UAE based Web3 entity Verofax for customer relations raises $3 million

UAE based Web3 entity Verofax for customer relations raises $3 million

The Abu Dhabi-based Web3 services provider Verofax has raised $3 million in bridge capital. Leads in the round were King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Other participants included Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.

As per the announcement, the money will be used by the company to carry out its planned projects in the Middle East and the EU, including AI-powered guides in the GCC and sports fan guides in the EU and North America.

Verofax uses patented Web3 technologies like augmented reality, blockchain, and artificial intelligence to create elevated tourist, shopper, and brand marketing experiences. These technologies allow retailers, sports stadiums, and destinations to make their experiences more interactive, increase conversion, and promote social virality. Through direct involvement and the use of gamification, brands can establish a closer relationship with their customers and achieve better outcomes from AI and AR experiences.

Leading companies such as Anheuser Busch Inc. and Emirates Airlines currently use Verofax products, which are applicable to a variety of industries, including retail, tourism, and sports.

Wassim Merheby, CEO of Verofax, said, “Our solution helps tourists elevate their experiences, unlock personalized discounts and offer gamified ‘Explore to Win’ sponsored games in augmented reality. This allows enterprises and brands to sponsor and elevate their marketing efficiency, power direct-to-consumer communication and deliver amazing experiences to drive growth and boost loyalty. We are thrilled to be joined by strategic investors that will help us accelerate our AI guide solution and AR gamified experiences and grow through their collective network and with their advice.”

This allows travel destinations, retailers, and sports stadiums to make their experiences interactive in order to increase conversion and social virality. Through direct involvement and gamification, brands can increase consumer intimacy and get unparalleled outcomes from AI and AR experiences.

Verofax has received numerous accolades for using artificial intelligence in the retail and tourism industries, and it has made over $3 million in sales for Fortune 100 firms in 50 different countries so far.

Crypto businesses in DMCC increase by 11% since start of 2024

Crypto businesses in DMCC increase by 11% since start of 2024

As the UAE commodities free zone, DMCC announced its H1 2024 performance, it was obvious that the biggest growth sectors came from crypto and technology entities, with their crypto Centre onboarding 64 new companies including 7 virtual asset service providers (VASPs).

As per the press release, the growth in crypto company registrations reflected an 11% growth of crypto entities from the beginning of the year.

In March DMCC announced the number of new companies that enrolled in 2023, with 123 new crypto and blockchain entities registering at the crypto center, culminating in 600 companies in total. Since then the number has increased by 11% which means there are now more than 660 crypto entities in the freezone. such as Bybit exchange and Solana Foundation were some of the new entrants to DMCC.

In 2022, DMCC had announced that it had registered 500 crypto blockchain entities.

Crypto and virtual assets were not the only reason that H1 performance witnessed the registration of 1,023 new members, AI (Artificial Intelligence) and gaming. DMCC registered 14 gaming and nine AI companies.

DMCC is also preparing for the launch of its new AI centre. It has partnered with the Dubai-based artificial intelligence firm Qx Lab AI for the AI center. The AI Centre is anticipated to be the next leading innovation platform for advancing AI adoption and developing real life use cases.

Feryal Ahmadi, Chief Operating Officer, DMCC, added: “At the start of the year we set out to consolidate our position across multiple high-growth sectors. This strategy is now bearing fruit with considerable gains recorded in H1 both in the physical commodities space as well as in technology and services industries.”

DMCC registered companies now total 25,000 companies. the freezone now accounts for 15% of all foreign direct investment (FDI) in Dubai, up from 11% last year, as well as 7% of the emirate’s GDP.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Now accounting for 15% of Dubai’s FDI, our performance in the first half of 2024 demonstrates both the consistently strong investment growth across our district as well as the continued appeal of Dubai as a major global trade hub.”

