The MENA Fintech Association establishes digital assets working group

The MENA Fintech Association establishes digital assets working group

The MENA Fintech association, a nonprofit organization that serves fintech startups and established players in the sector has established its Digital Assets Working Group which will be co-chaired by Miriam Kiwan and Mo Ali Yusuf.

The Digital Assets Working Group will champion a transparent regulatory framework, while propelling the adoption and extensive use of digital assets across MENA.

Founded in 2018, the MENA Fintech Association has earned recognition as one of the top 4 fintech bodies globally. With a strong presence in the Middle East and Africa, the association has been at the forefront of driving innovation and fostering collaboration in the fintech industry.

The newly established Digital Assets Working Group takes on a pivotal role as the leading advocate and catalyst for the advancement of clear, progressive, and sustainable regulations governing digital assets across the MENA (Middle East and North Africa) region. This dynamic group will spearhead endeavors aimed at shaping and enhancing a comprehensive regulatory framework, cultivating an ecosystem conducive to digital asset innovation, all while upholding stability and security as paramount priorities.

Nameer Khan, Chairman, MENA Fintech Association, expressed his enthusiastic support for the establishment of the Digital Assets Working Group, stating, “In our journey toward shaping the future of finance, we believe that clear and innovative digital asset regulation is the cornerstone. This group will be instrumental in fostering a dynamic and secure digital asset ecosystem across MENA. We are committed to embracing technological advancements while safeguarding the integrity of our financial landscape, and the Digital Assets Working Group is a vital step in that direction.”

Miriam Kiwan, Vice President of Middle East and Africa at Circle and Co-Chair of the Digital Assets Working Group, emphasized the group’s mission by stating, ‘Our vision is to drive innovation with responsibility, and our commitment to building a regulatory framework that supports the dynamic digital asset landscape is unwavering. As we take the lead in shaping the future of digital assets across MENA, we aim to create an environment that encourages innovation, ensures compliance, and promotes trust within this transformative ecosystem.’

Miriam’s professional journey has seen her excel across diverse sectors, ranging from financial services and Web 3 / digital assets to technology, higher education, and entrepreneurship. Her forward-thinking approach and multifaceted skill set have consistently driven innovation and growth, making her a prominent figure in these dynamic industries with a global impact.

Mo Ali Yusuf, CEO of Fuze and Co-Chair of the Digital Assets Working Group, underscored the group’s mission, stating, “We believe that digital assets represent the future of finance, and our goal is to facilitate their responsible growth and adoption. The Digital Assets Working Group is dedicated to developing robust regulations that foster innovation, security, and transparency. Together, we aim to shape MENA’s digital asset landscape into a trusted and flourishing ecosystem, benefiting both businesses and consumers alike.”

Mo’s career is marked by a track record of securing licenses, fostering key collaborations, and ensuring top-tier operational efficiency. He stands as a visionary at the forefront of innovation in these dynamic industries, shaping their future on a global scale.

Ronit Ghose is a distinguished figure in the tech and venture capital landscape, serving as an Advisory Board member for various prominent firms and a leading university in diverse global hubs such as Dubai, London, and Cape Town. His illustrious career includes a background in policy work, even having served as a bag carrier for a former UK Prime Minister, reflecting his deep involvement in the political sphere. Ronit’s expertise and influence extend into the realm of fintech, where he will play an integral role as a member of the MENA Fintech Association Digital Assets Working Group, further contributing to the evolution of this dynamic sector.

The MENA Fintech Association has partnered up with various companies such as Fuze, Circle, Binance, Meta, Circle, ADGM, DIFC, and other trailblazers across the spectrum of regulators, innovators, academia, legal firms, and venture capitalists.

UAE luxury real estate Group BENMARG to offer crypto payments with UBITQUITY

UAE luxury real estate Group BENMARG to offer crypto payments with UBITQUITY

UBITQUITY, a blockchain and real estate technology company for Real World Assets for web3 is thrilled has partnered with BENMARG Group, a luxury real estate agency based in Dubai, UAE. This to enhance the luxury real estate market by showcasing BENMARG Group’s exquisite property listings on CryptoListing, a prominent platform for real estate transactions using cryptocurrencies as well as enabled cryptocurrency transactions for these luxury properties through UBITQUITY’s innovative UbitquityPay service.

