UAE Zand Bank enters the realm of Blockchain and AI

UAE Zand Bank enters the realm of Blockchain and AI

UAE Zand Bank, UAE’s first digital only bank has subscribed to Infosys Finacle Solutions, a wholly owned subsidiary of Infosys suite to power its corporate banking services and enable it to innovate and integrate solutions on Blockchain and AI.

The deployment of Infosys Finacle’s advanced cloud-native solutions on Microsoft Azure is a testament to Zand’s commitment to provide a customer-centric, future-ready banking experience, underpinned by the latest in AI and predictive analytics.

The Finacle Corporate Banking Solution Suite’s modular framework and expansive suite of features, including an array of Open APIs, will significantly accelerate the launch of innovative services, supporting Zand’s objective of continuous innovation and commitment to customer delight.

Infosys Finacle enables Zand’s capability to assimilate and process a vast array of data, equips it to partner with sophisticated analytics platforms, thereby offering cutting-edge services to its customers.

The collaboration enables Zand to innovate and integrate emergent technologies like AI, blockchain, and digital asset management and drive a competitive advantage in the evolving landscape of digital finance.

Michael Chan, Chief Executive Officer of Zand, said, “We are delighted to announce our adoption of the Finacle modular core banking system. This strategic move empowers us to fortify our position at the forefront of innovation, enabling seamless deployment of digital assets, AI, and blockchain technologies. Embracing the future, we are poised to redefine banking experiences and drive unparalleled value for our customers.”

Sajit Vijayakumar, Chief Business Officer, Infosys Finacle, said, “A digital revolution is shaking up the corporate banking sector, paving the way for modern, customer-centric models. We are delighted that Zand, as a trailblazer in this domain, has chosen Infosys Finacle for their ambitious project to redefine corporate banking excellence. We are committed to enabling Zand, fast-track its journey towards offering differentiated customer-centric and world-class corporate banking services. Our collaboration with the bank is yet another testimony to the flexibility of the Infosys Finacle Corporate Banking Suite and the enduring trust that banks in the Gulf Cooperation Council place in us.”

ZAND Bank and ADGM partnered sometime back to offer preferential services to virtual asset service providers.

ADGM’s DLT Guide now made easier with MHQ and ACX Compliance

ADGM’s DLT Guide now made easier with MHQ and ACX Compliance

UAE private wealth optimization platform and ACX compliance, a crypto and Web3 compliance advisory firm, have published a guidebook ” Navigating ADGM’s DLT Foundations”. This initiative is designed to equip businesses with the knowledge and strategies necessary to navigate the intricacies of the Abu Dhabi Global Market’s (ADGM) Distributed Ledger Technology (DLT) ecosystem.

In November 2023, the Abu Dhabi Global Market (ADGM) introduced the Distributed Ledger Technology (DLT) Foundations Regulations 2023, marking the world’s first legal framework for blockchain within its jurisdiction. They have been actively broadening its regulatory framework relating to digital assets and DLT, with the objective of establishing a comprehensive legal and regulatory structure for such businesses.

The ADGM DLT foundations regime offers a supportive ecosystem for blockchain-based businesses, prioritizing investor protection and market integrity. Specifically tailored guidelines provide clarity and certainty for businesses in the blockchain and DLT sector, emphasizing transparency, accountability, and investor confidence. Key benefits include regulated token issuance, programmable governance, and legal protection for decentralized protocols, bridging the gap between on-chain and off-chain realms.

Entities interested in registering a DLT foundation with the ADGM Registration Authority (ADGM RA) must meet stringent application criteria outlined in the Regulations. Eligible applicants include a diverse array of entities such as blockchain foundations, web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations seeking to harness the potential of DLT for enhanced operations.

According to the guidebook, DLT foundations are bound by numerous ongoing and annual compliance obligations to ensure their operations align with legal standards. These ongoing obligations necessitate DLT foundations to maintain a registered office within the ADGM, serving as a central point for all communications and notices.
Additionally, foundations are required to appoint a Company Service Provider1 responsible for several critical functions. This provider must keep all corporate records as mandated by applicable laws, ensure the foundation has a registered office within the ADGM, act as the foundation’s representative in all interactions with the ADGM RA, including the service of documents, and manage all required notifications and filings with the ADGM RA in accordance with relevant laws.

