droppGroup (“dropp”), with offices in USA, Saudi Arabia and Canada, integrating AI and blockchain technologies, have partnered with Blockchain Solana Superteam, a key player in the Solana blockchain ecosystem, which also has operations in the UAE. The partnerships aims to accelerate the adoption of Web3 technologies in Saudi Arabia. This collaboration leverages dropp’s expertise in Web3 and AI solutions alongside Solana’s advanced blockchain platform.

Both entities will work to expand blockchain use in KSA private and public sectors, given that droppGroup has clients in KSA within Saudi government, Saudi Aramco and others. More importantly both will co host Web3 educational events.

Faisal Al Monai, Chairman & Co-Founder of droppGroup, expressed his excitement about the partnership, stating, “This collaboration is a pivotal step in unlocking the immense potential of blockchain technology to revolutionize industries and drive substantial economic growth in Saudi Arabia. By combining our cutting-edge Web3 expertise with Solana’s high-performance blockchain infrastructure, we are poised to deliver innovative solutions and educational initiatives that will play a crucial role in realizing the Saudi Vision 2030.”

He adds that their commitment to supporting the Kingdom’s ambitious goals will shape the future of the digital economy and empower the next generation with the tools and knowledge needed for technological advancement.”

Alex Scott, Superteam MENA Lead, provided insights on the collaboration, stating, “I’m thrilled to partner with a forward-thinking organization like droppGroup. This partnership will accelerate the adoption of blockchain technology in Saudi Arabia and make a meaningful contribution to Saudi Vision 2030. Together, we are committed to creating a vibrant digital economy and fostering a community that is well-equipped to harness the power of Web3.”

This is not the first partnership in Saudi Arabia for the growth of Blockchain. Most recently Fanera, a blockchain enabled fan network relocated to Saudi Arabia, while previously The Hashgraph Association announced a partnership with the Ministry of Investment in KSA for a deeptech studio.

UNDP ( United Nations Development Program) has partnered with the DFINITY Foundation, which will leverages the Internet Computer blockchain technology to further develop and implement the Universal Trusted Credentials (UTC) initiative. This collaboration underscores a significant step towards enhancing digital trust and financial inclusion for Micro, Small, and Medium Enterprises (MSMEs) globally.

This framework – the Universal Trusted Credentials (UTC) launched in collaboration with the Monetary Authority of Singapore and other partners when implemented in several countries, will not only enhance domestic access to financing for MSMEs but also unlock access to trade financing across participating countries due to the enhanced cross-border trust in the data provided. The UTC solution aims to stimulate the adoption of digital technologies, which will include blockchain-based solutions, with the view to ultimately build a vibrant and sustainable financial ecosystem that empowers MSMEs.

The DFINITY Foundation will utilize its expertise in decentralized compute platforms and digital identity solutions to develop and test the prototype for a robust data infrastructure (platform) for the UTC pilot initiative in Cambodia. This infrastructure will ensure the secure storage and management of digital credentials, enhancing the trust and reliability of the UTC system.

“The partnership with the DFINITY Foundation marks a pivotal moment in our efforts to advance digital inclusion and economic empowerment for MSMEs in Cambodia,” stated Marcos Neto, UN Assistant Secretary General and Director of UNDP’s Bureau for Policy and Programme Support. “By harnessing cutting-edge technology, we can create a more secure and accessible digital credentialing system that will drive sustainable development and economic growth.”

The DFINITY Foundation is the creator and major contributor to the Internet Computer Protocol (ICP), the underlying technology that will be instrumental in building a decentralized and tamper-proof data infrastructure, providing the high level of security and transparency needed for the UTC initiative to succeed. This collaboration will not only benefit Cambodian MSMEs but after the pilot in Cambodia, this project plans to scale to 10 countries.

“MSMEs represent the backbone of most economies, and the UTC initiative represents a unique opportunity to bring transparency and increase inclusion within a financial system that often fails to cater to their needs”, stated Dominic Williams, Chief Scientist and Founder of the DFINITY Foundation. “By utilizing the Internet Computer blockchain technology, the UTC initiative is set to benefit from over a thousand person-years of research and development and will be supported by some of the leading cryptographers and experts in the field of digital identity”.

This initiative is part of a broader effort by the UNDP to leverage technology and innovation to achieve the Sustainable Development Goals (SDGs) and improve the livelihoods of vulnerable populations.

In 2023 DFINITY launched its GCC hub and supported a UAE recycling project.

UAE based MAG Group Holding a multinational consolidation of different companies and sectors, the group’s portfolio includes real estate, contracting & engineering, industrial & commercial trading, freight services, and hospitality will tokenize $500 million worth of real estate assets with UAE based Mantra a Blockchain Layer 1 RWA ( Real world assets) tokenization platform.

