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.

UAE’s ADGM grants crypto custodian Changer an FSP license

UAE’s ADGM grants crypto custodian Changer an FSP license

UAE based changer.ae, a crypto custodian service provider has received  the Financial Services Permission (FSP) license by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).

With the FSP, Changer has become officially authorized to offer its services to individuals who are looking for a robust and reliable platform to hold their crypto currencies. Being uniquely positioned in the UAE, Changer focuses on protecting crypto based investors and informing the community about safety, risks, and crypto investments through its state-of-the-art custodian services.

Changer’s custody solution is an easy-to-use, all-in-one platform that offers customers simplicity at their fingertips while safeguarding their virtual assets. Individuals from all over the world can soon access the mobile application and use it to store their digital assets, with peace of mind that their investments are secure and always insured.

Changer’s enterprise-grade and robust infrastructure uses advanced encryption and multi-signature authorization to enhance the security of its wallets. Unlike most applications, Changer caters to investors looking for an independent provider of safe custody. By separating trading venue and storage, market participants are better able to ensure the protection of client capital.

Regulated by the world-class advanced regulatory framework of Abu Dhabi Global Market (ADGM), Changer offers clarity and transparency in its services. Since the crypto world is a very fast-paced one and can be overwhelming at times, Changer has been designed with our clients in mind, it is simple, straightforward, and user-friendly. The intuitive interface allows customers to easily manage their digital assets, make transactions, and monitor their account activity through one of the fastest and most efficiently designed platforms. Moreover, there is a dedicated team of experts that is available for support and to answer any questions our clients may have.

Nadeem Ladki, Senior Executive Officer of Changer, commented on the launch: “We would like to thank his excellency H.E Ahmed Jasim Al Zaabi, Chairman of ADGM, the Financial Services Regulatory Authority, and particularly the Authorization Team for granting us the FSP license. This license is an endorsement from one of the most reputable regulators in the world and marks Changer’s commitment to maintaining a transparent and secure relationship with ADGM, ensuring that all our clients’ virtual assets are safeguarded in the safest way possible”.

He added: “I would like to extend my heartfelt gratitude to the dedicated Changer team, our partners, and the regulators who have made the launch possible. Our combined hard work has made Changer come to life, soon to be offering individuals all over the world the possibility to protect their investments with cutting-edge security measures. With Changer’s services catering to a global audience, we are assisting in driving the UAE’s ambition to become a global center for the crypto industry and virtual asset community”.

Beyond the imminent launch of its custody solution, Changer plans to expand its services in the near future to offer its clients simplified fiat conversion and fiat escrow services thereby enriching its product portfolio.

UAE’s ADQ Silal launches blockchain powered food traceability platform

UAE’s ADQ Silal launches blockchain powered food traceability platform

UAE’s ADQ, Silal, which enhances agriculture and food safety in Abu Dhabi by diversifying and stimulating food production sources via technology, research and knowledge transfer initiatives for farmer, has just launched its blockchain powered platform to trace the lifecycle of food from farm to fork.

As per the news announcement, using the new traceability service is as simple as scanning the QR code of a Silal Fresh product through the Silal App. This traces the journey of crops, assuring users that the data appearing on their screen is credible.

This move is a milestone towards achieving food credibility, gaining customers’ trust and loyalty.

Enhancing food chain transparency is important for companies to ensure consumers of the quality of their products and to sustain efficient supply in the market, prevent foodborne illnesses, and detect the source of a problem in the event of an outbreak.

Knowing the source of food is essential for good health and wellbeing, which drove Silal to exert efforts to give full access to explore the origins of Silal Fresh products.

Through its traceability project, Silal aims to create a resilient supply chain system that advances agricultural goals and sustainable practices.

ADQ had set up a $200 million fund to invest in Digital assets, supplychain and Fintech. 

ADQ has been investing in various startups, including blockchain ones, and recently UAE Fuze has raised $14 million led by Further Ventures which is backed by ADQ. 

ADQ is also partnered to create a bitcoin mining farm with Marathon Digital. 

IOTA Blockchain for internet of things launches headquarters in UAE

IOTA Blockchain for internet of things launches headquarters in UAE

IOTA, distributed ledger built for the “Internet of Everything” , has announced that it is establishing a foundation and another headquarter in Abu Dhabi UAE, as part of their commitment to developing a digital infrastructure and innovation ecosystem in the UAE.  IOTA’s Tangle is an open, feeless and scalable distributed ledger, designed to support frictionless data and value transfer.

The IOTA foundation will  grow IOTA’s reach and importance around the globe. As per IOTA news release, the purpose of this entity is to become one of the primary organizations to foster the growth, adoption, and global expansion of IOTA.

IOTA states, “As we open up a new chapter with IOTA, we need to match technology with the right support to establish IOTA as a global ecosystem. We can only do this by operating out of the right environment. We are convinced that the UAE will offer IOTA the best environment to realize its global ambitions.”

IOTA considers the new entity in Abu Dhabi as an additional headquarter, to further decentralize the governance of IOTA.