Hermione Harrison, Director, and Head of Corporate Governance M/HQ commented: “The introduction of the ADGM DLT Foundations Regulations in 2023 signifies a significant breakthrough for the UAE’s cryptocurrency industry, positioning DLT foundations as leaders in innovation and progress within both the ADGM and beyond. These Regulations establish an unprecedented level of regulatory clarity, opening doors to a future marked by heightened transparency and efficiency across the blockchain and Web3 sectors.”

So far two DLT Foundations have been registered in ADGM, IoTa and Finischia.

ADGM hosts Blockchain funds Forum on digital finance and DeFi

ADGM hosts Blockchain funds Forum on digital finance and DeFi

UAE Financial centre, ADGM (Abu Dhabi Global Markets) has announced that it will be holding the Abu Dhabi Blockchain Funds Forum on April 16th at ADGM.

The Forum will gather investors to discuss and explore opportunities in the digital finance and Blockchain landscape.

Speakers will also discuss the potential of Web3 with expert panels on investment opportunities in blockchain technology.

As per the agenda, speakers will include Alex Lipton from ADIA, John D’Agostino from Coinbase, Valerie Hawley from True Global ventures, as well as speakers from SuperScrypt, BH Digital, First Abu Dhabi Bank, Galaxy Digital, Further Ventures, CoinFund and more.

Also on the table is a discussion about the future of DeFi (Decentralized Finance).

ADGM has been at the forefront of virtual asset and DLT regulation. It has also welcomed players such as IoTa, Solana, and others to its financial centre. In addition, the first national crypto exchange M2 was launched recently from ADGM.

The UAE has become a magnet for crypto, digital assets and blockchain startups and companies given its work to advance virtual asset and blockchain regulations.

Biconomy the advocator for seamless blockchain receives strategic funding

Biconomy the advocator for seamless blockchain receives strategic funding

Account Abstraction infrastructure provider Biconomy, a developer platform setting UX standards for seamless blockchain transactions integrated across 20 chains and more than 400 dApps, with partners including J. P Morgan, Trust Wallet, Mercedes-Benz, Animoca Brands, and Kwenta, has received strategic funding from leading web3 VCs Jump Capital, Borderless Capital, Consensys Ventures, Taisu Ventures, Manifold Trading, Side Door Ventures, and Blockchain Founders Fund, to position itself for accelerated growth as momentum returns in the crypto market.

Notable angels include prolific investors such as American entrepreneur and investor Balaji Srinivasan, and Jordi Alexander, founder of Selini Capital. To date, Biconomy’s Account Abstraction-SDK has helped onboard more than 4.5M users, created more than 6.1M UserOps with almost 50% of market share in Account Abstraction transactions, while powering more than 1.2M Smart Accounts.

“Securing this important round is testament to the strength and promise of our vision to empower web3 developers to unlock mass adoption of blockchain technology,” remarked Aniket Jindal, Co-founder of Biconomy. “We remain committed to our goal of delivering market-leading infrastructure for web3 teams, and we are grateful for the trust and support of our investors.” ‍

‍This comes as Biconomy partners with leading players including J.P Morgan who built a gas-abstraction solution with Biconomy’s dynamic Paymaster service that ensured all transaction gas fees were covered. Using the Sponsorship Paymaster mode to create a smart contract wallet with Biconomy, Fund Managers could easily and seamlessly deploy new funds in the form of Smart Contracts, as well as enable convenient payments in any ERC20 tokens.

In addition Anichess Game A subsidiary of Animoca Brands leverages Biconomy’s Smart Accounts and produced almost 300K on-chain gasless actions in its first 7 days of going live.

Even Trust Wallet, the largest mobile self-custody wallet in web3, unveiled SWIFT — a smart contract wallet powered by Account Abstraction and achieved in partnership with Biconomy’s Paymaster and Bundler infrastructure, with support for 200+ tokens — to a base of 80 million users.

Biconomy’s other Co-Founder Ahmed Al-Balaghi is based out of Dubai UAE and hosts a podcast called Encrypted.

In 2021, Biconomy, raised $11.5 million from their token sale on Coinlist and added 12,000 new token holders Prior to this Biconomy had raised 9 million USD from investors in its seed round.

