service to its existing clients by integrating Encryptus’s off-ramp solutions, enabling direct crypto-to-fiat transfer right from their Vaults app.

Manhar Garegrat, Country Head India & Global Partnerships at Liminal said, “We are delighted to partner with Encryptus, a company that shares our commitment to security, compliance, and innovation. This collaboration will undoubtedly enhance our ability to provide cutting-edge solutions to our clients globally.”

Shantnoo Saxsena, CEO at Encryptus said, “The partnership with Liminal marks a strategic move towards offering a comprehensive fiat off-ramp solution to Liminal’s customers. Encryptus is committed to empower their partners to offer Crypto <> Fiat services in a secure and in a compliant way. We are really excited to be a part of Liminal’s ecosystem”

Liminal has operations spread across APAC MENA and Europe, along with offices in Hong Kong, Singapore, India and Abu Dhabi. Liminal provides bespoke wallet infrastructure for self-custodial businesses and provides custody services as a qualified custodian with a TCSP license in Hong Kong and an in-principle approval for its custody license from ADGM in Abu Dhabi.  

MRHB in KSA bridges Blockchain and AI solutions with Aligne

MRHB in KSA bridges Blockchain and AI solutions with Aligne

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.”

Dubai virtual asset regulator grants initial approval to B2B Prime

Dubai virtual asset regulator grants initial approval to B2B Prime

It seems like almost every week or so new virtual asset service providers are seeking licenses in Dubai UAE. The latest already regulated in Cyprus and Mauritius, is B2 Prime Group. Its MENA entity, B2B Prime Digital MEA has been granted initial approval for a crypto broker, crypto exchange, payment and transfer license from VARA (Dubai Virtual asset regulatory Authority).

As per the press release, licensing remains subject to fulfillment of pre-operating conditions and qualifying for operational approval by VARA.

This milestone signifies the granting of Initial approvals from VARA for licenses covering activities of “Virtual Asset Exchange Services,” “Virtual Asset Broker Dealer Services,” and “Virtual Asset Transfer and Settlement Services”.

Eugenia Mykuliak, Founder of B2Prime, expressed her gratitude for this achievement, stating, “We are excited to contribute to the growth of Dubai’s ever growing Virtual assets ecosystem.”

Arthur Azizov, Co-Founder of B2B Prime Digital MENA added, “We are extremely proud and grateful to have received initial approval from VARA, which is a testament to our determination to maintain the highest standards in regulatory compliance.”We’ve built a powerful ecosystem that not only meets but exceeds the industry’s standards, guaranteeing a safe and efficient gateway to virtual assets for users. We are ready to move forward in the licensing process in our bid to offer secure and streamlined access to virtual assets, strictly adhering to VARA’s guidelines.”

“The receipt of the Initial Approval for all three licenses, particularly the Transfer and Settlement License, was eagerly awaited and has brought immense joy to our entire team. This achievement has undoubtedly inspired us to pour our absolute best towards securing the Virtual Asset Service Provider license”, stated Adriana Paredes Herrera, CEO of B2B Prime Digital MENA.

B2Prime Group, a Prime of Prime Multi-Asset Liquidity Provider, serves institutional and professional clients globally and offers compliant, reliable expertise across Forex, Crypto CFDs, and other markets.

UAE Foreign trade Minister at Davos: blockchain makes trade more accessible

UAE Foreign trade Minister at Davos: blockchain makes trade more accessible

UAE Minister of State for foreign Trade Thani AlZeyoudi, highlighted at World Economic Forum at Davos 2024 how AI, data analytics and blockchain can make trade smarter, cleaner and more accessible.

In a tweet on X, he noted, “The UAE is leading the charge to digitize global trade. During the Davos session we discussed TradeTech’s trillion dollar promise. I highlighted how AI, data analytics & blockchain can make trade smarter, cleaner & more accessible and how our TradeTech initiative is inspiring action.”

In a tweet prior, Minister Al Thani noted, “Ahead of the WTO (World Trade Organization) MC13 meeting in Abu Dhabi, the UAE is seeking to harness global action to deliver a technologically enabled, accessible and inclusive global trading system. It was great to outline our thinking during DP World’s Strategic Dialogue on Trade at Davos.

He also talked about ISO-backed and digitally enabled, EcoMark which has been approved in UAE allowing MSMEs to showcase their green credentials, whether the sustainability of their products or value chains. He states,” It builds on our COP28 legacy and looks ahead to WTO’s MC13 in Abu Dhabi, where inclusive trade will be a key theme.

At Davos WEF in 2023, the UAE government signed an MOU with WEF (World Economic Forum) to support UAE’s new Blockchain and AI enabled Trade Tech initiative. The initiative was designed to accelerate the digitization of international supply chains, enhance customs procedures, and improve developing countries’ access to the global trading system and, as a result, spur a new era of trade growth.

From the UAE’s side, the MoU was jointly signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED), and Prof. Klaus Schwab, WEF Founder and President.

The agreement supported the UAE’s efforts to deliver the initiative’s four key components: a global forum to gather trade, industry and technology leaders to share best-practice; an annual research report into the trade tech landscape, real-life applications and emerging trends; a regulatory sandbox to enable companies and startups to experiment with trade-tech innovations; and an incubator for promising startups in the trade tech space.

This is not the first time Al Thani talks about blockchain or crypto at DAVOS. During WEF in 2023, he spoke on how crypto will play a major role in UAE trade. He was speaking to Bloomberg.

Back in 2023 commenting on the crypto sector, the minister stated that “crypto will play a major role for UAE trade going forward;” as he outlined that “the most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”