Abu Dhabi Islamic Bank utilizes Microsoft Azure for Blockchain, AI and Data warehouse

Abu Dhabi Islamic Bank utilizes Microsoft Azure for Blockchain, AI and Data warehouse

The UAE Abu Dhabi Islamic Bank, recently announced its migration of high percentage of its application and workloads to the Azure Cloud utilising various cloud computing services such as Blockchain, AI, and Data warehouse.

ADIB has selected Cloud4C to work with them on this transformation project. Cloud4C is an Azure expert specialised in advanced cloud-managed services. They were chosen because of their broad and deep portfolio of cloud services, overall commitment to security excellence, and strong financial services experience.

Commenting on the migration to the Cloud, Ashley Veasey, Group Chief Information Officer at ADIB, said: “ADIB has been at the forefront of digital transformation and continues to invest in re-architecting its technology to be more innovative and responsive to customer needs. We migrated to the cloud in recognition of the need to create an environment that is optimised for rapid changes and that will help in rolling out our digitisation strategy to better cater to the constantly evolving needs of customers. With this migration, ADIB is now able to deliver new applications rapidly, while adhering to the highest standards of security.”

Excited about the partnership and successful migration, Rakesh Reddy, Regional Director, Cloud4C MEA, said: “ADIB’s commitment to migrate to Azure cloud is a reflection of their strategy to provide the best customer experience and on being a leader in innovation. We are excited that ADIB has worked with us and benefited from our expertise to support them in this project. This is the largest single-phase migration in the region involving hundreds of core applications and thousands of servers. Post a thorough assessment of the existing landscape, a tailored Azure cloud migration blueprint was chalked out by Cloud4C’s Azure team. Once completed, the implementation was performed fail-proof, with dedicated Azure advanced networking, server migration, application migration, DR setup, and support services. Today, ADIB banks on data-driven business decisions leveraging tools and consulting from experienced cloud and domain experts.”

In the past ADIB Bank has been a strong proponent for technology and Blockchain. Abu Dhabi Islamic Bank (ADIB) became the 10th bank to join Blockchain trade finance platform UAE Trade Connect (UTC), developed by e& enterprise, formerly Etisalat Digital. 

Bahrain’s KFH believes Blockchain is significant in enhancing cybersecurity

Bahrain’s KFH believes Blockchain is significant in enhancing cybersecurity

Bahrain’s KFH ( Kuwait Finance House) Information security Manager, Mr. Hasan Muhi emphasized the significance of utilizing blockchain technology applications to enhance cybersecurity in the financial technology sector. He highlighted the potential of blockchain for improved security in financial transactions and protection against fraud and cybercrimes.

During a seminar entitled “ Cybersecrity in Fintech in Bahrain” organized by NGN International Muhi stated that blockchain technology offers significant security advantages by storing financial data in an encrypted manner across a network of devices, making it highly resistant to cyber-attacks.

The seminar was part of the activities of NGN Majlis, which aims to raise awareness about cybersecurity in Bahrain and promote a better understanding of the subject.

As per Muhi’s statements, “Blockchain technology represents one of the latest and most effective methods for safeguarding companies and institutions against the growing risks of cyber threats. These threats include data loss, unauthorized access, and data theft.”

He added, “Blockchain enables robust protection of data, financial transactions, and commercial operations, while facilitating controlled data access, enhancing transparency, and fostering trust among different parties involved. Thus, it serves as an innovative technology to enhance cybersecurity and optimize the financial and operational performance of institutions and companies.”

Muhi emphasized that Blockchain was a vital tool for improving cybersecurity in the Fintech sector through the utilization of “Smart Contracts”. These contracts can be programmed to execute financial transactions securely and reliably without the need for third parties, thereby reducing costs and mitigating risks associated with online financial transactions. Additionally, they enhance trust among various stakeholders involved in commercial and financial operations.