Islamicoin launches blockchain interest free loan platform

Islamicoin launches blockchain interest free loan platform

U.S. based ISLAMICOIN has launched a blockchain enabled sharia compliant Riba free loan platform called Iqrad. ISLAMICOIN whose founder is a Lebanese national Jaafar (Jeff) Krayem has built Sharia Compliant Certified Islamic Cryptocurrency for the Global Muslim Community and a core to develop iChain.

iChain stands as a decentralized blockchain network aimed to nurturing halal-only projects, catalyzing an unprecedented transformation in the world of Islamic finance. Built on Hyperledger Besu IBFT platform, iChain creates a space that empowers individuals, organizations, and projects aligned with the principles of the Islamic faith.

Built on the Polygon network and utilizing smart contract technology, iQrad offers a model for riba-free loans aimed at promoting sustainable development and social solidarity within the framework of Islamic sharia.

“The rise in demand for innovative and transparent Islamic finance solutions has fueled the development of iQrad,” said Krayem


This user-friendly platform provides individuals and institutions worldwide with access to riba-free loans, regardless of location.
iQrad represents a significant step towards financial inclusion and creating fair financial opportunities for all, particularly for low-income individuals and budding projects seeking growth.


At the heart of iQrad lies the concept of the “Angel investor.” This fosters a spirit of community, encouraging individuals and institutions to contribute to the loan fund through USDT deposits as a charitable act to empower others, not for profit. Protected by robust blockchain security technologies, these deposits allow investors to actively contribute to building an integrated and supportive financial ecosystem.

Krayem adds, “The launch of iQrad marks a significant step towards realizing our vision for the future of Islamic finance – where cutting-edge technology complements longstanding Islamic values, By leveraging iGold as collateral, we offer a Sharia-compliant loan platform that fosters positive and sustainable change in people’s lives while upholding our commitment to ethical and transparent practices.”

ISLAMICOIN also launched its ISLAMIwallet on apple and android. The update unlocks features such as the integration with iQrad, enahnced and iGold features.

ISLAMICOIN is different than Haqq Blockchain’s IslamicCoin.

Saudi Arabia gets Web3 deep tech accelerator

Saudi Arabia gets Web3 deep tech accelerator

Saudi Arabia gets a new Web3 deep tech accelerator through its recent partnership with Outlier Ventures. The Saudi National Technology Development Program (NTDP) and Outlier Ventures announced a new accelerator program in the MENA region, which marks the inception of the first deep tech web3 accelerator program in Riyadh. The accelerator will kick off later in 2024.

The MOU ( Memorandum of Understanding) aims to catalyze the growth of Web3 ecosystem Kingdom, aligning with Saudi Arabia’s Vision 2030 for technological and economic diversification.

The initiative seeks to nurture the most promising web3 startups within KSA, providing them with access to Outlier Ventures’ extensive expertise on critical aspects such as product development, entity structuring, and token design.

Startups selected for this accelerator program will benefit from mentorship by leading figures in the web3 domain and potential investment opportunities, a crucial step towards establishing a robust infrastructure for technological innovation in Saudi Arabia.

Outlier Ventures has developed partnerships with over 300 startups worldwide.

Stephan Apel, Outlier Ventures CEO and Founding Partner, noted, “We are honoured to partner with the National Technology Development Program (NTDP) of the Kingdom of Saudi Arabia. Under Vision 2030, the rapid pace of change and development is visible across all sectors of the economy. The achievements are testimony to the level of dedication and focus driving the Kingdom forward. Our strategic collaboration underscores our joint dedication to nurturing technological progress. We are looking forward to bringing our 10 years’ experience, in-house world-class expertise and track record of helping Web3 startups develop, to help build out the Web3 ecosystem in Saudi Arabia, providing support to early-stage entrepreneurs.”

While Mr. Ibrahim Neyaz, the CEO of the NTDP added, “We are thrilled to partner with Outlier Ventures to achieve the goals of this partnership by working together to support the ecosystem of technology startups in Saudi Arabia. This partnership reinforces our commitment to advancing technology and fostering innovation in Saudi Arabia. By harnessing their extensive global expertise and advanced capabilities in the Web3 industry, Outlier Ventures will bring tangible value and make significant contributions to enhancing the Kingdom’s technological infrastructure. This, in turn, will facilitate technological growth and innovation across various sectors. We eagerly anticipate achieving mutual success and cultivating a robust relationship that benefits all parties involved.”

