Oman Development Bank utilizes blockchain enabled solutions

Oman Development Bank utilizes blockchain enabled solutions

The Oman Development Bank will be digitizing its operations utilizing low code blockchain enabled solutions from NewGen Software.

Newgen Software, a global provider of low code digital transformation platform will streamline Oman Development Bank’s banking processes.

Oman Development Bank, the financing arm for the government to support SMEs based in Oman is dedicated to enhancing its banking processes, aiming for a seamless, secure, and omnichannel experience for its customers.

The bank has opted for Newgen’s intelligent process automation (BPM) and contextual content services (ECM) offerings, built on the NewgenONE low code platform. This project would be executed with the help of Newgen’s platinum implementation partner, Ikyam Technologies.

The Newgen Intelligent process automation and contextual content services are built on a low code platform that manages content, processes ad communication. It empowers  employees to easily develop applications, from automating small departmental functions to enterprise wide solutions

The platform helps leverage cutting-edge capabilities such as robotic process automation (RPA), digital sensing, mobility, analytics, and blockchain,

Leveraging Newgen’s solutions, the bank will oversee the entire content lifecycle, from origination to disposition. The solution provides efficient tools for capturing content from diverse sources and facilitates instant document uploads—managed within a secure, centralized repository. The bank can optimize processes and foster collaboration between front- and back-office teams through user-friendly workflow automation. Moreover, the solution will allow DB to mitigate business risks by ensuring compliance and securing business-critical information. The integration with core banking and third-party systems will provide a unified experience.

“With Newgen’s robust solution, we look forward to achieving a paperless work environment that will enhance efficiency, reduce overall costs, and eliminate process bottlenecks. This will help us meet the targeted growing demand and scale operations to handle high-volume transactions efficiently, leading to a better customer experience. With this implementation, we are poised to set new benchmarks in delivering innovative financial services, empowering SMEs financially, and aligning with the country’s economic development goals,” said Mahmood Al-Yafai, Digital Transformation Program Director, Development Bank.

“It brings us great pleasure to partner with DB, supporting and advancing their digital transformation program’s goals. DB’s trust enhances our standing as a robust, adaptable, and scalable platform meeting the diverse spectrum of banking customer needs. We look forward to helping the bank build a strong foundation with digital banking and supporting their future initiatives,” said Vivek Bhatnagar, VP – EMEA Sales, Newgen Software.

Turkey gives the UAE a run for its crypto status

Turkey gives the UAE a run for its crypto status

For as long as can be remembered, the UAE has been at the forefront of the crypto scene in the MENA region. To date it has outpaced most of the countries in the region, but it seems that Turkey is starting to give the UAE a run for its crypto status.

During the past several weeks many crypto related announcements have been coming out of Turkey.

The first which was interesting was the expansion of Turkish home grown crypto trading and mining platform to Brazil. Bitci aims to open a cryptocurrency trading platform in Brazil and then Spain.

Chief Executive Onur Altan Tan said in an interview that he hopes a Brazilian exchange will build on its tie ups with soccer clubs there, given that the company offers fan tokens.

He stated, “We are opening a crypto exchange in Brazil because we have valuable assets there. We have released fan tokens of Brazil’s national team and we have agreed with six other clubs.”

Tan said after Brazil and Spain, Bitci plans to open crypto exchanges in some countries in Central Asia, India and Russia in 2024. 

But that is not all that is coming out of Turkey. Turkish banks are also gearing up towards crypto. Turkish AkBank announced the acquisition of local crypto firm Stablex as it aims to become a key player in the digital asset space.

Then Garanti BBVA, another leading Turkish bank, launched its crypto wallet app the following day. The application has a cold wallet feature and allows users to send and receive assets like Bitcoin (BTC), USD Coin (USDC) and ether (ETH).

Turkey ranks among the top 20 countries in Chainalysis’ Global Crypto Adoption Index 2023.

Finally Turkey’s finance minister, Mehmet Simsek, recently announced that the nation’s crypto regulations are in their “final stages.” According to the report, these impending regulations are designed to mitigate the risks associated with trading in crypto assets and faciliatate the removal of Turkey from FATF (Financial Action Task Force) grey list.

