UAE ADX Exchange utilizes HSBC Blockchain for digital securities

UAE ADX Exchange utilizes HSBC Blockchain for digital securities

UAE ADX (Abu Dhabi Securities Exchange)and HSBC Bank Middle East Limited have announced that they will develop digital fixed income securities leveraging the investment product knowledge of ADX and HSBC’s blockchain capabilities and investment banking expertise.

Abdulla Salem Alnuaimi, Chief Executive Officer of ADX exchange, said, “We are delighted to collaborate with HSBC in developing a digital fixed income product. We believe that digital assets will grow in significance in the future and ADX intends to be at the forefront of this innovation. The project reaffirms our commitment to ADX’s digital transformation journey and complements our efforts to continue providing innovative products to our expanding investor base. ADX exchange and HSBC will explore a framework that enables digital assets, such as digital bonds, to be made available on HSBC Orion, the bank’s digital assets platform, and to be listed on ADX.”

Mohamed Al Marzouqi, Chief Executive Officer, UAE, HSBC, said, “HSBC is digitizing at scale by adopting new technologies like blockchain to enable the issuance of digital assets, hold them in custody and make them available for trading. This capability will help accelerate efficiency and drive new and innovative opportunities for investors. HSBC and ADX are working together to leverage HSBC Orion, our proprietary digital assets platform, and use our collective capabilities in capital markets and custody, to bring this exciting development to the market.”

Digital bonds are financial instruments that are created and managed using blockchain and smart contract technology to create efficiencies in capital markets. With the use of blockchain technology, a broader range of assets such as equity, fixed income, real estate and private equity can be tokenised. This will enable ownership of these assets for a broader range of investors, making securities markets more accessible.

UAE Hub71 adds blockchain and digital asset startups to cohort

UAE Hub71 adds blockchain and digital asset startups to cohort

Hub71 has accepted seven startups into its Hub71+Digital assets cohort which include blockchain ad digital asset enabled startups from the region and globe.

One of the seven startups welcomed into the cohort is Param Labs a game and blockchain development studio that delivers the highest quality blockchain-integrated games to the masses through player-owned digital assets.

Another startup is Overnight Finance an asset management protocol offering passive yield products based on delta-neutral strategies, primarily for conservative stablecoin investors.

While Momint enables accessible funding and trade of solar photovoltaic1 (PV) investments with a built-in digital wallet, specializing in putting real assets and legal contracts on the blockchain.

In addition to the ones mentioned above is UK based Avantgarde Finance which provides digital asset investment managers a platform to plug into, launch their strategies, and grow at scale.

Seven startups in the cohort will join Hub71+ Digital Assets, the specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets. Startups in Hub71+ Digital Assets can tap into a network of 13 dedicated partners, including leading digital asset exchanges, global technology providers, venture capital funds, blockchain platforms and other commercial and investment opportunities required to scale.

Following a rigorous selection process, the successful startups will enter Hub71’s new Company Building Program and benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity. High-performing startups from the latest cohort will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity, after one year.

Hub71 received a 107 per cent increase in applications from over 100 countries, reinforcing Abu Dhabi’s increasing global appeal as an innovative destination of growth for the world’s leading entrepreneurs. The new cohort comprises tech startups hailing from countries across the region, including the UAE, Egypt, and Saudi Arabia, as well as companies from the UK, Canada, India and Armenia, which will establish a presence in Abu Dhabi. Additionally, around 40% of the startups in the latest cohort are from the US. This reflects the growing interest from mature tech hubs in Abu Dhabi’s favorable innovation ecosystem. Operating in 11 diverse industries, the startups will support the advancement of sectors aligned with Abu Dhabi’s strategic economic priorities, including FinTech, ClimateTech, HealthTech and EdTech.