Prior to this announcement, The Hashgraph Association (THA) launched a $250 million DeepTech Venture Studio in Riyadh. The proposed venture studio is dedicated to nurturing innovation in deep technology sectors such as AI, DLT, robotics, IoT, VR, and quantum computing.

Solana and UAE Hub71 to support real world asset projects

Solana and UAE Hub71 to support real world asset projects

UAE ADGM Academy has backed up a partnership between Hub71 and Solana Blockchain to foster innovation for real world assets projects by offering incentives, office space, regulatory support and the UAE Golden visa.

This marks a significant step towards establishing the UAE as a hub for technological advancement and blockchain innovation. The Solana Foundation, committed to the Solana ecosystem, offers valuable resources and expertise to boost the UAE’s tech community.

Leveraging Solana’s blockchain, the partnership aims to attract talent and foster solutions for real-world challenges.

Hub71, strategically located in the heart of Abu Dhabi, is also a partner in the endeavor. Its mission to provide a nurturing environment for startups and tech companies aligns perfectly with the objectives of the Solana Foundation. This environment is conducive to creativity and innovation, providing the perfect setting for Solana RWA projects to thrive.

A critical component of this partnership is the support provided by the ADGM Academy. The Academy’s role is to provide projects with premier educational resources and regulatory advice. This support is vital for navigating the complexities of blockchain technology and its applications in real-world scenarios.

On offer is the UAE Golden Visa to Solana RWA projects. This long-term visa offers entrepreneurs stability and freedom from visa concerns, allowing them to concentrate on innovation. It’s a clear signal of the UAE’s commitment to attracting and retaining top talent in the technology sector.

Nexon gaming entity sets up in UAE to launch blockchain game

Nexon gaming entity sets up in UAE to launch blockchain game

South Korean Nexon gaming enters the UAE with its latest game MapleStory using blockchain. Nexon is working on a game that will bring together their classic games with Blockchain under the name MapleStory. Nexon has launched in the UAE under two subsidiaries Nexon Universe Global and Nexpace.

Nexon chose UAE because it is a hotspot for cutting edge technology. MapleStory will include NFTs,

This strategic move aims to fortify Nexon’s foothold in the burgeoning blockchain gaming sector within its target market, the Middle East, according to industry insiders.

Nexpace, a blockchain gaming venture introduced by Nexon in the previous year, is poised to play a pivotal role in the company’s expansion endeavors. At the core of Nexpace lies MapleStory N, a project that integrates Nexon’s well-known intellectual property, MapleStory, with Non-Fungible Token (NFT) technology.

In line with its expansion strategy, Nexon Korea Corp. is gearing up to unveil MapleStory N in select markets later this year. This anticipated launch signifies a significant stride towards broadening Nexon’s portfolio in the realm of blockchain gaming.

The move to establish subsidiaries in the UAE underscores Nexon’s commitment to harnessing the potential of blockchain technology within the gaming landscape. By extending its presence into the UAE, Nexon Korea Corp. aims to leverage the region’s conducive environment for technological innovation and entrepreneurial growth. This expansion not only signifies Nexon’s ambition to tap into new markets but also reflects its dedication to fostering a dynamic gaming ecosystem on a global scale.

Nexon plans to launch MapleStory N in select countries this year, marking a significant step in its strategy to broaden its blockchain gaming portfolio.

Animoca brands, which offers digital property rights for games and open metaverse, continues to invest in gaming and Web3 start-ups in the MENA region. Its latest investment is with UAE based Param Labs, a blockchain enabled gaming infrastructure provider.

Emurgo and Encryptus offer crypto transaction services in the Middle East

Emurgo and Encryptus offer crypto transaction services in the Middle East

EMURGO Middle East Africa, the investment and commercial arm of the Cardano blockchain platform Cardano in Africa and the Middle East, today announced a strategic partnership with Encryptus, a leading Crypto, Fiat infrastructure provider. This collaboration marks a significant milestone in providing seamless on and off-ramp services to support the Cardano ecosystem, fostering ADA adoption across frontier markets.

EMURGO MEA leverages Cardano’s innovation, security, and sustainability to drive digital transformation, creating impactful blockchain solutions. By partnering with Encryptus, known for its pioneering crypto-to-fiat and fiat-to-crypto transaction solutions.