The proposed regulations outline a licensing framework for digital currency asset trading platforms overseen by Turkey’s Capital Markets Board (CMB). This framework will introduce minimum operating standards, including specific requirements for founders and managers, organizational obligations, and capital stipulations.

As reported by Reuters, Simsek’s announcement reflects Turkey’s approach to integrating crypto assets into its regulated financial landscape.

This is happening while the UAE still lags behind when it comes to Central Bank framework for virtual assets payments, remittances and settlements. While many crypto exchanges in the UAE have received licenses, none have confirmed which banks they are working with when it comes to fiat and crypto on and off ramp.

In terms of traditional banks, again most UAE banks have stayed away from crypto. It hasn’t helped that the UAE Central Bank issued a new guidance on anti-money laundering and combating the financing of terrorism (AML/CFT) for licensed financial institutions (LFIs) with a focus on the risks of dealing with virtual assets.

Companies such as WadzPay still await the Central Bank framework that would allow them to move forward with their pilot solution with Dubai Duty Free for implementing a digital assets settlement platform. But so far the only partnership Dubai Duty Free has signed up with is AliPay allowing customers access promotions and pay with their home digital apps at duty-free stores at Dubai and Al Maktoum International airports.

Blockchain and digital assets enter the insurance sector in UAE

Blockchain and digital assets enter the insurance sector in UAE

The DFSA ( Dubai Financial Services Authority) the regulatory arm of Dubai’s International Financial center recently announced that it would be updating its crypto assets regulatory framework with new amendments that would cover crypto assets, crypto custody DeFi, stablecoins, crypto investment funds money laundering and terrorist financing, as well as blockchain and crypto in insurance

It is asking for feedback on its consultation paper by March 3rd 2024. One of the most interesting topics mentioned by DFSA was utilization of Blockchain and crypto in insurance.

The DFSA noted in their consultation paper that given that crypto tokens are being discussed in the context of insurance including the utilization of DLT (Distributed Ledger Technology), for insurance, as well as crypto tokens for denominating policies, receiving premiums and paying out claims, even underwriting risks in crypto market, has prompted DFSA to seek feedback.

DFSA is seeking feedback on market trends regarding underwriting Crypto Token specific risks and associated regulatory risks; regulatory risks, and the prudential treatment of crypto exposures where Insurers receive premiums and pay out claims in Crypto Tokens.

In parrallel BCG recently published an article on how insurance firms are utilizing metaverse and blockchain in their operations, and how this trend will grow.

According to BCG some firms use blockchain records to process claims and detect fraud, while others deploy the technology to offer customized insurance products. It is noteworthy that UAE’s Ministry of Health has utilized blockchain technology for some time now.

BCG believes there are six strategic opportunities for the insurance industry after BCG evaluated leading insurance companies on 43 relevant dimensions and found that insurance companies were not only willing but it was feasible for them to do so.

According to BCG, insurance companies can increase revenues by using blockchain technologies.

Blockchain technology-related revenues for the insurance industry are expected to rise from their 2022 level of $425 million to about $37 billion by 2030. This represents revenue growth of 70% per year.

BCG’s analysis found that 60% of insurance companies are already investing in blockchain, and 80% of their C-suite executives believe that blockchain can enable efficiencies. The increase in revenues is expected to develop within the broader context of a $708 billion revenue gain across all industries and regions from metaverse and blockchain technologies.

The many use cases for metaverse and blockchain technologies fall into six broad strategic opportunities that can unlock substantial business value.

Insure Digital assets

First it can create new revenue streams. Firms can underwrite policies that insure digital assets, such as non-fungible tokens (NFT) cryptocurrency investments, and cryptocurrency keys. Firms can also commercialize the assessment tools used to underwrite emerging risks.

Insurers can also create new revenue streams by developing offerings to address risks related to metaverse technologies. For example, virtual-asset policies can insure against risks such as cyber-attacks and data loses, which are inherent to virtual environments.

Smart Contracts for transactions

The second opportunity is smart contracts, programs stored in a blockchain that run when certain conditions are met and that keep a verified record of all related transactions, which can particularly help insurers expand their product portfolio.