Blockchain solutions provider Avanza Innovations to unveil metaverse solutions with UAE Banks and governmental entities

Blockchain solutions provider Avanza Innovations to unveil metaverse solutions with UAE Banks and governmental entities

UAE based Blockchain enterprise solution provider, Avanza Innovations, has announced the Orion metaverse platform and will unveil metaverse solutions for banks and governmental entities during Gitex 2023.

Avanza has been offering blockchain solutions built on its Cipher blockchain platform to governmental banking, and enterprise clients across the UAE and GCC region, adding to this offering Avanza Innovations has now introduced its metaverse platform, Orion.

Orion is specifically tailored for businesses and enterprises that want to go beyond existing metaverse platforms to offered a comprehensive digital channels for interaction and transactions.

Speaking to LaraontheBlock, Waqas Mirza, CEO of Avanza Innovations explained, “ We will be offering Orion in the UAE in two verticals, banks and government tier one entities. Both industry sectors will be launching something, they all want to go beyond just 3D immersive  content to offering actual services on the metaverses. We are working with quite a few government entities here and banks and you will see a lot of solutions getting unveiled at Gitex.”

While Orion is a totally different product it does use some of the offerings available in Blockchain platform Cipher. Mirza explains, “ Cipher and Orion are very different products  obviously the team has used a lot of things from Cipher but I wouldn’t say Orion is built on Cipher architecture or framework. In terms of AI we integrate with AI models such as Chat GPT or anything else for self service bots or AI driven bots, we ride on other AI models.”

Avanza believes that a metaverse platform designed for enterprises must not only offer immersive 3D experiences, but also encompass a robust toolkit and a comprehensive range of enterprise-ready features that secure and assist both enterprises and their customers across various journeys and transactions.

Orion bridges the gap between current metaverse platforms and enterprises’ expectations of a comprehensive 3D digital channel that adheres to their security and customer service policies. With extensive experience working with top-tier government entities and large enterprises, the company comprehends the requirements and expectations of businesses for an all-encompassing 3D channel.

Avanza believes that enterprises face two major challenges in adopting the metaverse: finding a metaverse platform that aligns with their security, customer service, and governance policies, allowing for enhanced customer interactions, engagements, and transaction experiences, and identifying suitable use cases and journeys that meet the criteria for integration with a metaverse platform.

Orion, equipped with a comprehensive set of features and enterprise-ready frameworks, is poised to redefine enterprises’ perception of metaverse adoption. By unlocking a plethora of new use cases and customer engagement models, Orion will revolutionize business operations and customer experiences.

MENA Bank receives award for its blockchain cross border payments solution and CBDC project with Central Bank of Bahrain

MENA Bank receives award for its blockchain cross border payments solution and CBDC project with Central Bank of Bahrain

MENA based Bank ABC has won two distinguished awards at Global Finance’s much-coveted The Innovators Awards -2023. The Bank’s innovation and digitization Centre, ABC Labs, has been named as one of “the World’s Best Financial Innovation Labs.

ABC bank is implementing the GCC region’s first blockchain based cross border instant payment solutions as well as CBDC project with the Central Bank of Bahrain. In 2020 The Central Bank of Bahrain collaborated with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency. The pilot was successfully completed in 2022. 

Bank ABC along with J.P. Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain in US-Dollars for payments from buyers to suppliers. This will lead to suppliers being paid faster and buyers originating payments in shorter time periods without the need for holding funds in advance. The Central Bank of Bahrain will act as a close partner in the pilot between Bank ABC and J.P. Morgan and going forward would look to extend the collaboration to Central Bank Digital Currencies (CBDCs).

Global Finance’s Publisher & Editorial Director, Joseph Giarraputo notes, “Bank ABC continues to put digital innovation as a key strategic priority in providing world-class customer focused banking initiatives. It is playing a key role in the Gulf region’s first blockchain-based cross-border instant payment solution. Through ABC Labs, the Bank is collaborating with several central banks, including the Central Bank of Bahrain ‘CBB’, in studying and launching central bank digital currencies and is now scaling up its payment services for corporate clients.”