BENMARG Group is renowned for curating an exclusive portfolio of luxury real estate offerings in Dubai and beyond. The company’s commitment to delivering exceptional properties that cater to the most discerning clientele aligns perfectly with the capabilities of CryptoListing and UbitquityPay.

CryptoListing, a bleeding-edge platform, provides a secure and transparent environment for the purchase and sale of real estate using cryptocurrencies. This collaboration will allow BENMARG Group to tap into the growing global market of cryptocurrency enthusiasts and investors who seek luxury properties as a store of value and investment.

UBITQUITY, LLC’s UbitquityPay service is designed to streamline cryptocurrency transactions for real estate, offering both buyers and sellers a simplified and efficient process. This service will enable BENMARG Group’s clients to seamlessly complete cryptocurrency transactions when purchasing these high-end properties.

“We are excited to collaborate with UBITQUITY, LLC, to bring our luxury real estate listings to the CryptoListing platform. This partnership allows us to cater to a tech-savvy and global audience while providing a secure and efficient way to transact in cryptocurrencies,” said George Gabriel of BENMARG Group.

“BENMARG Group’s commitment to excellence in luxury real estate aligns perfectly with our mission to bring innovation to the real estate industry. We look forward to enabling seamless cryptocurrency transactions for their prestigious properties through UbitquityPay,” said Nathan Wosnack, Founder & CEO of UBITQUITY.

Representatives from both BENMARG Group and UBITQUITY are currently at the Future Blockchain Summit in Dubai, UAE.

Concurrently UBITQUITY and Women in Blockchain Canada have joined Forces to Fundraise and Forge Enterprise Partnerships as well as bring its tech innovations to MENA at Future Blockchain Summit.

Phoenix group’s IPO to be the first crypto blockchain IPO in UAE

Phoenix group’s IPO to be the first crypto blockchain IPO in UAE

UAE Crypto mining entity Phoenix Group announced on Linkedin, their eminent preparation for a landmark IPO (Initial public offering) on the Abu Dhabi Securities Exchange.

As noted on LinkedIn, “We’re thrilled to announce that we are gearing up for a landmark Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange. As a pioneering technology conglomerate specializing in cutting-edge blockchain and crypto solutions, this marks a significant milestone for us and the UAE. We’re the first crypto and blockchain entity to be listed in the #UAE.”

Founded in 2017 by Bijan Alizadeh and Munaf Ali, Phoenix is set to be the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.

In an interview Bijan Alizadeh, Phoenix Group CEO and Munaf Ali, the Phoenix Group’s managing director stated, “Our journey, originating from the heart of Abu Dhabi, has always been visionary, looking beyond borders and horizons. Today, as we stand at the cusp of this significant milestone, we are not just announcing an intention to IPO – we are sharing our commitment to a future where technology knows no boundaries.”

The company aims to be able to help create a more resilient, inclusive, and diversified global blockchain economy, and listing is just the first step towards achieving that goal.

Alizadeh adds,“Our aim has always been to champion innovation and contribute to Abu Dhabi’s positioning in the global tech landscape. This landmark announcement offers local, regional and global investors the opportunity to participate in making this iconic vision, a reality.”

Phoenix Group  has a total installed capacity of 725 MW across the UAE, Oman, US, Canada and Commonwealth of Independent States (CIS) countries, Phoenix specialises in a range of services, from high-performance computing to crypto and cloud mining, data centre hosting, crypto trading, and crypto mining products and equipment.

Earlier this month Phoenix group announced that it had sold 10% of its company shares to Abu Dhabi conglomerate International Holding Company’s subsidiary.

This announcement came at the heels of an agreement between Muscat-based Green Data City and Phoenix Group to develop a $300 million crypto-mining farm in Oman. The 150-megawatt farm, which will be one of the largest crypto-mining data centers in the region, will be installed in Green Data City, the entities said in a joint statement.