Firms can use smart contracts to create new types of policies that can be activated and deactivated on demand. Specialized underwriters can pool their knowledge to write multiparty insurance policies, each underwriting the risks with which they feel comfortable, and use smart contracts to manage the complexity. And carriers can use smart contracts to offer inexpensive contingency-based insurance for many small risks that would otherwise be difficult to insure. For example, companies could cover short-term work engagements for freelancers, one-time events for commercial venues, seasonal residential rentals for homeowners, and transactions by drivers working with ride-sharing services.

Improved underwriting

Insurers can also improve Underwriting and Claims Processes. Insurers can use blockchain and metaverse technologies to improve some underwriting and claims processes. In doing so, companies can improve the reliability of customer data, reducing existing loss ratios and decreasing the risk profile of the entire portfolio.

By implementing blockchain, an insurer can access the end-to-end record of an insured object’s life cycle, enabling more accurate underwriting and preventing fraud. An insurer can not only store the current value of the insured object but also trace back its provenance, seeing the object’s value whenever it was bought and sold. The insurer will also be able to see its value at the time of all subsequent transactions.

Detect frauds, settle claims

In addition Blockchain systems can help detect fraud by assessing data reliability, thereby avoiding settlement costs for false claims. The systems can also reduce the costs associated with high-volume, low-value claims by making it easier to manage them. Additionally, the automated ledger and tracking inherent in blockchain systems can streamline operational inefficiencies and reduce delays in settling claims. The latter two benefits are possible given the immutability of a blockchain ledger and blockchain’s capability to monitor policyholders’ digital identities using digital identity wallets.

OneDegree in UAE to insure digital assets

The announcement made by DIFC comes just after Hong Kong based digital asset insurance provider, OneDegree, announced it was expanding its offering to the UAE through a local partnership with Dubai Insurance Company.

Both UAE local entity and OneDegree will insure digital asset firms in the UAE using its OneInFinity product offering.

OneDegree is in the process of setting up its entity in Dubai UAE. The company will offer several types of insurance required by the Virtual Assets Regulatory Authority’s (VARA) new cryptocurrency regulatory regime in Dubai, including commercial crime insurance, professional indemnity insurance, and directors and officers insurance.

Conclusion

The discussion both on a regulatory level, as well as in terms of partnerships on the ground in UAE for implementing blockchain and crypto in the insurance industry, is a reflection of the readiness the UAE is at in terms of digital asset adoption.

For many when insurance companies start ensuring crypto, NFTs, and digital assets that means the technology and the regulations around it have become mature, and is a pre-requisite for the onbaording of institutional investors.

UAE experts and regulators weigh in on U.S. Bitcoin ETF

UAE experts and regulators weigh in on U.S. Bitcoin ETF

The globe is reacting to the U.S. SEC’s green light to launch the first US listed exchange traded funds, Bitcoin ETFs for 11 companies and has had a ripple effect in the MENA region. The SEC approved the Bitcoin ETF on January 10th, with skepticism towards crypto still present in Gensler’s statement.

The full list of companies that got SEC approval to launch Bitcoin ETFs are: Ark Invest together with 21 Shares; Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Hashdex, Invesco, WisdomTree, Valkyrie and VanEck. Some of their ETFs will be trading on January 11th 2024.

The Bitcoin ETFs will track Bitcoin, opening the door to cryptocurrencies to many new investors who don’t want to take the extra steps involved in buying actual Bitcoin.

So what is an ETF? An ETF is an easy way to invest in assets or a group of assets without having to directly buy the assets themselves. It is similar for example to the SPDR Gold Shares ETF allows anyone to invest in gold without having to find a place to store a bar or protect it. In addition, ETFs can also be easily traded on stock exchanges.

The decision to approve the ETFs is a win for huge fund managers like BlackRock, Fidelity Investments and Invesco who will manage the funds given they have pushed hard to get the SEC to approve them.

Yet Gary Gensler, SEC’s chairman stated, “Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.” While other commissioners expressed alarm that the SEC agreed to approve the funds.