Bank ABC has also been presented with the ‘Top Innovations in Finance’ award, an accolade that underscores the Bank’s outstanding Digital Transformation Program which delivers an unparalleled, personalized banking experience to corporates and individuals.

The award was an acknowledgment of ABC bank’s commitment to emerging technologies such as AI, Blockchain and Data analytics.

Bank ABC’S Group CEO, Mr. Sael Al Waary said: “Innovation is at the heart of our strategy as we continue our digital transformation journey to build a more intuitive and sustainable bank of the future. We are honored and proud to accept this prestigious recognition for our world-class innovation lab, ABC Labs. This award acknowledges our commitment to staying ahead of the curve and embracing emerging technologies such as AI, Blockchain and Data Analytics. It is a testament to our commitment to delivering enhanced customer experiences and encourages us to continue to invest in our innovation and digital initiatives.”

Since inception, ABC Labs established the digital architecture and agile methodologies to enable the Bank’s strategic objectives. These steps enabled the launch of ‘ila Bank’ – a revolutionary digital mobile-only retail offering, and the development of an emotionally intelligent AI-powered digital assistant ‘Fatema’ among other achievements. Bank ABC’s digital transformation program has resulted in multiple ground-breaking digital deployments. Most recently, the Bank introduced a regional-first digital corporate onboarding service, reducing the account opening process to less than a day.  It is also digitising its Supply Chain Finance, Documentary Trade Finance and Cash management businesses.

UAE National Bank of Fujairah introduces new revenue streams with Blockchain supply chain platform

UAE National Bank of Fujairah introduces new revenue streams with Blockchain supply chain platform

As the National Bank of Fujairah received two awards for Best Innovation in Trade Finance” and “Most Innovative Trading Platform” for the second consecutive year at the MEA Finance Banking Technology Awards 2023, it announced that its integration of Finverity, a  blockchain-based supply chain financing platform  has resulted in reduced operational costs and the generation of new revenue streams.

In October 2022, Finverity, and the National Bank of Fujairah launch of a partnership to grow supply chain finance (SCF) and account receivables (AR) finance volumes in the MENA region. The partnership has started with Redington Gulf, which will enable the service to reach the maximum number of IT resellers in the UAE.

Under the partnership, Finverity provides a curated origination pipeline, deal structuring and an end-to-end technology platform for ongoing operations and reporting, with NBF underwriting and funding SCF and AR assets on Finverity’s marketplace. The partnership clearly recognizes the key role that Finverity’s platform plays in providing client-centric solutions that channel capital to eligible corporates, enabling them to access trade financing more effectively.

At the time, Venkiteswaran (Venki) Ramasubhramoni, Head of Equipment and Technology Finance at the National Bank of Fujairah, stated, “As a key lender in the technology finance space, NBF has chosen to partner with Finverity as its fintech partner to offer supply chain finance solutions. Given the strategic match, with both parties focused on IT-related trade, we see wider possibilities in this collaboration and the value it could bring. Access to pre-analyzed and pre-negotiated deals on Finverity’s marketplace provides NBF with an effective way to fund a diversified pool of SCF & AR transactions, shorten credit approval cycles and scale our books efficiently. In parallel, Finverity’s technology platform facilitates our total digital offering, ensuring more transparency of the underlying assets being funded, as well as a better user experience.”

The partnership aims to close the $1.7 tn funding gap in global Trade Finance by making Supply Chain Financing of mid-market companies economically viable around the world. We will achieve this through the use of technology and a new approach, providing a more efficient allocation of resources and fair access to capital worldwide.

Chief Technology Officer of IBM a blockchain, AI expert joins Saudi Central Bank

Chief Technology Officer of IBM a blockchain, AI expert joins Saudi Central Bank

Anthony Butler, the Chief Technology Officer for IBM MENA region who was based out of KSA, and is a blockchain, AI, metaverse expert has joined Saudi Central Bank (SAMA) as a senior advisor.