The news adds that IOTA is to become one of the leading DLT ( distributed ledger technology) entities in the UAE. The news adds, “ Being established under the new regulatory framework, we intend to work closely with regulators, business leaders, and government entities to further advance the UAE’s global role as a leader in technology and business. This distinction highlights our dedication to embracing robust oversight and well-defined procedures to support and enhance the crypto community within the UAE and worldwide.”

According to Dominik Schiener, Chairman of the IOTA Foundation: ”From the very beginning, we have experienced a very warm welcome and unwavering support from leaders, regulators, and businesses in Abu Dhabi. I am simply amazed at how the country operates and how it is being led by visionary and open-minded leaders. This “can-do” mentality is the perfect environment for us to take IOTA to the next level. We are excited to play a role in helping to establish the UAE as a hub for technology innovations.”

One of its primary objectives of the UAE based IOTA entity will be to provide essential funding and support to the rapidly growing IOTA ecosystem. This commitment aligns with our mission to foster innovation and development within the broader DLT space.

The move doesnt come as a surprise as in May 2023, IOTA executives and UAE governmental leaders had fruitful discussions on IOTA’s role in the UAE digital strategy. 

UAE Web3 Blockchain enabled gaming startup raises $2 million amidst growing investment in gaming

UAE Web3 Blockchain enabled gaming startup raises $2 million amidst growing investment in gaming

Web3 gaming startup GAM3S.GG.based out of Abu Dhabi UAE has just raised $2 million in seed funding led by investment firm Mechanism Capital and other angel investors including  Polygon, Double Peak, ArkStream Capital, LD Capital, ROK Capital, Hyperithm, Snackclub, Emurgo Ventures, Eden Ventures and Mix Marvel Ventures.

Formerly known as Polkastarter Gaming, GAM3S.GG, offers curated Web3 gaming content, with 200 listed games across 15 chains and over 60,000 registered gamers.

Omar Ghanem, Co-Founder and Chief Executive officer of Gam3S.GG states, “The gaming industry is at a crossroads while Web3 offers new exciting possibilities, the lack of quality content and a singular destination for all your Web3 gaming needs has left many gamers lost.”

GAM3S.GG said it is building the hub to enable newcomers and professional gamers to explore new frontiers and experiences within one single Web3 gaming superapp. The startup is also a member of AD Gaming, the entity responsible for developing the gaming and e-sports industry in Abu Dhabi.

Abu Dhabi Gaming (AD Gaming), is supported by Unity Technologies, Flash Entertainment, UAE Pro League, Emirates Esports Association and the Media Zone Authority. AD Gaming hopes to provide a support system for game developers, players, consumers, and businesses in Abu Dhabi. The initiative will work to grow regional gaming and esports talent and bring gaming events to Abu Dhabi.

GAM3S.GG intends to build advanced features to eliminate barriers to entry for blockchain games, including social logins, player-owned item management, progression rewards, in-game progress tracking, as well as directly playing Web3 games on the platform.

Prior to this announcement, South Korea’s Blockchain, NFT, metaverse game developer and publisher WeMade signed onboarding agreements with several domestic and international game companies for the blockchain game platform “WEMIX Play.” One of those is a UAE game company, Project Seed, which will be working on a fantasy action role playing game RPG titled Outland Odyssey.

Reports have noted that MENA gaming revenue will hit $6 billion by 2027. Over $3 billion was invested in the industry by Saudi Arabia’s Public Investment Fund (PIF) in 2022, as part of a much larger $38 billion commitment by PIF to be used by its company Savvy Games Group (SGG). Multiple acquisitions in gaming (Embracer Group, Scopely) and esports (ESL, FACEIT, VSPO) have already been executed.

BCG’s latest gaming report titled ‘Game Changer: Accelerating the Media Industry’s Most Dynamic Sector’, highlights that more than 60% of the population in the Middle East are gaming enthusiasts, resulting in one of the highest shares of gaming mobile app downloads (50% compared to the global average of 40%).

A strong indication of Middle East populations towards gaming is strong growth of game streaming at 24.5% CAGR, which is on path to reach approximately 200 million users in 2025, according to Boston Consulting Group’s latest gaming report. The region’s growth is three times faster compared to China, the current leader, at a compound annual growth rate (CAGR) of 24.5% versus 7.6%.

The gaming industry is big business in the Middle East and Africa. Several hundred million gamers live in the region, making up 15% of total gamers globally. In the United Arab Emirates alone, the gaming industry is worth an estimated $288m.

“The metaverse and gaming go hand in hand, with so many new ways of bringing high-quality gaming and esports content to global audiences through metaverse ecosystems,” said James Hartt, director of strategic partnerships at AD Gaming, which is an organization that aims to build a self-sustaining gaming and e-sports ecosystem in Abu Dhabi.

 “Abu Dhabi has become a regional hub for Web3 gaming,” Sultan Al Riyami, head of gaming and eSports at AD Gaming, said. The UAE is also investing heavily in gaming. In an interview in June 2023, Anton Vasilenko, co-founder and CEO of True Games stated, “Over the next two years, we’ll be investing significantly in the future development and expansion of eSports lounges in the UAE and across the broader Middle East region. By the end of 2023, we plan to invest $13.5 million into developing our gaming centers in the UAE alone.”