Regardless of the negative statements, Standard Chartered analysts said the ETFs could draw $50bn to $100bn this year alone, potentially driving the price of Bitcoin as high as $100,000. Others have said inflows will be closer to $55bn over five years.

All this has brought forth speculations that fund managers will create ETFs around Ethereum soon.

While most agree that the success of Bitcoin ETFs will depend on fees and liquidity. This is why some issuers have proposed fees between 0.2% to 1.5% such as BlackRock and Ark/21shares while other firms have waived fees entirely for a certain period of time.

UAE experts, regulators, investors, and crypto exchanges weighed in their views on the U.S. Bitcoin ETF, and here is what they had to say:

Bitcoin ETF a significant milestone for the industry that could spur investment

Dubai’s virtual asset regulatory authority represented by its CEO Mathew White told LaraontheBlock, “Without a doubt, this ETF approval is a significant milestone for the industry. We need to wait and see what the capital inflows look like to see the real impact, but in theory we could see increased liquidity and reduced volatility of Bitcoin over time, which is good for the industry as a whole in the long term. Stability and transparency pave the way for more innovation and I expect this move to eventually spark further investment into this sector.”

Bitcoin ETF: will unlock wider adoption of crypto in UAE

Saqr Ereiqat, Co-Founder and Managing Partner at Crypto Oasis Sentio commented, “The recent regulatory green light for Bitcoin ETFs marks a pivotal moment for the global financial landscape, and its ripples are likely to be felt particularly strongly in the United Arab Emirates. This landmark decision unlocks doors for wider adoption of cryptocurrency within the UAE, a region already well-positioned to become a global crypto powerhouse.”

Bitcoin ETF: legitimacy and recognition from traditional financial institutions

Stefan Kimmel CEO M2 a UAE regulated crypto exchange, explained that while other countries had already approved Bitcoin ETFs previously, the recent approval in the US marks a “monumental shift for the entire cryptocurrency ecosystem.  It feels like a turning point and an emotional victory in the ongoing narrative surrounding Bitcoin. This development not only provides investors with a more accessible avenue to enter the Bitcoin market but also adds a layer of legitimacy and recognition from traditional financial institutions.”

He adds, “The ETF approval will attract a broader range of investors, including institutional players who may have been on the sidelines due to regulatory uncertainty. This merging has the potential   to redefine investment strategies, allowing investors to diversify portfolios seamlessly across traditional assets and digital assets.”

In terms of the UAE He believes, “The UAE has strategically positioned itself as a global hub for digital assets. With the ETF approval, the UAE is now perfectly poised to take advantage of a new wave of digital asset investment driven by institutional investors searching for regulatory clarity and a favorable market environment. The approval signals a growing acceptance of digital assets within the mainstream financial system, potentially paving the way for similar advancements in the broader cryptocurrency space.”

Bitcoin ETF: Bitcoin can now take on the mantle of Digital Gold

Matt Dixon Founder and CEO Evai Crypto ratings, which uses AI and Machine learning technology to help crypto traders build wealth, believes that this green light is an important milestone where the phase is now ripe for the entrance of institutional adoption after early retail adoption allowed BTC to grow from $0 to $69,000.

He states, “ETF approval should translate to an increased demand, whilst Bitcoin Halving in April reduces the supply. Now if we consider the Stock to Flow Ratio, which incidentally has been a great predictor of Bitcoin pricing, then indications are that Bitcoin could at last take on its mantle of Digital Gold. As of April it will achieve higher Stock to Flow ratio than the precious metal itself. This could create a real squeeze on price with the possibility of Bitcoin achieving price projections of up to $1 million according to some industry analysts.”

He adds, “With the potential of further QE Fiat money printing by the FED if the US economy enters recession this year as some predict, then the limited supply of Bitcoin could cause it to shine even brighter.”

Bitcoin ETF: Investing in Bitcoin directly is better than investing in its derivative

Talal Tabaa Co-Founder and CEO of CoinMENA, a regulated crypto broker out of UAE and Bahrain, believes that Bitcoin ETF’s will add a lot more credibility to Bitcoin, and the UAE will soon follow suit. He also espouses that the best way to buy and invest in Bitcoin is directly.