Saudi Esports World Cup competition be live streamed on AI Blockchain data network

Saudi Esports World Cup competition be live streamed on AI Blockchain data network

U.S. based PlayFi, an AI and Blockchain powered network will be offer first live streaming competition for Esports World Cup in Saudi Arabia. The competition is completely powered by PlayFI AI processors and backed by the data of its AI agents enabling users to mint NFTs, predict Esport World Cup CounterStrike tournament outcomes, and earn significant rewards.

“We’ve told you what PlayFi can do. Now it’s time to see it in action,” said Ben Beath, founder of PlayFi. “This initiative marks a significant milestone in our mission to transform the way we interact with live content and streaming. The PlayFi AI will analyze and predict the outcomes of live events in real-time, opening the door for interactive experiences and innovative prediction markets across the entire live streaming landscape. Join us and be early to the AI revolution.”

Participants will need to mint an NFT through the through the MetaverseHQ campaign on www.playfi.ai/esports which will be considered an official entry.
By participating, players are not only minting a special edition PlayFi Esports NFT and earning outsized airdrop points but are also taking part in the very first live content predictive market powered by PlayFi. PlayFi’s powerful AI agents will be monitoring every second of the CounterStrike tournaments, collecting data in real time, and sending it to the blockchain to identify the eligible winners.

As per the press release, PlayFi is redefining gaming by integrating blockchain technology to enhance gameplay and community engagement.

Sentient Labs a Blockchain and AI startup raises $85 million

Sentient Labs a Blockchain and AI startup raises $85 million

Singapore Headquartered with an operation in the UAE AI startup Sentient Labs, has raised $85 million in seed funding. The round was co-led by Peter Thiel’s Founders Fund, Pantera Capital and Framework Ventures.

Other investors included Arrington Capital, Canonical, Dao5, Delphi, Dispersion, Ethereal, Folius, Foresight, Hack VC, Hashkey, Hypersphere, IDG, Mirana, Nomad, Primitive Ventures, Protagonist, Republic, Robot Ventures, Sky9, Spartan, Symbolic Capital, Topology, and several more.


As per the a news piece on Bloomberg, Sentient Labs will use the capital to accelerate the development of open source AI platform.

The company was founded in 2024 by a team, including Polygon Labs co-founder and executive chairman Sandeep Nailwal along with academics Pramod Viswanath and Himanshu Tyagi. Its mission is to democratize AI development, ensuring that AI benefits humanity as a whole.

The system rewards engineers for tasks such as data labelling and refining, which are essential for training AI models. While testnet is slated to go live in two months, the startup focuses on the open, monetisable, and loyal (OML) model, rewarding community contributions and claims to be transparent, fair, and decentralized

“We’re not just another AI project,” stated co-founder Himanshu Tyagi. “We’re building an open world through blockchain to achieve transparency and fairness. When our AI is used, everyone who contributed will be rewarded through the blockchain protocol.”

Blockchain enabled fan network Fanera, relocates to Saudi after agreement with Saudi Ministry of Investment

Blockchain enabled fan network Fanera, relocates to Saudi after agreement with Saudi Ministry of Investment

 Fanera, a Web3 AI Blockchain enabled social network dedicated for sports fans, has announced their commercial agreement with Saudi Arabia’s Ministry of Investment as they relocate their headquarters to Riyadh KSA.

Fanera which utilized advanced technologies such as AI, Blockchain, machine learning allows fans to connect with each other and engage with their favorite teams while earning rewards for their loyalty. In Saudi Arabia, Fanera is set to transform the football experience.

As per the press release, “Fanera by leveraging blockchain and NFTs, will provide fans with unique opportunities to trade their content, ensuring authenticity and creating new revenue streams. This aligns perfectly with Saudi Arabia’s vision for technological leadership and innovation.”

Fanera also offers Clubs, brands, and sponsors a new way to connect with fans and promote their brands.