Ahmad Ali Alwan, Deputy CEO of Hub71, said: “With each cohort, we are noticing increasing interest from high-growth startups worldwide seeking to establish their businesses and expand from Abu Dhabi. Tech entrepreneurs recognize the distinct advantages of setting up their companies in the UAE capital, which provides a favorable environment for developing and marketing innovative products and services that can transform the business world. By attracting startups with immense growth potential, Hub71 is building on its powerful community of visionary entrepreneurs who will pave the way for the future of innovation.”

In addition to a customized three-month course to receive expert mentorship, tailored advice and critical support, startups joining Hub71 will also gain access to a broad network of corporate, government, investment, and talent partners operating within Abu Dhabi’s technology ecosystem, significantly heightening the prospects of securing commercial deals, investment and market growth opportunities.

In June 2023 Hub71 announced that Digital assets infrastructure provider for financial institutions, Fuze Finance had been chosen as one of 15 startups to participate in Abu Dhabi’s Hub 71 2023 cohort.

UAE air carbon exchange goes live with first two trades for tokenized carbon credits

UAE air carbon exchange goes live with first two trades for tokenized carbon credits

Blockchain tokenization platform ACX (AirCarbon Exchange) is now live with key trades executed and settled on the platform with First Abu Dhabi Bank (FAB) and Helix Climate conduct first trade on the exchange and South Pole executes first over-the-counter transaction on Carbon Market Board

ACX established its regional base in ADGM in August 2021 with the support of Hub71, Abu Dhabi’s global tech ecosystem. Hub71 is powered by Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor. Mubadala invested in ACX in September 2022 as a strategic step in line with its economic diversification mandate and commitment to responsible investing.

In September 2022, ADGM, the international financial center of the UAE’s capital that is established as a financial free zone, became the first jurisdiction to regulate voluntary carbon credits as financial instruments through the introduction of an Environmental Instrument classification, a regulatory framework to license exchanges and clearing houses for both spot and derivatives markets for these products.

In November 2022, ACX Abu Dhabi became the first entity to be licensed under this framework, being the world’s first regulated Recognized Investment Exchange and Recognized Clearing House offering Environmental Instruments in the form of carbon credits.

The inaugural carbon credits trade on the fully regulated exchange was executed between First Abu Dhabi Bank (FAB) and specialist carbon trading company Helix Climate.

Sameh Al Qubaisi, Group Head of Global Markets at First Abu Dhabi Bank, said, “We are delighted to execute the first trade on ACX Abu Dhabi. As the UAE’s largest bank, we are keen to support the expansion and potential of carbon markets to provide price signals that can help companies reduce or remove their greenhouse gas emissions in the most efficient way.”

Simon Harman, Founding Partner of Helix Climate, said, “Helix Climate are proud to have transacted the first trade on ACX Abu Dhabi, the first fully regulated carbon exchange. We share ACX’s vision to grow liquidity, transparency and confidence in the voluntary carbon markets and look forward to transacting more volume on the exchange.”

Arvind Ramamurthy, Chief of Market Development at ADGM , said, “Last year, ADGM welcomed the introduction of ACX, the first regulated carbon credit trading exchange and clearing house in the world and today we are more than thrilled to witness its live launch. As we find ourselves in a critical time with the development of global carbon markets, this step marks a momentous milestone in the journey towards a thriving market for voluntary carbon markets. We look forward to seeing ACX take on a pivotal role in not just environmental instruments but also in other markets and financial instruments, including virtual asset markets.”

“This marks another important step in bringing carbon credits closer to the world of regulated commodities,” said ACX’s Co-Founder and Co-CEO William Pazos. “ACX is proud to be the world’s first fully regulated spot carbon environmental exchange and clearing house. We are equally honored to be recognized for our ability to innovate and trigger positive change in this critically important sector.”

Further enhancing its portfolio, ACX Abu Dhabi is also pleased to announce the first trade on its Carbon Market Board (CMB) – an electronic trading facility that allows participants to execute and settle over-the-counter transactions. The trade was concluded with South Pole, the world’s leading climate project developer and solutions provider.