He states on LinkedIn, “ There are three reasons why investing in Bitcoin directly is better than investing in a bitcoin derivative, First is Zero Management Fees: While ETF firms compete to lower their management fees, there are no fees for holding actual Bitcoin, leading to higher returns over time. Secodly is 24/7 Trading: ETFs only trade between 9:30 am and 4:30 pm on weekdays (if it’s not a holiday). Bitcoin trades 24/7, every day, and finally not your keys, not your coins: Owning Bitcoin in self-custody means having complete control over the asset with no counterparty risk. This will become increasingly important over the years.”

Bitcoin ETF: Bitcoin resilience paving the way to an Ether ETF

 Ben Zhou, co-founder and CEO of Bybit, the world’s third largest crypto exchange by volume, believes the approval of the Bitcoin ETF is a testament to the resilience of Bitcoin, an asset that continues to outperform despite facing an array of challenges.

In a commentary he states, “I believe that the real significance of the Bitcoin ETF extends far beyond today’s market dynamics. It heralds a new epoch of institutional and wider crypto adoption, paving the way for an Ether ETF and mixed products like a Bitcoin and Gold ETF. It’s a clear indicator that crypto’s inherent value as a global transaction system with near instant finality and total transparency is being realized. nd now, with everything in place, we anticipate greater institutional exposure to crypto. The investment landscape is evolving, and digital assets are becoming a mainstay in the portfolios of investors worldwide.

Conclusion

Regardless of the positive reactions and some negative ones too, the United States approval of a Bitcoin ETF is a win for the crypto community of enthusiasts. It means crypto is here to stay whether you like it or not. It means acceptance has started amidst regulation.

The UAE will make the best of it given it has already prepared the ground work.

For the skeptics it means the financial freedom once espoused by the early adopters of crypto could be eroded in the future. The big guys are taking over, the BlackRocks of the world are now playing the game.

Yes Bitcoin will soar, but will it continue to democratize the financial system, that is another story altogether.

OKX gears up for UAE license with arabic language website

OKX gears up for UAE license with arabic language website

OKX is gearing up towards its official launch out of the UAE as it awaits its license from Dubai’s virtual asset regulatory authority (VARA) with the launch of its Arabic language website and application for both crypto trading and Web3 services.

As per the press release, this initiative marks a significant step in making digital assets and web3 technologies more accessible to Arabic-speaking audiences.

With the Arabic website and application OKX is catering to the unique needs of different markets, ensuring a smooth and user-friendly experience for Arabic-speaking users.

OKX MENA General Manager Rifad Mahasneh said, “The introduction of the Arabic OKX website and app represents our customer focus and commitment to growth. By offering our exchange and web3 platforms in Arabic, we aim to empower more individuals to participate in the evolving digital economy seamlessly. The addition of Arabic to our global platform brings the total number of languages available to 22, highlighting our global reach and dedication to customer service.”

OKX’s crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users. OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.

OKX announced the establishment of its Hong Kong entity (OKX Hong Kong) in March 2023 for the purpose of applying for the VASP license and operating as a virtual asset trading platform in Hong Kong. In September 2023 OKX announced that it was in its final stretch of its virtual asset service provider (VASP) license in Hong Kong. The exchange is expected to receive approval by March 2024.

In UAE, OKX received its MVP preparatory license from Dubai’s VARA in June 2023 and is still awaiting its final license. In November of 2023, OKX announced the appointment of a general manager for the MENA region based out of Dubai UAE.

In December 2023 the exchange delisted multiple tokens based on user feedback and failure to adhere to its delisting/hiding guidelines, including several privacy-focused tokens. The first batch of delistings will see KSM, FLOW, JST, ANT, FSN, KZS, CAPO, and CVP trading pairs delisted on January 4, 2024. Followed by XMR, DASH, ZEC, and ZEN, delisted on January 5, 2024. This is a requirement by VARA as it does not allow the trading of privacy focused tokens.

New UAE Fashion luxury brand launches collection with NFTs

New UAE Fashion luxury brand launches collection with NFTs

UAE luxury brand Kelvin Haus launches with a unique collection that utilizes NFTs to offer consumers a sustainable future for fashion.