As per a press release, Mantra will tokenize real estate assets in several tranches, while investors will earn yields through stablecoin and OM Tokens. The first tranche will include a residential project, Keturah Reserve, which is being built by MAG in Meydan, Dubai.

The tranche will also package a $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development.
Investors will earn yield through stablecoins and Mantra’s OM token.

They are expected to have receive yields of 8% from the stablecoins and be granted additional OM tokens.

In June, Zand Bank PJSC, the digital bank licensed by the Central Bank of the UAE, and MANTRA, signed a Memorandum of Understanding (MOU) to streamline the process of real-world asset tokenization, including the identification, listing and distribution of RWAs.

UAE regulated Laser Digital, Nomura’s digital asset subsidiary strategically invested in MANTRA Chain, and prior to that Mantra raised $11 million for real-world tokenization. While the firm is said to be in the final stages of securing licenses from Dubai’s crypto regulator VARA.

Qila, a blockchain cloud solution provider which offers Certified Data Authenticity and Privacy by Minting Non-Fungible Tokens for Real World Assets on a Private Blockchain Network, has announced its entrance into the UAE market.

The announcement was made in a LinkedIn post, where Qila wrote, ” Qila is thrilled to announce the launch of our Blockchain Cloud Services right here in the UAE! Now, Dubai enterprises can easily build, run, and manage dedicated blockchain networks. From tokenizing real-world assets to creating custom Smart Contracts and token protocols, Qila simplifies everything for you. Say goodbye to complex setups and hello to innovation!”

Qila offers its ARK+ blockchain platform for easy transition to blockchain and tokenization.

Sid Ugrankar, CEO & Co-Founder of Qila, said, “Our expansion into the UAE is a significant milestone for Qila. By establishing a private cloud infrastructure, we not only adhere to local data regulations but also provide enterprises with secure and efficient Web3 solutions. The introduction of ARK, ARK+, PrivaSea, and TreePye exemplifies our commitment to innovation and helping businesses optimize their operations.

Vishal Malhotra, CFO & Co-Founder of Qila, said, “We see immense potential in the UAE market, which is at the forefront of embracing new technologies. Our goal is to support enterprises in their Web3 journey by offering sector-agnostic solutions and innovative tools like ARK, ARK+, PrivaSea, and TreePye. This expansion is a testament to our growth strategy and our dedication to serving diverse markets with tailored solutions.”

Qila and various other blockchain and crypto entities have been flocking to the UAE, given the country’s stance on digital assets, its regulatory openness and its position at the center between Asia and the Middle East.

NSSG a Omani cybersecurity firm that specializes in safeguarding digital assets and sensitive information has partnered with Settlemint a blockchain firm that enables enterprises to easily and rapidly build and integrate blockchain applications, while empowering teams with the skills, knowledge, methodologies, guidance and ongoing support they need.

As per an X statement, ” The collaboration aims to introduce and support blockchain transformation in Oman by bridging the gap between people, processes, and technology.

NSSG provides top-tier cybersecurity solutions, expert consulting services and innovative product manufacturing, all working in harmony to safe-guard our clients’ digital assets and privacy. As per their website, “We are committed to achieving excellence through innovation, expertise, and dedication to fulfilling our client’s security needs.”

The signing agreement was in the presence of NSSG’s Chief Technology Officer, Hamza Al Jaafari, and from SettleMint, the VP of EMEA, Sunath Kolazh.

NSSG noted, “We are committed to providing organizations with the skills, knowledge, methodologies, guidance, and ongoing support necessary for successful blockchain implementation.”

Settlemint has been expanding its partnerships in the GCC region. It recently partnered with the Islamic Research and Training Institute, the research arm of the Islamic Development Bank Group (IsDB), have embarked on a journey to build blockchain based Sharia compliant financial products. The first project will be concerned with Sharia compliant subsidy distribution aimed at creating an efficient and transparent system for Sharia-compliant subsidy distribution for its 57 member countries globally, encompassing 1.7 billion people.

Additionally in Qatar, Qatar Financial Authority signed an MOU with Blockchain entity SettleMint to forward digital asset industry.

In a recent IMF blog, the International Monetary Fund noted that almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency with Bahrain, Saudi Arabia and UAE in the more advanced proof of concept stages. The countries in MENA and Central Asia are studying CBDCs as a way to promote financial inclusion and improve the efficiency of cross-border payments.

The IMF Blog notes however that CBDCs require careful consideration, with each weighing their own unique set of circumstances.