BSV Blockchain and MENA tech entity Silverline to showcase digital passports at Gitex 2023

BSV Blockchain and MENA tech entity Silverline to showcase digital passports at Gitex 2023

MENA based Silverline, leading technology company specializing in innovative solutions for public and private sector in the MENA  focusing on security, data integrity, and digital transformation, in partnership with BSV Blockchain are hosting an event at Gitex 2023 to showcase latest innovations in security, data integrity, digital passports, payment services, governmental solutions, that will be running on BSV Tera node solution with over 2.9 billion transactions since 2018 and the new unbounded scaling up to 1 million transaction per second in 2024.

GITEX Global, the world’s largest tech event, will provide the perfect platform for this groundbreaking event. From October 16th to 20th, at the Dubai World Trade Centre, attendees will have the opportunity to explore the transformative power of technology and witness how blockchain is revolutionizing industries and talk to the BSV web3.0 integrators that will be available on the stand (Silverline, Nchain, Smart Ledger, Vaionex, Unisot, Elas, Timechain labs, Gate2Chain, Certhash, Capital  tegmant, Manufact, Neucron).

BSV blockchain and Sharjah University launched its blockchain pilot to develop a blockchain metaverse system to preserve the UAE culture and heritage.

G20 governors adopt crypto asset roadmap while Saudi Central bank governor sees crypto as threat

G20 governors adopt crypto asset roadmap while Saudi Central bank governor sees crypto as threat

While the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Marrakech, Morocco communicated their appreciation to the IMF and FSB for putting together the IMF-FSB synthesis paper and their adoption of the roadmap on crypto assets offered in the synthesis paper, The Saudi Central Bank (SAMA) Governor Ayman Alsayari said that cryptocurrencies and their brokers pose a potential threat to financial stability.

The detailed and action-oriented Roadmap was considered by G20 FMCBG meeting attendees as essential to achieving their common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.

Members called for swift and coordinated implementation of the G20 Roadmap, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation and information sharing; and addressing data gaps. Members also asked the IMF and FSB to provide regular and structured updates on the progress of implementation of the G20 Roadmap on Crypto Assets.

As noted in their communiqué, “We support the ongoing work and global implementation of FATF standards on cryptoassets.”

On the other hand, The Saudi Central Bank (SAMA) Governor Ayman Alsayari said that crypto currencies and their brokers pose a potential threat to financial stability. At the meeting he stated, “We need good supervision, regulation, and coordination of crypto currency activities. In this context, we support the work and relevant roadmap of the IMF and the Financial Stability Board to address risks related to crypto currencies.”

The SAMA chief said that the global economy is witnessing massive slowdown compared to past decades, with high levels of inflation rates. “Tight monetary policies are being adopted around the world to bring down inflation. As a result, the global growth rate is expected to be around three percent this year and next,” he said.

This comes as Saudi Arabia develops its CBDC for internal bank payments and works on its virtual asset regulations.

Solana sets up in UAE and offers grant programs to members of DMCC crypto center

Solana sets up in UAE and offers grant programs to members of DMCC crypto center

Solana Foundation, the non profit organization dedicated to Solana Blockchain adoption and security has partnered with UAE based DMCC free zone and Government of Dubai Authority on commodities trade and enterprise, crypto center. Solana will offer technical and business development suport and their existing grant program.

The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability to develop their concepts and scale their businesses using Solana, one of the industry’s leading blockchain platforms.

Lastly, the Solana Foundation will join the DMCC Crypto Centre in delivering webinars and other educational courses on a range of important Web3 topics.

As part of this collaboration, Solana will set up a presence at the DMCC Crypto Centre to integrate with the ecosystem and collaborate with its thriving network of technology partners, exchanges, government entities, investors, incubators and accelerators, and service providers, as well as engage with the wider community of 23,000 companies operating in DMCC’s business district.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Solana is one of the most prominent blockchains in the world, boasting a market capitalisation of USD 8 billion, placing it in the top 10 largest crypto projects globally. Through this landmark signing, we will provide complimentary set up and business licensing for Solana ecosystem projects whilst our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights. Providing this type of supportive environment is our core philosophy for the DMCC Crypto Centre. It is through this strategy that we have developed one of the most dynamic and value-creating ecosystems for Web3 firms, offering the largest concentration of crypto, blockchain and Web3 businesses across the MENA region – and a central driver behind Dubai’s rise into the biggest global Web3 innovation hub.”