“By providing a regulated environment for carbon credit trades, ACX is helping to build higher integrity carbon markets: both buyers and sellers have more certainty thanks to the regulatory wrapper around the traded carbon credits and a marketplace that is scrutinized by an independent financial services authority. Trust will result in scale of climate action and impact, which is essential today,” said Abderrahman Kasmi, Executive Director for Procurement & Trading at South Pole.

UAE Mubadala Investment Company PJSC (Mubadala) acquired a majority stake in blockchain enabled AirCarbon Exchange (ACX), this came after Mubadala Capital led Series B funding round of $70 million for Ramp Network, whose mission is to make Web3 a reality by enabling mainstream adoption of products and services offered by pioneering blockchain ventures.

UK based  BeZero Carbon partnered with UAE Blockchain security token platform for carbon credits ACX (formerly known as AirCarbon Exchange) to host its carbon credit ratings on ACX’s Abu Dhabi exchange – bringing transparent carbon ratings to a new audience in the Gulf States.

U.S. based DTCC to acquire Abu Dhabi digital asset infrastructure provider Securrency

U.S. based DTCC to acquire Abu Dhabi digital asset infrastructure provider Securrency

The Depository Trust & Clearing Corporation, an American post-trade financial services company providing clearing and settlement services to the financial markets known as DTCC, has signed a definitive agreement to acquire Abu Dhabi based Securrency Inc. (“Securrency”), a leading developer of institutional-grade, digital asset infrastructure invested in by Mubadala sovereign Fund.

Securrency will become a fully-owned subsidiary of DTCC and will operate under the name DTCC Digital Assets. Nadine Chakar, CEO of Securrency, will join DTCC as Managing Director, Global Head of DTCC Digital Assets, reporting to Lynn Bishop, DTCC Managing Director and Chief Information Officer. Chakar will also join the DTCC Management Committee. In addition, Dan Doney, CTO and founder of Securrency, John Hensel, COO and co-founder, and other members of the Securrency leadership team, as well as roughly 100 Securrency staff of full-time employees or contractors, will become DTCC employees.

Securrency is a blockchain-based financial and regulatory technology developer that raised $30 million in 2021 from State Street, US Bank, WisdomTree Investments and others. It has worked with WisdomTree to help the asset manager launch “blockchain-enabled” funds that keep a secondary record of share ownership on the Stellar or Ethereum blockchains.

Frank La Salla, President, CEO and Director, DTCC, said, “Securrency is an important strategic acquisition that will give us the technology to drive market-wide transformation by enabling end-to-end digital lifecycle processing for tokenized assets, digital currencies and other financial instruments. By bringing together DTCC’s commitment to providing market stability and our unparalleled network of financial market participants with the sophistication of the Securrency technology, we will be in a leading position to unlock the value of digital assets and help guide the industry through its digital transformation journey. We believe this next generation of financial market infrastructure will further reduce settlement times, facilitate market transparency and risk management, enhance regulatory oversight and controls, and unlock efficiency and innovation to create an improved investor experience.”

By combining DTCC’s digital capabilities and Securrency’s technology, DTCC will fast-track development of its enterprise digital asset platform to unlock the power of institutional DeFi. DTCC will leverage the technology over time to embed digital assets within its existing products and services, develop new, regulatory-compliant blockchain-based offerings and explore use cases with the industry, including buyside asset managers, broker-dealers and custodians, to collaborate on new DTCC blockchain-based solutions.

In addition, DTCC will lead the industry’s development of a robust, global digital infrastructure by licensing the Securrency technology and offering professional services. Firms will be able to leverage the technology to transform and evolve their operating models and to create innovative, new digital asset services alone or in collaboration with other market participants – similar to how WisdomTree licenses Securrency’s software as part of the infrastructure for its WisdomTree Prime™ offering that provides tokenized assets and funds via digital wallets for retail investors and consumers.