He announced the new position on LinkedIn saying, “I’m happy to share that I’m starting a new position as Senior Advisor at Saudi Central Bank – SAMA! As a senior advisor to SAMA I will be focused on  first of a kind applications of emerging technology, such as artificial intelligence, distributed ledger technologies, quantum, and advanced cryptography in support of payments innovations (such as CBDC, stable coins, and tokenization), transformation of Suptech/Regtech, green finance,  open finance, decentralized finance (DeFi), and cybersecurity.

Anthony Butler had spent 15 years as chief technology officer for IBM in the Middle East and Africa working in emerging technologies, with a specific focus on the application of artificial intelligence, blockchain and metaverse technologies.

Anthony is well versed speaker and writer on emerging technologies. On his Blog page he talked about the impact of emerging technologies, such as blockchain and artificial intelligence, on societies and economies. 

He also notes on his page, that he lives in and supports the development of one of the most exciting and future-oriented places in the world, the Kingdom of Saudi Arabia. 

In one of his articles he discusses the collapse of FTX currency exchange, and believes there is a need to evolve new models of decentralized finance that will mitigate risks. He adds that if a person does not own their keys they cannot own their digital tokens.

He notes, “Decentralized Finance (DeFi) is likely to hold the long term answer to much of this: decentralized exchanges will use blockchain technologies to remove the need for trust.  They will provide permissionless, transparent, exchange services where users will have self-sovereign custody of their digital assets without the need to transfer control to a centralized authority to manage on their behalf.”

Anthony Butler had also been involved in KSA Central Bank’s ABER CBDC project with the UAE Central Bank. At the time he noted in a tweet, “What is new and challenging is we are designing it so that it can be issued by two central banks simultaneously.  Many hard problems being solved and lots of lessons to be learned but exciting times ahead; and great example of the visionary leadership of both @SAMA_GOV and CBUAE.”

This is not the first major appointment of an expert in the digital asset, blockchain space by SAMA, prior to this they had appointed Mr. Mohsen AlZahrani, Virtual Assets (VA) and CBDC program Lead, who was recently discussing KSA’s wholesale CBDC project at R3 Corda Day in UAE.

Central Bank of Saudi Arabia and UAE choose R3 Corda for CBDC sandbox pilots

Central Bank of Saudi Arabia and UAE choose R3 Corda for CBDC sandbox pilots

During Corda Day Middle East held on May 11th 2023 in Dubai UAE, speakers from the Central Bank of Saudi Arabia (SAMA) as well as the Central Bank of UAE discussed their CBDC strategies and pilots. Both Central Banks are working with R3 Corda on their CBDC pilot programs, SAMA in its sandbox and UAE Central Bank in their research and development center.

The event as per R3, brought together financial service leaders, technologists and Corda enthusiasts from around the region and the globe. Of the prominent speakers included H.E. Saif Humaid Hamad Al Dhaheri, Assistant Governor – Strategy, Financial Infrastructure and Digital Transformation, Central Bank of UAE and Mr. Mohsen AlZahrani, Virtual Assets (VA) and CBDC program Lead, Saudi Central Bank – SAMA as well as Richard G Brown, Chief Technology Officer, R3.

Al Dhaheri made a keynote address on “Future of Money, CBDC and the Digital Dirham” while AlZahrani carried out the closing Keynote, on the topic of “Wholesale CBDC”

Mohsin AlZahrani told Lara on the Block, “Currently we are working with R3 Corda only for the sandbox experimentation, we have not yet decided on the next phase platform or implementation.”

Farhan Khan, Chief Technology Officer Consultant and advisor in Fintech and Blockchain, who attended the event representing Cykube, spoke to Lara on the Block explaining what he learned about CBDC implementation in UAE and KSA.