Dan Albert, Executive Director, Solana Foundation, added: “With its high density of crypto companies and pro-growth attitude, providing support to the DMCC was a natural fit as we look to tap into the abundant Web3 value in Dubai. We look forward to working with members of the Crypto Centre to onboard them to our chain, as well as introducing our existing ecosystem to DMCC so they can also scale their operations.”

The DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies, and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up and scale their operations.

Abu Dhabi Customs to showcase new blockchain solutions at Gitex 2023

Abu Dhabi Customs to showcase new blockchain solutions at Gitex 2023

UAE Abu Dhabi Customs will be showcasing the latest innovative blockchain enabled projects for customs systems during its participation at Gitex 2023 under the slogan “We Shape Tomorrow’s Customs with Today’s Innovations”. Gitex 2023 will be held at Dubai World Trade Centre from October 16 to 20, 2023.

This year, Abu Dhabi Customs is highlighting its innovative digital technologies and solutions that keep pace with the latest technologies of the 4th industrial revolution and artificial intelligence, as well as launching its latest innovative projects that incorporate blockchain technology into customs systems.

Mohammed Husain Al Balooshi, Head of Corporate Communications and Marketing at Abu Dhabi Customs, stated, “Through its participation in GITEX Global 2023 within the Abu Dhabi Government pavilion, Abu Dhabi Customs seeks to showcase the latest innovative solutions and technologies adopted in its customs work system, and their role in enhancing distinguished digital services and adopting the best international practices to increase operational efficiency, which supports our efforts to achieve our vision of global leadership to be a customs authority that leads change in pursuit of enhancing security and facilitating trade, especially in line with the pillars of ‘UAE Centennial 2071‘, ‘We the UAE 2031’ vision, and the economic directives of the Emirate of Abu Dhabi.”

China’s Bitcoin and Blockchain manufacturer Canaan to install 100 MW crypto mining site in Oman

China’s Bitcoin and Blockchain manufacturer Canaan to install 100 MW crypto mining site in Oman

China’s Bitcoin crypto mining and Blockchain hardware manufacturer, Canaan, has signed a crypto mining agreement with Oman’s Green Data city to pilot phase of a new crypto mining operation in Oman.

The new site will be installed in the facility of Green Data City, and under the agreement, Canaan has the option to expand the total capacity to up to 100MW.

The crypto mining operations in Oman will start in Q4 of 2023.

In August 2023 Oman’s Green Data City and Abu Dhabi’s Phoenix Group signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City was noted that it will be operational by Q2 2024, becoming one of the largest crypto-mining data centers in the region.

Phoenix Group is experienced in the development, operation, and management of crypto data centers. It is also the exclusive distributor of industry-leading mining equipment, MicroBT.

Oman was chosen as a location due to the long-term security provided by the Green Data City mining license, the entities’ common vision to develop cryptocurrencies mining and AI applications with the Ministry of Transport, Communication and IT (MTCIT), and the cooler weather in Oman, in particular in the region of Dhofar, which reduces the cooling energy consumption to a minimum, making the sultanate a sustainable destination for mining in the region.

The deployment will start with the new Avalon Box mining container featuring immersion cooling. The project also has the potential to deploy Canaan’s other advanced products, including the latest series A14 Avalon miners with a record efficiency of 20J/T, later in
2024.

Green Data City LLC is the company that operates the first license for sustainable crypto-mining in Oman since 2022. International mining companies can register and operate in Green Data City with long term agreements. The first phase of development consists of 200MW of mining capacity, the second phase will reach 400MW hyperscale data center capacity with natural cooling, renewable energies and downstream applications.