Chakar said, “As we join forces with DTCC, we are excited to bring together DTCC’s infrastructure capabilities with Securrency’s technology to embrace a future where the digitization of capital markets is at the forefront of innovation. These capabilities will allow DTCC to partner with the industry to build a resilient and scalable infrastructure critical to the mass adoption of digital assets. Together, we will unlock opportunities to reimagine compliance, liquidity, efficiency and interoperability in trading real-world assets on the blockchain.”

DTCC also plans to provide global leadership to foster industry-wide collaboration to help avoid fragmentation with different digital technologies and standards. Securrency’s technology can address this issue by acting as a DLT-agnostic harmonization layer that promotes interoperability, liquidity, transparency and security.

La Salla said, “We look forward to building on our past work to drive consensus around the standards, controls and frameworks necessary to support regulatory-compliant digital asset solutions and development of the right architecture and infrastructure to ensure widespread interoperability. We’re excited to welcome our new colleagues to the DTCC team and to begin collaborating as a group to strengthen market stability and resilience and drive greater efficiencies, productivity, risk mitigation and liquidity in the global financial markets.”

This announcement comes as John Hensel, Chief Operating Officer and Senior Executive Officer, MENA, Securrency told IBS intelligence, “The UAE is ramping up its efforts to become a global blockchain hub.” In his interview he commented on why they chose UAE out of all the other countries globally including, USA, Switzerland, Hong Kong and Singapore.

According to Hensel, SEC ( Securities and Exchange Commission) in the USA has portrayed a conservative approach to the regulation of digital assets, so exploring other regulatory jurisdictions they found that the UAE was a credible, well positioned young financial center that embraced technology with experienced regulatory experts from the USA, Australia, Singapore and others.

He explains, “ After being here for 6 years we have seen the landscape change and become more favorable for investors partnering under FSRA and who are benefiting from the protection of ADGM which will grow opportunities locally for us given we were first movers and have strong relations with sovereign wealth entities, broker dealers, fund managers as key stakeholders.”

Securrency entered the ADGM FSRA regulatory sandbox in 2017 and secured a Financial Services Permission (FSP) from ADGM’s Financial Services Regulatory Authority (FSRA) to deal in investments as a matched principal and provide custody for those investments in 2022. The license enabled Securrency Capital to provide trading of digital assets to a variety of clients, including retail clients.

Securrency had raised $30 million in its latest funding round. The funds were used to roll out the company’s expansion plans. The Series B funding round included existing investor WisdomTree Investment along with Abu Dhabi state fund Mubadala-backed Abu Dhabi Catalyst Partners, State Street and U.S. Bank. Prior to that in 202, The Abu Dhabi Investment Office (ADIO) had invested in Securrency, a US-based developer of blockchain-based financial and regulatory technology through its ventures fund.

The company also signed a strategic partnership with leading investment management and banking firm, Musharaka Capital in KSA, to develop a compliant platform for issuing digital securities in Saudi Arabia in 2020.

Abu Dhabi Customs launches Blockchain Trade Chain and signs agreement with CargoX

Abu Dhabi Customs launches Blockchain Trade Chain and signs agreement with CargoX

As promised the Abu Dhabi Customs, during Gitex 2023 launched its expanded version of Invisible Customs System blockchain enabled Trade Chain as well as a cooperation agreement with Blockchain entity CargoX a blockchain platform in the logistics industry.  This advanced platform integrates with global blockchain platforms specialized in trade, providing benefits like improving customs operations performance, enhancing the reliability of information sources, and processing information proactively and quickly through a safe and secure platform.

The platform enhances the capability to monitor shipments, as well as the shipping and clearance procedures. It can also predict delivery times, contributing to reduced effort and costs associated with customs clearance. Furthermore, it facilitates seamless communication with trade partners and enhances supply chain security.

The platform also enhances the speed of data exchange with connected entities and guarantees the confidentiality of data shared with customs authorities and other entities using the platform. This results in a reduction of up to 80 percent in the time and effort required for goods clearance.