Founder Hammad Anwar shares, “Our journey starts here, in the heart of the UAE, where each garment reflects our commitment to supporting the local community while championing eco-conscious fashion.” Aligned with Vision 2050, Kelvin Haus ethically sources sustainable raw materials and expertly crafts them in the Kelvin Haus Atelier, a symbol of luxury and exclusivity.”

In its first product release dubbed “The Street Tee.. Dubai edition” of just 971 pieces, they are introducing Blockchain ownership and NFTs (non- fungible tokens) to deliver authenticity and interactive engagement with every garment. The NFTs will also offer customers unique experiences and benefits, showcasing Kelvin Haus’s commitment to leading in fashion technology.

Collaborating with local artists, Kelvin Haus has curated a limited edition design that authentically captures the vibrant essence of Dubai. The brand’s unwavering commitment to inclusivity is evident in its exhaustive efforts to cater to all body sizes, offering a diverse range of fits tailored to suit every unique body type.

Sustainability is the cornerstone of Kelvin Haus. With the fashion industry generating 1.92 million tons of textile waste annually, the brand champions the use of recycled fibres, adhering to the highest ecological standards such as OEKO-TEX® and GOTS. Kelvin Haus pioneers the circular fashion economy with sustainability embedded in every operation.

Moroccan advisory firm to offer blockchain cyber security solutions

Moroccan advisory firm to offer blockchain cyber security solutions

Moroccan BDO advisory has partnered with Naoris Consulting to integrate Naoris’s solutions including their blockchain based security protocol into their service offerings.

According to the announcement the integration is specifically designed to meet the unique challenges of the French-speaking African market.

The synergy between BDO Advisory and Naoris will make it possible to develop tailor-made digital transformation strategies, with a particular emphasis on cybersecurity. The objective is to use Naoris’ advanced technology to strengthen the resilience and competitiveness of African organizations and businesses, explains BDO Advisory.

On LinkedIn, Zakaria Fahim Managing Partner of BDO Morocco, stated, “We are excited to promote our strategic partnership for advancing decentralized cybersecurity using blockchain technology. This collaboration is key to providing innovative, secure solutions for Morocco and Africa.”

He added, “Our shared goal is to develop advanced cybersecurity systems leveraging blockchain’ s decentralization and transparency. This partnership will enable us to offer robust solutions tailored to the unique challenges faced by our enterprises in Africa and globally.”

Naoris Consulting on LinkedIN noted, “We are excited to share a pivotal chapter in our story. We’re embarking on a strategic partnership with BDO Morocco, a union of vision and expertise to revolutionize digital transformation with cybersecurity as a backbone in Francophone Africa. Envision a landscape where every organization in Francophone Africa is empowered to thrive digitally, bolstered by unyielding cybersecurity. This partnership is our stride towards turning that collective dream into a tangible reality, ensuring a safer and more innovative future for all.”

More and more Blockchain companies are moving to Morocco to serve the African region, including entities such as The Hashgraph Association, IR4Labs and others.

Blockchain DeFi Finance platform receives a license in Saudi Arabia

Blockchain DeFi Finance platform receives a license in Saudi Arabia

MRHB a halal, decentralized finance (DeFi) platform built for Ethical and Inclusive DeFi has expanded into the Saudi market after receiving a license from the Ministry of Investment.

MRHB plans to relocate its research and development team to Riyadh KSA.

According to the press release, “At $830bn Saudi Arabia has the largest Islamic Banking market globally and as such it was inevitable for MRHB.Network – the world’s most mature halal web3 ecosystem – to come onshore. By securing the license, MRHB.Network is now better able to partner with local, regulated institutions to drive its vision of a more inclusive, ethical, and halal approach to the world of decentralized finance and digital assets.”

The relocation of MRHB.Network’s R&D team to Riyadh is a strategic decision to tap into the vibrant and innovative fintech and venture capital ecosystem in the region. Riyadh’s dynamic, tech-forward environment offers the perfect backdrop for MRHB.Network to spearhead research and development efforts to bring the six trillion dollar Islamic economy into the digital assets era.