Khan explained, “It was an excellent event and very eye opening on how R3 is properly working in the region. What I learned about the CBDC implementation in KSA and UAE is that both are working with R3 but each country has a different approach. Saudi Arabia is working on a wholesale CBDC project for its domestic payment system, while UAE Central Bank is working on CBDC for cross border payments.”

Khan adds, “For example the ABER cross border payment project which was paused might be reutilized in the future as per AlZahrani’s statements at the event. AlZahrani stated that SAMA is utilizing the experience of ABER during the implementation of the CBDC wholesale payment system concept, and there is a chance in the future to use ABER again between KSA and UAE after the experimentation of CBDC wholesale in KSA is completed.”

According to Khan the UAE is working on a prototype with R3 Corda for the digital dirham which is currently under testing in their R&D facility.  

Khan concludes to Lara on the Block saying that R3 Corda has seen a lot of interest because it has very powerful features such as interoperability between blockchain platforms even public ones. He explains, “Fintech entities in both Saudi Arabi and UAE are waiting for the network gates to open, and with the VARA crypto regulations cooking every day we feel the same will be happening in KSA. Corda is the right framework from a technology perspective with its tremendous security, protection, especially when it comes to digitization and tokenization.”

This is reflected in a post by R3’s Chief Technology Officer Richard Brown who states, “Composability and interoperability are critical cogs in the architecture of Corda. With the next generation of Corda, there’s no need to decide on your network model at the outset of a project. Start with a centralized, private network and gradually decentralize over time!”

Brown believes that the success of Corda is because it is a cross-firm shared ledger enabling collaborating parties to transact based on high quality data, without exposing internal data or systems, and with far fewer reconciliation errors. A ledger that could even become the industry’s system of record for some key questions such as ownership of assets (the terms ‘Digital Assets’ and ‘Tokenization’

It is also a permissioning system that provides high identity assurance and gives confidence to regulated entities that they can comply with their legal obligations to know with whom they are transacting. In addition is a  privacy-first design, allowing competitors to trade without revealing sensitive data publicly – only participants in a transaction get to see the details – unlike other blockchain-inspired approaches.

He even goes so far to say that, “We’ve been delighted by how successful Corda has been, far beyond the narrow banking scenarios we originally designed it for. Broadly speaking, we’re seeing it being used to solve four main problems in ‘Regulated DeFi’:”

UAE Emirates NBD bank partners with PWC and digital asset custodian FireBlocks

UAE Emirates NBD bank partners with PWC and digital asset custodian FireBlocks

UAE Emirates NBD Bank announced on LinkedIn that it has partnered with PWC and digital asset custodian and settlement provider FireBlocks to launch its Digital Asset Lab. PWC Middle East and Fireblocks will be founding council members.

According to Emirates NBD, “This marks a new milestone in our innovation journey, and together, we look forward to shaping the Digital Asset space in the region.”

Fireblocks is an enterprise-grade platform delivering secure infrastructure for moving, storing, and issuing digital assets. The company enables businesses to easily and securely support digital assets and cryptocurrencies.

In February of 2023, Fireblocks acquired First Digital, a stablecoin and digital asset payments technology platform for $100 million.

UAE based Emirates NBD has been a strong proponent for Blockchain and digitization. Emirates NBD was one of the first banks to join the UAE blockchain enabled KYC platform.

In 2022 UAE Emirates NBD Group Chief Operating Officer Abdulla Qassem, stated, “It is only a matter of time before Blockchain technology rises to the forefront in the UAE and we begin to acknowledge crypto and digital assets as valid currencies. He made this statement during a panel session at the Global Business Forum Latin America (GBF LATAM 2022).

Could this be the beginning of crypto transactions and wallets at Emirates NBD, we will just have to wait and see.