Fanera was featured as one of the top 20 sports tech startups in 2020 globally and has over 450 thousand users in the MENA region with 1 million daily views. The Kingdom’s commitment to hosting the 2034 World Cup underscores its dedication to becoming a global hub for sports and entertainment. By expanding in KSA, Fanera aims to align with these ambitions and bring an unparalleled fan engagement platform to the heart of the Middle East.

The gamified experience on Fanera rewards users for their interactions, enhancing competition and fostering a vibrant community of football enthusiasts.

“Expanding into Saudi Arabia is a strategic move that aligns with our mission to revolutionize football fan engagement globally. By integrating Web 3.0 technologies, we are not just enhancing the fan experience but also setting new standards in the industry. We are excited to contribute to the Kingdom’s vision of becoming a global sports hub,” said Mo Kilany, CEO of Fanera.

Blockchain and AI investment firm sets up in UAE and London

Blockchain and AI investment firm sets up in UAE and London

Investment firm, Terra Invest, has announced the launching of its operations in London and the UAE focusing on investments in Artificial Intelligence and, blockchain-powered financial technology, clean energy, and health & life sciences.

As per the press release, Terra Invest takes a novel approach to its investment method, combining deep policy and regulatory expertise with financial acumen to solve the world’s most pressing issues such as the growing demand for clean energy, AI based solutions for financial services and healthcare distribution. Through addressing a key point of failure that is currently stifling innovation across sectors such artificial intelligence (AI), blockchain-powered financial technology and health & life sciences, Terra Invest aims to foster rapid growth and value while creating positive global impact.

Terra Invest is backed by several Asia based family offices and funds including Mount Row Partners, a distinguished group of financial and public policy veterans from a variety of sectors and several large family offices in the Asia Pacific (APAC) market.

Terra Invest is centred around a deal-based model of investment and has closed transactions of USD 230 million as of today, with an ambition to scale to USD 2.5 billion by 2025.

Founding Partner at Terra Invest, Ambassador Kirk Wagar, commented on the investment firm’s announcement, stating, “In today’s turbulent global political climate, having a geopolitical overview is crucial for global investing. Understanding the tectonic shifts in both macro and micro political changes is the foundation today to anticipate and navigate risks, understand market dynamics influenced by political events, and make informed decisions that are fundamental to protect and potentially enhance their portfolios. Today more than ever, investors must be aware of geopolitical trends in identifying opportunities and avoiding pitfalls, ensuring more resilient and strategic investment choices in an unpredictable world.”

“Our unique approach at Terra, ensures that our investments are not only financially sound and create value for our shareholders but also have a positive impact on the world at large.” added Ankiti Bose, who also serves as a Founding Partner alongside Wagar at Terra Invest. “Our team has brought together not just capital and investing experience but advisors of companies such as Tesla, TikTok, and Binance, former politicians and litigators. This experience, combined with our founding team’s background in banking, entrepreneurship, diplomacy and public policy, makes us firm believers in Terra Invest’s mission to drive financial value and positive global impact,” Bose explained.

Qatar tests CBDC for settlement of large payments

Qatar tests CBDC for settlement of large payments

 The Qatar Central Bank (QCB) has announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC) and the commencement of testing of CBDC for settlement of large payments with local banks. According to the press release, this initiative will serve as a proactive step to keep pace with the rapid global developments in this field.

Qatar Central Bank confirms that, after successfully completing the comprehensive study conducted in this field, it will proceed with testing and developing selected applications for the CBDC to settle large payments with a group of local and international banks in a trial environment designed according to the latest advanced technologies.

The project will focus on the applications of the CBDC to increase access to capital markets for operating banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions.

This project, which will enter its first experimental phase extending to October 2024, aims to achieve a set of primary objectives, including leveraging artificial intelligence technologies, distributed ledger technology (DLT), and emerging technologies and establish a strong foundation to enhance liquidity by expanding participation in financial market facilities, considering the aspects related to information security during project implementation.

