Wio bank customers can trade crypto, Bitcoin, and Ethereum using UAE Fuze digital assets infrastructure

Wio bank customers can trade crypto, Bitcoin, and Ethereum using UAE Fuze digital assets infrastructure

UAE digital assets infrastructure provider Fuze has partnered with Abu Dhabi headquartered Wio Bank to empower its customers with virtual assets trading services.

Customers will be able to buy and sell popular cryptocurrencies such as Bitcoin and Ethereum, directly through Wio Bank’s recently launched application, Wio Personal.

Wio Personal is an intelligent everyday banking application redefining the way individuals see, manage, and grow their money. The personal banking application allows all customers to start investing simply and effortlessly. Wio Personal users can access thousands of global stocks, ETFs, fractional shares and even UAE IPOs seamlessly in a single, integrated app.

Speaking about the significance of the partnership, Jayesh Patel, CEO of Wio Bank PJSC, said, “The region is emerging as an important hub for cryptocurrency and there is a demand from customers for convenient, seamless access to crypto trading services integrated within their daily banking apps. As a business that was created to catalyze the digital banking ecosystem, we are excited at the opportunities this collaboration with Fuze provides, to better serve our customers and support the UAE’s forward-thinking transformation of the financial services sector. Fuze mirrors our own robust governance, compliance, and risk capabilities, so our customers can be confident in having secure access to Virtual Assets.”

Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, added, “As a regulated provider, we are proud to partner with Wio Bank, which has already made tremendous strides in redefining banking for the modern era across the region. There is a clear synergy with our mission to build the future of finance and we look forward to supporting Wio Bank in delivering regulated, trusted crypto services to its flourishing customer base.”

In a recent UAE poll suggested 48% of crypto users lacked trust in crypto exchanges. Through such partnerships, neobanks can provide regulated options for their customers and help to increase trust in the crypto ecosystem.

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus opens UAE based Middle East office as more financial and non-financial entities sign up for digital asset and custodial services

Taurus SA, a FINMA-regulated Swiss institutional-grade digital asset infrastructure provider, has expanded its operations into the Middle East to serve its growing client base in the region. Taurus will service the GCC and MENA region, including KSA, Qatar and even Turkey through its Dubai UAE office.

Founded in 2018Taurus SA, a Swiss company provides enterprise-grade digital asset infrastructure to issue, custody and trade any digital assets: cryptocurrencies, tokenized assets, NFTs and digital currencies.

Managing Director, Bashir Kazour, leads Taurus’ new UAE office based in the DIFC in Dubai. M. Kazour brings more than 20 years of retail, capital markets and technology experience gained at Royal Bank of Canada, Standard Chartered and FIS, a leading banking and payment technology provider. Over the last decade, he collaborated closely with a diverse client base ranging from sovereign wealth funds and central banks to brokers and family offices.

“I am excited to lead Taurus’ efforts and build a winning franchise in the Middle East, a region known for its rapid adoption of blockchain technology and digital assets,” said Kazour. “Taurus is well-known for its unique custody and tokenization capabilities serving banking clients and large enterprises, which aligns perfectly with the needs of the region. We’ve already started interacting closely with regulators, central banks and clients and I’m looking forward to delivering cutting-edge and compliant solutions to the market.”

Speaking to LaraontheBlock on whether Taurus requires regulation by VARA, Bashir Kazour, Managing Director at Taurus SA explained, “Taurus does not need a regularity license in the UAE as we solely focus on providing the digital asset infrastructure to our clients in the region. To make it simple, Taurus is a technology provider, equipping banks and corporates, with a platform to manage any digital asset. The financial services activity is regulated by the Swiss FINMA and is not promoted outside of Switzerland.”

Taurus opened an office in DIFC Dubai because the company has already signed up some large financial institutions according to Kazour. He adds, “We are also in late stage discussions with several other financial and non-financial institutions in the Middle East region. The region is known for its rapid adoption of blockchain technology and digital assets driven by the regulatory clarity already provided through VARA, ADGM, RAK DAO initiatives, fostering innovation.”

As such Kazour reaffirms that the opening of the office in the UAE is to support this growing demand in the region for both custodial and tokenization solutions.

The office according to Kazour will serve the full Middle East region, including Qatar, KSA but also Turkey. He adds, “ We also have plans to expand to other countries as well.”

Taurus has already consolidated its European leadership position as the preferred digital asset infrastructure provider for banks and corporates, building on its Swiss market leadership with more than 60% market share. Among others, Taurus has recently announced a partnership with Deutsche Bank as well as CACEIS, one of the largest global custodians. Taurus also closed its $65 million Series B funding round last February with strategic investors including Arab Bank Switzerland, Credit Suisse, and Pictet.

Select UAE Local bank customers can now trade with Binance in Dubai

Select UAE Local bank customers can now trade with Binance in Dubai

Binance, crypto exchange has received its Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). Local bank clients approved by VARA will be able to utilize the Binance platform. Users will benefit from higher consumer protection levels because Binance is now a fully regulated platform in Dubai.

Binance is now able to open a client money account with a UAE local bank and provide services to qualified customers. Services include, virtual asset exchange services, conversion between virtual assets and fiat currencies, transfer of virtual assets, custody and management of virtual assets, virtual token offering and trading services and virtual assets payments and remittance services

His Excellency Helal Saeed Almarri, Chairman of VARA said, “We are pleased to have Binance licensed to operate within the VARA MVP Programme. The VARA regime aims to strike an effective balance between value creation and risk mitigation, enabling open market innovation while assuring protection for the economically vulnerable. The MVP Phase, is designed for select global players across the value chain, that are committed to responsible industry participation and VARA looks forward to Binance being an active contributor, reinforcing Dubai’s commitment towards creating a next-gen secure ecosystem for this future economy.”

Changpeng Zhao (CZ), founder and CEO of Binance, commented: “At Binance we welcome regulations that are globally consistent, enable responsible innovation, protect users, and give them choice. VARA’s unique operating model is setting a benchmark for the global industry, and this most recent registration is an acknowledgement of our compliance and safety processes in the new regulatory framework.  We strongly believe there is a significant opportunity to work with our industry peers to develop consistent implementation standards around the world as we have been doing in Dubai.”

Alexander Chehade, Binance Dubai General Manager, noted: “Our registration in Dubai is a reflection of the country’s progressive stance on blockchain technology and its willingness to embrace this sector through collaboration. We look forward to continued partnership as we build upon our team and operations in Dubai to roll out additional services including local banking capabilities and enhanced products.”