Rashed Lahej Al Mansoori, Director General of Abu Dhabi Customs, said that the launch of the advanced customs platform “Trade Chain” comes within the framework of Abu Dhabi Customs’ ongoing efforts to facilitate trade, bolster security and safeguard society, by adopting advanced technologies to enhance its customs system and consolidate its pioneering position, in line with the directives of the wise leadership, and the economic visions for the Emirate of Abu Dhabi and the UAE, through continuous foresight for the future and keeping pace with innovation in trade facilitation and the opportunities that the Fourth Industrial Revolution technology brings to increase efficiency and effectiveness and save time, effort and cost within all customs transactions, especially through establishing coordinated, effective, integrated and digital border management systems, ensuring invisible customs and governed borders that are both open and secure.

Abu Dhabi Customs, represented by Fahad Ghareeb Al Shamsi, Executive Director of Support Services Sector, also signed an agreement with CargoX on the sidelines of the Trade Chain platform launch at GITEX, represented by Vjeran Ortynski, VP of Business Development.” regarding data transfer via the blockchain platform.

The cooperation agreement aims to establish a framework for implementing blockchain projects and enhancing relations between the two parties to provide better services to Abu Dhabi Customs clients and clear shipments before arrival, as well as exchange expertise and information and meet business requirements and optimal use of the capabilities and expertise of both parties in areas of mutual interest.

Areas of cooperation include benefiting from the use of the Advance Cargo Information System, providing a blockchain data transfer solution to be presented to importers and exporters of goods through maritime ports in the Emirate of Abu Dhabi to facilitate the flow of maritime imports and exports.

According to a study conducted by the World Economic Forum, the global market value of blockchain technology in the customs field is expected to grow to $20 billion by 2025, saving up to $200 billion annually in global customs costs.

This is not the first agreement for CargoX in the region. In 2021, The Egyptian government through its Egyptian Customs Authorities, made mandatory Advance Cargo Information (ACI) declarations under its new Egyptian Customs law #207 for all cargo inbound to Egypt. The process is currently managed through the Blockchain enabled National Single Window for Foreign Trade platform (NAFEZA), built by Misr Technology Systems (MTS), where Blockchain enabled platform CargoX was authorized as the blockchain e-documents transfer gateway services provider.

The CargoX Blockchain platform helped the Egyptian government shorten cargo release times from 29 days to under 9 days, reduce import compliance cost from more than 600 USD to under 165 USD, and improve efficiency in cargo import risk assessment, tax revenue collection, and overall cargo flow transparency.

In August 2023, Uganda’s Presidential Advisory Committee on Exports and Industrial Development (PACEID) signed the Memorandum of Understanding (MoU) with the Technology Associates & CargoX consortium (TA-CargoX). The MoU aims to establish TradeXchange, a national trade facilitation platform. PACEID’s objective with this strategic technology partnership is to support exporters, resolve trade bottlenecks, easily comply with global trade standards and buttress Uganda’s ambitious goal of doubling its exports by 2026.

The CargoX Platform for Blockchain Document Transfer (BDT) is used by more than 115,000 companies worldwide, and has processed more than 5,3+ million electronic trade documents to date, without noticeable downtimes or operation failures.

Abu Dhabi Government showcases updated Blockchain enabled TAMM platform

Abu Dhabi Government showcases updated Blockchain enabled TAMM platform

Abu Dhabi Government at Gitex 2023 showcased projects and initiatives across many fields and areas were highlighted, including cybersecurity, artificial intelligence, blockchain technology and analytics, all to leverage technology and innovation to deliver service excellence and an enhanced customer experience.

The latest iteration of the Abu Dhabi Government Services Unified Platform, blockchain enabled TAMM, showcased by the Department of Government Enablement, means customers can now access more than 750 services from over 30 Abu Dhabi government entities and numerous private sector providers. The new version also brings a slew of enhancements and features. The platform – now publicly available – was built on feedback from the public, coupled with the latest technological and customer-centric advancements.