MENA open banking platform Tarabut gateway raises $32 million to expand in KSA

MENA open banking platform Tarabut gateway raises $32 million to expand in KSA

MENA based Tarabut open banking platform, which recently signed its first partnership with a crypto brokerage exchange RAIN in Bahrain, has raised $32 million in its series A, led by Pinnacle Capital. The funds will be used to bolster Tarabut’s footprint in Saudi Arabia.

Pinnacle Capital is a leading alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities. Pinnacle Capital partners have extensive transactional experience in the venture capital industry with a proven track record, including leading the first Saudi unicorn tech startup, Jahez, to a public listing. The raise also saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated, “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally. Tarabut Gateway’s mission is to create an open financial services sector that delivers open banking benefits to MENA’s consumers, banks, and fintechs – and the proceeds of this fundraise will help us execute our strategy and contribute to realizing the Kingdom of Saudi Arabia’s ambitious vision 2030.”

In KSA, Tarabut Gateway has achieved over 60% market coverage through partnerships with leading banks such as Alinma Bank, Arab National Bank, Saudi National Bank and Riyad Bank. The Saudi Central Bank (SAMA) has included Tarabut Gateway as one of the first participants in its Regulatory Sandbox, which is a key component of the open banking framework rollout.

Tarabut Gateway will also be partnering with Visa. Andrew Torre, Regional President of Visa CEMEA, said, “Next-generation digital experiences and innovation are driving the future of financial services, and open banking is a growing movement that can help consumers better access and manage finances. We look forward to partnering with Tarabut Gateway, combining our global payments network and proven local solutions with their open banking platform to allow innovative financial services across the region.”

Abdulwahab Al Betairi, Founding Partner of Pinnacle Capital, added, “We’re thrilled to be backing Tarabut Gateway’s ambitious growth plans. Their innovative approach to open banking and their strong focus on Saudi Arabia make them a perfect partner for us, and we’re excited to see them grow to new heights and contribute to the growth of the Saudi Arabian fintech space as part of the Vision 2030 strategy.” 

Prior to this announcement, Tarabut Gateway partnered with Rain. As per the announcement it would brig faster, cost effective fiat to crypto transaction to Bahrain end users and enable funding payments directly from user bank accounts without leaving Rain’s platform.

The new feature will utilize Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, stated at the time that crypto trading, crypto wallets and other blockchain use cases were a natural ally in opening up traditional banking and finance. He stated, “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”

Blockchain Integration Cloud platform launched in MENA region

Blockchain Integration Cloud platform launched in MENA region

Blockchain compatible EVM ( Ethereum Virtual Machine) platform built on NEAR protocol, Aurora Labs, with offices in Business Bay in Duba, has launched its Aurora Cloud in the MENA region.

The platform is designed to integrate blockchain technology to their business without friction or the need for expert teams, significant resources, or large investments in time. With Aurora Cloud, businesses can connect their existing products to their own blockchain, allowing for a seamless end user experience that still looks familiar to what their customers use every day.

The platform enables businesses to choose to operate on their own private blockchain, known as an Aurora Silo, implementing KYC/KYB access restrictions and dictating which apps and tokens are available to trade and use, allowing for a bespoke and tailored experience. The ability to control whether they or their customers are responsible for gas fees is another game-changing feature that provides total commercial flexibility and a strong incentive to both businesses and their consumers.

Whilst Aurora Cloud is largely an industry agnostic solution that can provide blockchain benefits across a wide range of industries, the company sees significant benefits for Fintech companies, brokers, banks, investment funds, the energy sector, and those operating within the luxury goods and retail spaces.

“The launch of Aurora Cloud is an exciting moment for Aurora Labs and the wider blockchain industry. With our unique products and innovative approach, we are breaking down the technical barriers and increasing the transition of traditional businesses to the blockchain,” said Alex Shevchenko the CEO of Aurora Labs. “We are confident that Aurora Cloud will position us at the forefront of this shift and provide the industry with a much wider pool of potential customers and partners.”

Aurora raised $12 million in October of 2021.