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.”

Standard Chartered’s digital asset platform received In Principle approval from Abu Dhabi’s ADGM

Standard Chartered’s digital asset platform received In Principle approval from Abu Dhabi’s ADGM

Standard Chartered’s backed digital asset platform, Zodia markets, has received an In-Principle Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.

As per the press release, Zodia Markets has chosen to expand into the UAE as the region establishes itself as a rapidly emerging hub for digital assets. The strategic expansion provides institutional investors from the Middle East and Africa with reliable access to this growing, alternative asset class, consolidating Zodia Markets’ position as an integral part of the global digital asset landscape.

Salem Mohammed Al Darei, CEO of ADGM Authority said, “We congratulate Zodia Markets on receiving the IPA from ADGM and welcome them to our vibrant ecosystem. Our evolving regime, progressive regulatory environment, and strong value proposition support businesses in the digital asset space, as we remain steadfast in upholding the highest standards. The harmony of traditional and new-age finance in Abu Dhabi with an international leading digital asset firm such as Zodia Markets that is backed by the well-established Standard Chartered will contribute to further enhancing the attractiveness of ADGM as a preferred destination for global entities.”

Andrew Price, Chief Compliance Officer of Zodia Markets said, “Abu Dhabi has already established a clear and forward-looking virtual asset regulatory framework. This early adoption and foresight have enabled it to attract innovation, talent and investment while raising the bar for compliance in virtual asset firms. It has been a pleasure working with the FSRA so far and I look forward to deepening our roots in the region.” 

Usman Ahmad, CEO of Zodia Markets said, “We are delighted to achieve this milestone on the journey to establish ourselves in the Middle East. We are excited at the opportunities this will open up for our business and this demonstrates progress in our expansion as a leading institution-first digital asset trading business. Our goal is to provide institutions seamless access to trade digital assets without compromising on the standards and controls that exist in traditional financial markets.”

In August 2022, Zodia Markets had announced its intention to expand into Abu Dhabi in 2023. At the time the company had stated that Abu Dhabi would be Zodia Markets first presence in the MENA region as it targets growth opportunities.

Zodia went live in July 2022 in the United Kingdom. U.K.-based Zodia Markets is a sister company of Zodia Custody, the digital assets safekeeping platform. Both firms share the same majority shareholder in SC Ventures, the venture arm of Standard Chartered.

Prior to this Abu Dhabi’s ADGM had granted RAIN crypto broker a virtual asset brokerage and custody service license. In 2022 , cryptocurrency platform Rain received in-principle approval for financial services permission (FSP) from Abu Dhabi Global Market (ADGB), which if it is fully approved will allow it to operate beyond the GCC region and offer a greater number of virtual asset pairs.

Abu Dhabi Finance Week to hold Blockchain Summit Abu Dhabi and discuss digital assets

Abu Dhabi Finance Week to hold Blockchain Summit Abu Dhabi and discuss digital assets

Abu Dhabi Finance week, running from November 27th to November 30th will be holding discussions on the future of finance that will cover topics such as payments,  digital assets, cyber security, market integrity and credit. It will include The Regulators Summit, Blockchain Abu Dhabi, Risk4.0, A.I. Abu Dhabi and the 2023 Fintech Abu Dhabi Awards.

Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Executive Council and powered by Abu Dhabi Global Market (ADGM), ADFW will seek to examine the factors affecting monetary systems, technological disruptions, financing the race to net zero, the resultant services and facilities, and the industrial and social sectors that impact the global financial system. It will collectively aim to collaborate on maximising the opportunities and minimising the challenges presented within the ‘Transition Era’.

Commenting on the ADFW’s pioneering theme, His Excellency Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council and Chairman of ADDED and ADGM said, “We are part of an extraordinary era that is transitioning in every aspect whether it is economic, technological advancement or climate. As we navigate the complexities and challenges of this transformative phase, ADFW acts as a superb platform to gather impactful decision-makers that look at these aspects as opportunities. By investing in the transition era, ADFW stands as a platform that is not just about adapting to change but also seizing the opportunity that propels us towards a brighter, more prosperous future.”

The event was a global success last year, exceeding all expectations in its first edition. It witnessed local, regional and global participation of approximately 9000 attendees from 102 countries including 346 speakers who participated across 31 events and 105 sessions along with 52 strategic partnerships and over 75 MoUs announced and signed during the event.

ADFW unveiled additional top-line speakers who will be present in Abu Dhabi for the various events including H.E. Khaldoon Al Mubarak – Managing Director & Group CEO of Mubadala, Mohamed Alabbar – Founder of Emaar, Peter Orszag – Lazard CEO, Mohammed Alardhi – Executive Chairman of Investcorp, Dr. Samir Haj-Yehia – Chairman of Bank Leumi, H.E. Dr. Abdulrahman Al Hamidy – Director General & Chairman of Arab Monetary Fund, Yoni Assia – Co-founder & CEO of eToro, Atif Abdulmalik – CEO & Chairman of the Executive Committee at Arcapita and Bob Steers – Executive Chairman of Cohen & Steers. In June, ADFW announced its first cohort of elite speakers from the international financial spectrum, which listed iconic names such as Ray Dalio, KBW Founder and CEO – HRH Prince Khaled bin Alwaleed bin Talal Al Saud, Franklin Templeton President and CEO – Jenny Johnson, Midas List Venture Capitalist and Managing Partner at GGV Capital – Jenny Lee, Hong Kong Exchanges and Clearing Ltd. Chairman – Laura Cha, Rockefeller International Chairman – Ruchir Sharma, Fortune CEO – Alan Murray, Co-founder of Brevan Howard Asset Management LLP – Alan Howard, The Children’s Investment Fund Founder – Sir Christopher Hohn, Chairman of Wamda and Co-founder of Aramex – Fadi Ghandour and Former SEC Chairman – Jay Clayton.