“The latest version of TAMM was only made possible by collaboration between more than 30 Abu Dhabi Government entities, all working together towards achieving the government’s vision of enabling the Emirate’s people and communities through innovation and digitalisation,” said Ahmed Tamim Hisham Al Kuttab, Chairman of the Department of Government Enablement – Abu Dhabi.

“In alignment with Abu Dhabi’s digital transformation strategy, our ambition is to create an advanced digital ecosystem that reflects the aspirations of our people and sets a new global benchmark for how government services are delivered,” he added.

Dr. Mohamed Abdel Hameed Al Askar, Representative of the Abu Dhabi Government Services Unified Platform “TAMM” at DGE, said, “Thanks to the insights of citizens and residents across Abu Dhabi, the latest version of TAMM has been developed to prioritize user needs, creating a more enhanced, customer-centric and personalized platform that simplifies access to government and private sector services for residents and businesses alike.”

Meanwhile, the Abu Dhabi Housing Authority (ADHA) introduced the ISKAN Abu Dhabi app based on state-of-the-art technology. This digital customer service portal changes the way customers interact with ADHA. The app empowers individuals to explore housing and land options, access detailed information and make informed decisions about housing plans without the need for physical visits or extensive paperwork.

“The Abu Dhabi Housing Authority is working to adopt the latest technologies and innovative systems set to enhance the effectiveness and efficiency of housing services provided on various platforms to customers. We’re committed to enhancing the customer journey by simplifying procedures and enabling customers to obtain housing services to increase customer satisfaction, reduce waiting time and expedite the application process,” said Hamad Hareb Al Muhairi, Director-General of ADHA.

Abu Dhabi Customs (ADC) unveiled a groundbreaking project focusing on implementing blockchain technology within their customs systems to establish a robust risk analysis system based on reliable data. This initiative aims to create an interoperable system that aligns with future business requirements.

In 2020, the Abu Dhabi Government Services ecosystem, TAMM has launched the second phase of its innovative blockhain enabled digital payment platform “Abu Dhabi Pay”.  

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.”

Blockchain deposit token payment platform Fluent to set up operations in UAE

Blockchain deposit token payment platform Fluent to set up operations in UAE

USA based Fluent Finance, a blockchain enabled fintech infrastructure company responsible for developing the connections from core banking to public layers, bridging Web2 to Web3 utilizing the Fluent Protocol, has joined UAE’s Ministry of Economy NextGEN FDI program as Fluent plans to launch its operations in Abu Dhabi and expand its workforce in the UAE to 125 people in the next five years.

Fluent is working to issue deposit tokens which are stable-valued, regulatory-compliant digital assets interoperable with core banking systems. With Fluent, banks may issue fiat-equivalent tokens directly to public blockchains based on outstanding customer deposits and central bank-issued CBDCs.

Fluent will use its new UAE headquarters to deploy and scale its proprietary Fluent Economic Bridge, which can be used by importers and exporters to settle transactions via stablecoins or, increasingly, deposit tokens.

They are already piloting the platform in Kenya, and now hope to develop a digital trade corridor with the UAE.

Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said Fluent’s participation in the NextGen FDI initiative underlines the UAE’s status as a hub for global trade and a supportive ecosystem for new technologies such as blockchain: “The UAE has become a prominent advocate for the modernization of the multilateral trading system, as well as a supportive place for the development of the tools and applications that can deliver it. I am optimistic about the possibilities of the Fluent Economic Bridge, and the potential for digital currencies to improve the efficiency and accessibility of global supply chains. In the build-up to the World Trade Organisation’s 13th Ministerial Conference in Abu Dhabi in February next year, encouraging platforms such as those developed by Fluent will offer an important proof point for the UAE’s leadership on trade technology.”