Many of the 19 countries currently exploring a CBDC are at the research stage. Bahrain, Georgia, Saudi Arabia, and the United Arab Emirates have moved to the more advanced “proof-of-concept” stage. Kazakhstan is the most advanced after two pilot programs for the digital tenge.

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As per the blog, Central Bank Digital Currencies for cross border payments are an important priority for oil exporters and the Gulf Cooperation Council countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. That’s because cross-border payments tend to have frictions like varying data formats and operating rules across regions and complex compliance checks. CBDCs that address these inefficiencies could significantly cut transaction costs. 

These digital currencies can advance financial inclusion by fostering competition in the payments market and allowing for transactions to be settled more directly and with less intermediation, in turn lowering the cost of financial services and making them more accessible.

The IMF blog also notes that unlike commercial banks, central banks can also help keep costs lower as they aren’t concerned with making a profit. Similarly, the resulting increased competition in the payments market from a CBDC could also encourage upgrading technology platforms and the efficiency of payment services, helping financial services reach more people.

Countries in the Caucasus and Central Asia, Middle East and North Africa oil importers, and low-income countries are especially interested in this potential benefit.

The blog notes that CBDCs may have risks given that CBDCs might compete with bank deposits. It could weigh on bank profits and lending and have implications for financial stability. However, lenders in the region generally have adequate capital levels, profit margins, and liquidity buffers, and their relatively high concentration may limit strains on deposits. Large banks are especially dominant in Gulf Cooperation Council countries.

For monetary policy, CBDCs could strengthen the pass-through into deposit rates by increasing competition among banks. A CBDC could also strengthen the bank lending channel of monetary policy. However, as our paper underscores, the impact would likely be country-specific and is difficult to estimate because CBDC uptake is limited so far.

Policymakers can mitigate potential risks with design features to limit competition with bank deposits, such as using carefully calibrated restrictions on CBDC balances and transactions, could also help.

Design features are an important consideration. The IMF survey shows that selecting appropriate features for CBDC implementation is a key challenge for regional policymakers. Achieving the policy objectives of promoting financial inclusion and payment system efficiency will depend on relevant design choices.

For instance, designing CBDCs to work offline could promote financial inclusion in areas with spotty mobile service, such as in low-income countries and fragile and conflict-affected states. Similarly, using CBDCs for cross-border transfers could help lower the cost of sending remittances and speed up transfer times.

According to the blog, introducing digital currencies will be a long and complicated process that central banks must approach with care. Policymakers need to determine if a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, risks for the financial system, and operational risks for the central bank.

The Blog post comes a week after KSA announced that it had joined Mbridge CBDC project, and Qatar’s announcement that it had started to work on a CBDC pilot. The UAE is also moving forward with its CBDC project.

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.

Aspen Digital, aimed at helping to accelerate the continued adoption of digital assets, and offer technical solutions to asset managers, high net worth individuals, family officers and other financial institutions, has received an in principle approval (IPA) from the regulatory arm of Abu Dhabi ADGM ( Abu Dhabi Global Market). the FSRA.

Aspen Digital which is co-incubated by Everest Ventures Group, a venture studio specializing in digital assets and blockchain technologies and TTB Partners, a regulated, boutique advisory and asset management firm started by Sir John Bond’s family will act as a bridge between tradition finance and the digital assets industry.

Subject to final regulatory approval, Aspen Digital will be licensed to provide financial services out of ADGM and expand its product offering and presence within the rapidly growing digital asset ecosystem in the Middle East.

Aspen Digital’s unique offering as a one-stop solution for private wealth to build their allocation to the alternative digital asset class will play an important role in driving the local ecosystem and broader adoption within the region.

CEO of Aspen Digital, Elliot Andrews said, “The IPA is an important milestone for Aspen Digital as we look to expand both our global footprint and offering within the digital asset sector. With a deep understanding of the asset class, ADGM has built a very comprehensive and clear regulatory framework in which to operate. We are grateful for their support and look forward to working closely with them in driving the next wave of digital asset adoption. 

SettleMint announced on its website, that the Islamic Research and Training Institute, the research arm of the Islamic Development Bank Group (IsDB), have embarked on a journey to build blockchain based Sharia compliant financial products.

SettleMint has more than 60 Enterprise blockchain implementations worldwide. It offers a full-fledged Blockchain-Platform-as-a-Service solution.

The first project will be concerned with Sharia compliant subsidy distribution aimed at creating an efficient and transparent system for Sharia-compliant subsidy distribution for its 57 member countries globally, encompassing 1.7 billion people.

According to SettleMint IsDB used the SettleMint blockchain platform for the tokenization of fiat currency to distribute the subsidies in a peer-to-peer manner allowing full transparency and control

Matthew Van Niekerk, Co-Founder and CEO of Settlemint stated, “One of the core values of SettleMint has always been to change the world for the better, and by using the blockchain technology to further financial inclusion and development of the 57 member countries, fits our ambitions to the letter.”