On LinkedIn Founder of MRHB Naquib Mohammed stated, “With great pleasure, I am excited to announce that MRHB.Network has received the local license from The Ministry of Investment, Saudi Arabia and has now expanded to the Kingdom. Our R&D team will soon relocate to Riyadh, where we will begin the next phase of our research and development. We are committed to providing empowering fintech solutions to the GCC, MENA region, and beyond.”

Prior to the move to KSA, MRHB Network partnered up with Shari’ah Review Bureau (“SRB”), a Bahrain-based Shari’ah advisory firm, to independently assess and review its new product EMPLIFAI (Earnings Amplified with Algorithms & AI) which aims to provide Sharia-compliant passive income.  

At the time Mohammed stated, “The MRHB ecosystem aims for a wide array of crypto-based DeFi solutions. After a successful launch of the Sahal Wallet app, a multichain self-custodial digital wallet, we are pleased to present our new product to the Muslim community – a liquidity harvester product, EMPLIFAI which incorporates a Sharia-compliant mechanism and structure for users to invest and generate passive income.”

Phoenix group purchases $567 million of crypto mining hardware

Phoenix group purchases $567 million of crypto mining hardware

UAE Phoenix Blockchain, crypto mining group has purchased a total of $567 million of Bitcoin mining Hardware. The group made a new Bitcoin mining hardware purchase of $187 million from Bitmain, just a few months after it purchased $380 million worth of crypto mining hardware from Whatsminer.

Prior to this Phoenix Group invested in Lyvely, a UAE-based platform poised to reshape how creators and consumers interact and monetize online acquiring 25% of the company.

The landmark purchase worth $187 million is for cutting-edge mining machines from industry giant Bitmain. This strategic acquisition comes just after its IPO on the Abu Dhabi Securities Exchange (ADX).

“This latest deal, following our successful IPO and partnerships, signals our relentless pursuit of excellence and solidifies our leadership in this dynamic space,” declared Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group. “Partnering with titans like Bitmain and Whatsminer equips us with the best tech, fuels our growth, and redefines the future of efficient and sustainable mining.”

Phoenic Group has a  market cap of $3.95 billion as of January 4th, 2024, the Bitmain deal further amplifies Phoenix Group’s hashing power and market share.

But for Phoenix Group, it’s not just about numbers. It’s about building a better future. The company remains dedicated to green practices, integrating hydro cooling technology in collaboration with both Bitmain and Whatsminer. “Our environmental responsibility is core to our values,” emphasized Munaf Ali, Co-Founder & Group MD of Phoenix Group. “Partnerships like these, coupled with our commitment to hydro cooling, pave the way for a greener blockchain future.”

This comes as the USA and crypto enthusiasts around the world await announcements of the first Bitcoin ETFs.

Ministry of transportation in Oman pilots Blockchain solution

Ministry of transportation in Oman pilots Blockchain solution

The Ministry of Transport Communications and Information Technology in Oman will be piloting Blockchain Land transport eWay Bill on February 4th 2024.

The land transport eway bill is a blockchain enabled digital document used to authenticate and secure the process involved in land freight transportation. It includes crucial information such as quantities weights, origin, and destination of goods

As per the statement on X, the key objectives of the eWaybill include simplifying logistical operations and streamlining procedures for efficient and smooth tracking and documentation of shipments.

It will ensure service quality and enhance transportation operations; preserve and protect the interests of all parties involved, and elevate the overall quality of logistic services.

NAFITH a company that develops and operates technology-driven services that increase the productivity of trade processes and shared freight transportation infrastructure to benefit the public and advance commerce will be implementing the solution for Oman.

Nafith operates in Oman, Iraq and Saudi Arabia.

In 2023 Oman also announced that Oman’s telecom operator Omantel, and Indonesian Telkomsel signed up to GSMA’s ebusiness network accelerator program to trial next gen telco blockchain network for roaming. The new network would speed up roaming processes, support roaming agreement negotiations and expedite billing and settlement. The trials  went live in June 2023.

While Oman blockchain ID tech startup, Nashid was selected by Swiss Tech4trust accelerator to participate in their program out of Trust Valley of Lausanne, Switzerland.