Bradley Allgood, Fluent Finance’s Chief Executive Officer, said the UAE was the obvious place in which to launch Fluent Economic Bridge. “The UAE offers exactly the kind of supportive, enabling environment that Web3 companies such as Fluent require. The combination of thoughtful regulation, forward-looking vision and advanced technology ambitions means we have the right foundations on which to develop our product and grow our organization. Importantly, this is also an important trade crossroads, which provides a multitude of opportunities to deploy our platform. We genuinely believe that, with the right support, we can transform Fluent Economic Bridge into the next unicorn.”

UAE Blockchain enabled Silal food traceability platform acquires major food distributor

UAE Blockchain enabled Silal food traceability platform acquires major food distributor

Blockchain enabled Silal traceability agriculture and food safety platform, backed by Abu Dhabi’s ADQ has acquired a majority stake in SAFCO Group, a leading food and beverage distributor in the UAE.

Prior to this, UAE’s ADQ, Silal, announced the launch its blockchain powered platform to trace the lifecycle of food from farm to fork. As per the news using the new traceability service is as simple as scanning the QR code of a Silal Fresh product through the Silal App.

Today, the acquisition of SAFCO integrates with Silal’s strategic growth ambitions and significantly strengthens its presence in the hospitality, restaurant and catering segment, leveraging SAFCO’s 30-year track record in importing, distributing and exporting a wide array of premium food and non-food products across the UAE, Middle East and Africa. The acquisition integrates with Silal’s strategic objectives and growth ambitions.

SAFCO’s acquisition is a pivotal step in enhancing Silal’s capacity to meet the market’s demand for a wide range of high-quality products and will accelerate the company’s efforts to enhance its food distribution.

Nomura’s Laser Digital crypto broker takes the UAE by storm

Nomura’s Laser Digital crypto broker takes the UAE by storm

Nomura’s crypto broker, and crypto investment service provider, Laser Digital which recently received a full license from Dubai’s virtual asset regulatory authority, VARA has now received an in principle approval for a license from Abu  Dhabi’s ADGM ( Abu Dhabi Global Market).

As per the recent news from ADGM, Laser Digital was granted an in principle approval by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), with formal regulatory licensing subject to the fulfillment of a number of conditions. When all IPA conditions are fulfilled, Laser Digital will be granted the Financial Services Permission to provide broker-dealer services and asset/fund management services in relation to virtual assets and traditional assets.

Laser Digital was launched last autumn by Nomura and was co-founded by Steve Ashley, who previously led Nomura’s wholesale division, and Jez Mohideen, who was Nomura’s Chief Digital Officer and Co-Head of Global Markets EMEA. Headquartered in Switzerland, with offices in the UAE and the UK

Jez Mohideen leads Laser Digital’s UAE entity with Cameron Dickie as Head of Distribution.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We are delighted that Laser Digital has been granted an ‘In Principal Approval’ for their virtual asset management services. Laser is developing investment services in virtual assets that are both dynamic and transparent, and their investment offerings align well with ADGM and the FSRA’s international best practices and progressive regulatory ecosystem. We welcome them to our robust and vibrant financial community.”

Jez Mohideen, CEO of Laser Digital added,“We are very grateful to have the opportunity to set up operations in ADGM; their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.”

Prior to this Laser Digital was granted a full crypto license that will allow it to offer virtual asset broker dealer and investment management services in the UAE from VARA in Dubai. At the time Laser Digital announced that  it planned to launch over-the-counter trading services and digital-asset investment products for institutional investors in coming months.

According to VARA website, Laser Digital has been awarded the full VARA license, issued to VASPs which satisfies all of the requirements as specified under the Virtual Assets and Related Activities Regulations 2023. It allows a VASP to offer approved Virtual Asset services to retail customers as well as institutional customers and Qualified Investors.

Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the license from Dubai’s Virtual Asset Regulatory Authority, allowing it to offer crypto-related broker-dealer, management and investment services.