NBA stars collaborate with UAE Blockchain iBLOXX studios on Web3 shooter game

NBA stars collaborate with UAE Blockchain iBLOXX studios on Web3 shooter game

iBLOXX Studios announced that their upcoming third-person Web3 shooter, StrayShot (previously recognized as 0xBattleGround), will feature the entire Big Baller Brand family as playable in-game characters. This exciting collaboration will bring NBA Stars LaMelo and Lonzo as well as LiAngelo, LaVar and Tina Ball to life in the virtual world, allowing players to step into their shoes and experience the thrill of the game.

StrayShot is a third-person shooter game designed to deliver an adrenaline-charged experience for gamers of all skill levels. In StrayShot, players become bounty hunters, competing in intense matches with various unique characters, exciting game modes, and ultimately trying to qualify for the monthly tournament which features substantial prize pools.

The exciting collaboration introduces the basketball giants as in-game playable characters, set to be available after the official launch of StrayShot on their in-game marketplace as well as OpenSea and others. Distinct from the majority of Blockchain-based games, StrayShot has been meticulously crafted to prioritize a top-tier gaming experience, subtly integrating Web3 functionalities in the background to enhance, not overshadow, the gameplay. The seamless Web3 gameplay is enabled both by a user-friendly UX design and by the gas-free, high-speed performance of SKALE Network.

Domenik Maier, CEO of iBLOXX Studios, shared his excitement: “Collaborating with the iconic Ball family on StrayShot feels like a slam dunk. Their innovative spirit and influence align perfectly with our ambition, and together, we’re ready to redefine gaming.”

The Ball family is more than just a basketball sensation; they’re an emerging sports empire. LaMelo Ball recently inked a staggering $260 million contract with the Charlotte Hornets, one of the most substantial in basketball history. He is a recognized NBA All-Star, Rookie of the Year, and is regarded as one of the top 5 basketball talents under 22 globally. Alongside his older brother, Lonzo Ball, initially the number 2 draft pick by the Los Angeles Lakers and an All-

Rookie Team honoree, who made a significant impact with the Chicago Bulls, driving them to the Eastern Conference’s top seed before a knee injury sidelined him.

Beyond the court, they’ve marked their territory in the fashion scene with the successful launch of clothing line, Big Baller Brand, in 2016.Their recent venture into gaming with StrayShot
further cements their status as influential figures in sports and entertainment with their trajectory only pointing north.

The Ball family is excited about the opportunity to play directly with their fans in StrayShot. LaVar Ball said, “My boys and me will not only dominate the basketball court, we will also dominate the battleground in StrayShot!“

In February 2023, UAE based Blockchain gaming entity, iBLOXX,Studio secured a $5 million investment in a recent funding round led by PrimeXM. The capital will be utilized to expand the company’s GameFi division. The investment brings the gaming division’s post-money valuation to 30 million USD.

Oman Blockchain digital identity startup selected by Swiss accelerator

Oman Blockchain digital identity startup selected by Swiss accelerator

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

Nashid’s acceptance into Tech4Trust’s latest season underscores their pioneering approach to harnessing blockchain technology for Identity and Verifiable Credentials.

“Being part of Tech4Trust is a significant stride towards our global expansion ambitions,” shared Ahmed Al Marjeby, Co-founder and CEO of Nashid. “We are enthusiastic about collaborating with a global community, extracting invaluable insights, and honing our solutions to meet the demands of the rapidly evolving digital trust sphere.”

In 2020, co-founder Ahmed Al Marjeby found his online identity had been hacked. Al Marjeby found the fact that paper-based identity documents cannot be verified digitally. Motivated by this event and recognizing the urgent need for secure digital identity solutions, Ahmed, together with Mahmood Al Lawati, launched Nashid in 2022.

Tech4Trust will offer Nashid a golden opportunity to liaise with international experts, regulators, and government agencies.  This collaboration will also open doors to the broader Swiss and European markets, presenting unmatched potential for growth.

The startup previously secured an investment from the Oman Technology Fund and won awards in the Entrepreneurship World Cup 2022 and the GISCO Startup Competition.