Using blockchain for subsidy distribution allows for full control of spend by subsidy purpose at any time, ensuring IsDB that the aid is being spent as intended. The entire contractual process for Islamic institutions was automated, alleviating the additional administrative and legal complexities and redundancies associated with Sharia-compliant financial products.

SettleMint partnered with Ateon, a Riyadh-based solution provider and systems integrator in the Fintech space.

IsDB automated the entire process of sharia-compliant subsidy distribution, resulting in full transparency and eliminated administrative complexity.

The IsDB said such features would allow for instantaneous clearing and settlement of transactions and asset exchanges, while helping eliminate counterparty risk.

IsDB and SettleMint along with Ateon first started working on the feasibility of the project back in 2017.

IsDB and SettleMint have also worked together to develop and showcase the innovative Smart Stabilization System, a patent pending algorithm designed to enhance stability in financial markets. This solution is being developed by IsDBI and implemented by SettleMint, the Blockchain Transformation company.

Co-Founder, Matthew Van Niekerk, together with Dr. Hilal Houssain, Ph.D., Associate Manager of the Knowledge Solutions Team at the Islamic Development Bank Institute (IsDBI), delivered a key session at ISDB’s 50th anniversary!

The objective of the SSS is to help stabilize organized asset markets without compromising efficiency. This is done by managing the gap between supply and demand to reduce the volatility of the price while maintaining the role of the gap in equilibrating the market. The patent-pending Smart Stabilization System is unique in managing the pressure on price before the price changes. The System is forward-looking, while most other stabilization systems are backward-looking. Moreover, the SSS is self-financed, and investors’ rights are fully protected.

IsDBI and SettleMint are investigating the use of blockchain and smart contracts to provide autonomous and transparent execution of the SSS.

Dr. Sami Al-Suwailem, the Institute’s Acting Director General, welcomed the collaboration on this project as a milestone in the progress of the Islamic fintech industry. He said: “The world is moving fast on the digitalization of financial transactions. This requires a robust stabilization system in place to minimize the instability associated with fast movements of funds, as has been proven by the recent banking crisis. I am pleased that my colleagues are capitalizing on the patent-pending Stabilization System to develop a practical solution to assist our Member Countries in achieving digital transformation with minimum financial instability.”

 Ethiopian Airlines Group, Africa’s leading airline, and one of the fastest-growing global airline brands, has appointed innovative tech loyalty partner Blockchain enabled Loyyal to its Access Point flagship solution as a rewards management system within its loyalty offering. This collaboration leverages Finfare Connect’s market-leading rewards solution for payment-linked incentives, affiliate offers, and instant cashback, all powered by Loyyal’s advanced blockchain infrastructure for loyalty systems.

Ethiopian Airlines and Loyyal teamed up with Finfare Connect to seamlessly integrate world-class bank-linked offers (account-linked and card-linked) through an automated platform designed specifically for loyalty program owners. This makes them one of the first airline rewards programs powered by bank data in the world.

Loyyal CEO Ashish Kumar Singh said, “Loyyal is thrilled to partner with Ethiopian Airlines for its Sheba Miles members to experience everyday earnings, driving further engagement and stickiness.”
“We’re excited to join forces with Loyyal and Ethiopian Airlines to help enrich their reward offering, generate incremental sales for our network of partner brands, and ultimately provide more value and personalized experiences for customers,” said Brad Blake, Chief Growth Officer at Finfare.

From a technical perspective, Access Point uses Smart Contract technology that streamlines and automates deals and agreements seamlessly, ensuring a hassle-free, self-administered experience for everyone. This enables program owners to efficiently onboard and collaborate with a wider range of merchants, including renowned brands like Nike, Marks & Spencer, and Boots, alongside popular independent hotels, restaurants, and top experience providers in the UK and US.

Gunjan Kumar, Chief Revenue Officer at Loyyal states, “My relationship with Ethiopian Airlines dates to its STAR Alliance induction. I’m thrilled to see its growth, particularly as the first African airline to offer daily earning opportunities in the US and UK markets through Loyyal-Access Point’s support.”

Mrs. Rahel Assefa, Group VP Marketing, Ethiopian Airlines said, “We are excited for the unique partnership we have established with Loyyal’s patented platform and Finfare’s extensive ecosystem to boost our members’ mile earning experience through everyday purchases from various leisure and lifestyle brands.”

This unique collaboration enables ShebaMiles members to earn miles through everyday purchases including categories such as fashion, health & beauty, entertainment, dining, experiences, retail, and travel, opening a wide spectrum of offers for members.