In line with the Third Financial Sector Strategy, the Fintech Strategy, and Qatar National Vision 2030, and based on Qatar Central Bank’s ongoing efforts to regulate and develop the financial sector in the country, Qatar Central Bank announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC), QCB said in a press release.

This project reflects Qatar Central Bank’s full commitment to contributing to digital transformation within the financial sector, noting in this context that the start of the CBDC project represents an important milestone and a strategic step towards building a digital economy in the country.

It was also noted that the results of this experiment will be the cornerstone towards identifying the different use cases that the Qatar Central Bank will adopt in the future, which will contribute to enhancing the efficiency of the current systems and instant settlement.

In April 2023 Qatar Financial Centre Authority and Blockchain solution provider R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology). Soon after, QFC announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. The digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

In May 2024 The Hashgraph Association (THA), the Swiss-based organization at the forefront of global digital enablement, signed a strategic partnership with the Qatar Financial Centre to launch a Digital Assets Venture Studio, a platform to support local Qatari and international portfolio companies in the development of regulatory-compliant decentralized finance (DeFi) solutions and digital assets built on the Hedera Distributed Ledger Technology (DLT) network.


The $50 million digital assets venture studio will focus on investments in Hedera-powered Web3 startups and enterprises building bankable DeFi solutions. The program will span over the next five years (2024-2028) with The Hashgraph Association investing $10million (20%).

Marvion implements AI Blockchain halal solution in UAE

Marvion implements AI Blockchain halal solution in UAE

USA based Marvion Inc., (OTC:MVNC), a blockchain technology firm has announced the application of its blockchain Halal projects within the UAE utilizing their Digital Ownership Token (DOT) technology framework. The Halal solution includes artificial intelligent modules (AI) to enhance the security framework of the solution.

As per the press release, this initiative marks a major milestone in Marvion’s commitment to utilizing its proprietary technology to create new intangible assets, beginning with Halal certification.

Marvion signed an agreement with a prominent Halal certification provider, marking the first step in its ambitious plan to revolutionize the certification process through blockchain technology. This partnership aims to enhance the transparency, efficiency, and security of Halal certifications, ensuring authenticity and trustworthiness in the market. Halal, which means “permissible” or “lawful” in Arabic, refers to a broad range of regulations that specify what foods Muslims are allowed to eat. These regulations cover not just ingredient lists but also production processes and handling techniques. Certification agencies in this industry evaluate and certify that food items, ingredients, and production processes meet Halal requirements.

“We are thrilled to be breaking new grounds with our blockchain Halal projects,” said Dr Edmond Chan, CEO of Marvion Inc. “Our collaboration with a leading Halal certification provider is just the beginning. By leveraging our cutting-edge blockchain technology, we aim to create a robust and secure system for Halal certification that can be extended to various sectors beyond food. During the past year we have proven and ground tested our blockchain DOT technologies in practical business usage and applications within the movie media industry.”

The introduction of blockchain technology into Halal certification processes is poised to bring numerous benefits, including:

  1. Enhanced Transparency: Blockchain’s immutable ledger ensures that all transactions and certifications are recorded transparently, reducing the risk of fraud and ensuring the integrity of Halal certifications.
  2. Increased Efficiency: By automating certification processes and reducing the need for manual intervention, blockchain technology can significantly streamline operations, saving time and resources for certification bodies and businesses alike.
  3. Improved Security: Blockchain technology provides a highly secure platform for storing and verifying certification data, protecting it from tampering and unauthorized access. By adding artificial intelligent module into our security layer, it can highly prevent anyone trying to breach through our Halal certification, ensuring the highest level of genuine certification provided.

“According to Verified Market Reports, Halal Food Certification Market size was valued at USD 2,339.3 Billion in 2023, and is projected to reach USD 5284.98 Billion by 2030.

As we continue to make inroads in the UAE region, our focus remains on expanding our Halal certification capabilities to include a wider range of businesses,” added Dr Chan. “Our proprietary technology will serve as a foundation for creating new intangible assets, fostering innovation, and driving growth in the Halal market.”