This partnership empowers Encryptus to unveil a suite of new products designed specifically for Cardano users. These offerings include cutting-edge; compliant payout solutions such as bank wire transfers across over 80 countries, mobile wallet services in more than 40 countries, and an array of gift cards and mobile plans accessible in over 110 countries.

“Our collaboration with Encryptus is a testament to our dedication to not only advancing the Cardano ecosystem but also to innovating the blockchain space as a whole. By integrating Encryptus’ leading crypto-to-fiat transaction solutions, we’re set to unlock unprecedented opportunities for ADA users and continue to lead in the creation of blockchain-enabled ecosystems” said Yosuke Yoshida, Co-CEO of EMURGO MEA.

Shantnoo Saxsena, CEO & Founder of Encryptus, highlighted the significance of the partnership, stating, “True adoption of blockchain technology extends beyond simple access to cryptocurrencies. It necessitates robust off-ramping capabilities that empower users to effortlessly convert ADA into fiat currencies and various payment methods. This collaboration is a game-changer especially in the frontier markets, completing the essential link for broader crypto adoption and enhancing the utility of ADA across numerous markets.”

“Encryptus’ unique banking infrastructure is what sets them apart from their competition. Their ability to provide cryptocurrency services akin to traditional finance services is why we believe the team has the capabilities to build many additional layers of value creation, on top of their existing offerings. We at EMURGO MEA are very excited about the prospects of our partnership, in creating stronger accessibility to ADA and the Cardano chain, with hands-on support from our recent launch of EMURGO Labs,” said Ahmed M. Amer, EMURGO Labs CEO.

Under the partnership, Encryptus will leverage its vast off-ramp infrastructure and regulatory compliance expertise to facilitate efficient ADA-to-fiat conversions. Simultaneously, EMURGO Middle East and Africa will develop smart contracts and additional UI components necessary for the seamless integration of Cardano into Encryptus’ platforms, ensuring a smooth user experience for converting ADA across various payment systems.

This strategic partnership is poised to significantly enhance the utility of ADA, making it more accessible and usable across the globe. By providing efficient, secure, and compliant pathways for crypto-to-fiat transactions, EMURGO MEA and Encryptus are paving the way for increased adoption of the Cardano blockchain, ultimately contributing to the growth and development of the digital economy in the Middle East, Africa and beyond.

Blockchain AI real estate DAO sets up in UAE

Blockchain AI real estate DAO sets up in UAE

BrickLayer DAO a tokenized RWA platform built on Blockchain, and AI, for real estate has set up in the UAE and is seeking a license from FSRA in ADGM (Abu Dhabi Global Market) as well as a license in VARA (Dubai’s virtual asset regulatory Authority).

According to their website, Bricklayer platform is fueled by AI and virtual assets, providing a decentralized Blockchain access to institutional grade real estate. It also offers over-leverage crypto holders with access to institutional real estate without sacrificing the speculative gains, providing consistent change to real yield dividends in ‘$MORTAR’.

As per their website and linkedIn post, Bricklayer DAO is in the process of being regulating under FRSA, VARA and UAE common law, giving a legal layer of protection to investors.

Nick Prescott one of the founders who was a former executive at Amazon and now the co-founder of BrickLayer explored blockchain but faced uncertainty in picking genuine projects. Nick’s frustration with corporate hierarchies fueleda quest for a blended solution—a platform combining blockchain’s speculative nature with REIT’s stability, all while giving investors a voice.

Nick delved into DAOs, decentralized environments where everyone’s voice matters. After completing a cryptocurrency course at MIT, he left Amazon and founded Bricklayer. This real estate fund, powered by Ethereum blockchain, adopted a decentralized strategy influenced by $BRICKS token holders. It offered a unique blend of speculation, hedged with one of the safest of asset classes.

Bricklayer is now incorporated the UAE. Bricklayer aspires to become the Robinhood of real estate, reshaping the traditional landlord-occupier dynamic. As stated, “We’re committed to increasing leasehold flexibility and reducing occupational costs, forging partnerships with occupiers to create a more equitable and flexible real estate ecosystem. Bricklayer is dedicated to advancing blockchain adoption within the real estate industry. We’re on a mission to persuade vendors to embrace virtual assets as a valid form of exchange in real estate transactions, ushering in a new era of efficiency and transparency.”

Tokenization of real estate in UAE is picking up with recent Desert Pearl project.