Vault Hill launches blockchain digital ecosystem at Abu Dhabi AIM Congress

Vault Hill launches blockchain digital ecosystem at Abu Dhabi AIM Congress

Vault Hill blockchain with its offices in Ras El Khaimah UAE, has launched its digital ecosystem Vault Hill 3.0 at the AIM Congress in Abu Dhabi. The system is set to redefine the integration of gaming, artificial intelligence (AI), and immersive social experiences. This upgrade goes beyond a simple refresh, introducing a re-engineered platform that is poised to become a central hub for digital innovation, mainly focusing on enriching the technological terrain of Africa.

Vault Hill has crafted interactive spaces where users worldwide, and especially in Africa, can engage, create, and explore within a richly immersive environment. “With Vault Hill 3.0, our focus sharpens on empowering the African community, harnessing advanced technologies to propel regional development and connect the continent to global digital trends”, says Jimi Daodu, CEO of Vault Hill.

Step into the future of gaming with VH Games, where blockchain technology meets immersive gameplay. “VH Games introduces a tokenized economy, utilizing tokens to blend play with real value creation, providing gamers not just entertainment but also economic opportunities within our expansive digital realms,” says Tayo Kalejaiye, Head of Gaming at Vault Hill.

Also introduced is Hilda an AI partner that serves as a dynamic companion for businesses and government agencies, facilitating sophisticated digital strategies and enhancing customer interactions with predictive analytics and personalized service.

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

On behalf of the Hong Kong SAR Government, the Financial Services Development Council (FSDC) signed an MoU with the Qatar Financial Centre (QFC) with the goal of deepening the collaboration across multiple financial services areas between Qatar and Hong Kong including digital assets.

The Hong Kong and Mainland China delegates to Qatar have had numerous group meetings and networking opportunities with the local Qatar stakeholders – QFC, QIA, QDB ( Qatar Development Bank), Invest Qatar, Qatar Foundation, QSTP, regulators, investors, family offices, channel partners in digital assets, fintech, wealth management, to deepen the collaboration and uncover concrete business opportunities.

This MoU signing is a follow-up from an earlier visit to Qatar by the Secretary for Financial Services and the Treasury, Christopher Hui, in 2023. Since then, Qatar leaders also visited Hong Kong during the Asian Financial Forum in early 2024.

King Leung, Global Head of Financial Services and Fintech, InvestHK told Qatar Pennisula media, that “Qatar can leverage Hong Kong’s strengths to its advantage. In Hong Kong, we have been experimenting lots of innovation such as tokenization and digital assets and would like to work more closely with Qatar.”

Sharing his perspectives on the intersection between fintech and AI, Global Head of Financial Services and Fintech Leung stated, “We are seeing the intersection of AI, big data, blockchain, and cloud. A lot of the financial institutions are now using fintech, which with that AI capability can help streamline a lot of the internal processes. We have seen a lot of AI innovation in the fintech space that are empowering the financial institutions to transform their operation, to raise their ability to service their clients.”

There have been regular follow-ups by both organizations, as well as InvestHK. We are committed to deepen our collaboration in key financial services areas – asset and wealth management, fintech, digital assets, and family offices.

The Undersecretary for Financial Services and the Treasury, Joseph Chan, the Financial Services Development Council (FSDC), InvestHK, and Cyberport led a delegation of over 30 Hong Kong and Mainland China business leaders to Doha on May 5-6.

Highlighting some of the key sectors of interest for investors from Hong Kong, Leung added, “The senior officials have been making our stance very clear in terms of our positioning as a major green finance and green tech hub. We would love to work with investors around the world to promote these movements. It could be new energy, new materials, or any of the technology layers that can promote a better tracking of the green behaviour. We see quite a lot of green fintechs using different technologies and access to different data.”