UAE licensed DRIFE Web3 ride hailing platform now on Sui Blockchain

UAE licensed DRIFE Web3 ride hailing platform now on Sui Blockchain

DRIFE, a leading Web3 Mobility infrastructure provider, and the first ride-hailing decentralized application to operate in India and the UAE, has announced its integration with Sui, a Layer 1 smart contract platform and Blockchain.

DRIFE with this move, aims to offer a seamless, simplified onboarding process for ride hailing users and ecosystem partners. The migration of DRIFE onto Sui Blockchain which was created by Mysten Labs, is a step in expanding the decentralized mobility infrastructure sector.

Sui streamlines the process for developers to launch their projects on the Sui platform as it eliminates technical barriers.

DRIFE Taxi 3.0 service is set to disrupt the Taxi 2.0 such as UBER, Lyft, and others. These companies pioneered the use of mobile apps to connect passengers and drivers conveniently and affordably, yet their centralization has slowly eroded the benefits, and earnings of drivers due to high commission rates, while controlling the price customers pay.

The company is entering the market offering an innovative, transparent, fair solution that empowers both drivers and riders. The DRIFE platform offers a zero-commission fee structure which allows drivers to earn more income and pass on the benefits to riders in the form of savings. Sui is the optimal blockchain platform for DRIFE as it offers low network fees, reduced transaction costs, and enhanced overall affordability for users.

Firdosh Sheikh, Founder of DRIFE states, “Given we are pioneering a decentralized ride-hailing application, a concept unprecedented, we required a strategic partner and a blockchain infrastructure that aligned seamlessly with our vision. Sui is the ideal choice due to its scalability, security and cost-effectiveness.”

DRIFE will utilize various features in SUI’s architecture including its ZKlogin which enables frictionless user interaction without necessitating intricate blockchain knowledge. Sheikh adds, “This aligns perfectly with our goal of creating a seamless user experience and lowering entry barriers. Moreover, SUI’s scalability and speed are paramount, ensuring DRIFE can accommodate rapid growth and deliver real-time services efficiently.”

zkLogin, makes Web3 login as simple as signing in with familiar web credentials such as Google or Twitch. Sui continues to advance zkLogin, adding new providers and additional features such as multi-sig capability and more.

“Sui was created to provide a decentralized platform to support exactly the kind of innovative decentralized solution that DRIFE offers in its mobility infrastructure services,” said Dr. Greg Siourounis, Managing Director of the Sui Foundation. “It is extremely gratifying for the Sui community to see DRIFE leveraging zkLogin and other parts of Sui’s technology to address real challenges people face in their everyday lives.”

By leveraging SUI’s technology, DRIFE is poised to deliver an unparalleled ride-hailing experience that is not only efficient and user-friendly but also cost-effective and scalable.

Qan blockchain backed by Qatar MBK holding to participate in Dubai Token2049 Summit

Qan blockchain backed by Qatar MBK holding to participate in Dubai Token2049 Summit

Qatar backed London based Qan platform is taking the Blockchain conference scene by storm. the QAN platform will be attending both the Paris Blockchain Week, from April 9th-11th and then will be off to Dubai UAE for Blockchain Life 2024 on April 15th and 16th, followed by Token 2049 on April 18th and 19th.

UK QANplatform, the quantum-resistant Layer 1 blockchain, received $15 million investment from Qatar investment company MBK Holding. In September 2023, MBK holding publicly expressed their support for QANplatform.

The Qan platform is one of the blockchain platforms being supported by Qatari investors and enterprises. Maxya Blockchain platform developed by Genesis technologies has been supported by Qatar University as well as QFC ( Qatar Financial Center). Recently the Qatar Blockchain startup, Genesis Technologies partnered with South Korean Blockchain company CP Labs.

The Qatar Central Bank( QCB)  sets to attract Big Tech and Fintech entities in the fields of Blockchain, AI, Tokenization, Digital assets and crypto to the country.

As per its third financial sector strategy launched by HE Prime Minister Sheikh Mohamed Bin Abdulrahman Bin Jassim Al Thani, the Qatar Central Bank recommended enhancing financial inclusion, measures to facilitate building a world-class shared market infrastructure and establishing a financial technology talent center of excellence.

UAE Central Bank grants in principle approval to Telr payment

UAE Central Bank grants in principle approval to Telr payment

Telr, a payment gateway provider of payment gateway solutions provider has been granted in-principle approval for the Retail Payment Services & Card Schemes (RPSCS) License from the Central Bank of the United Arab Emirates (CBUAE). According to Telr blog this is a pivotal moment in Telr’s journey towards revolutionizing the digital payment landscape in UAE.

Khalil Alami, Founder & CEO of Telr, said: ‘I am thrilled to have achieved this historic milestone. This milestone is not just a reflection of Telr’s dedication but also of the dynamic and innovative spirit of the UAE’s fintech landscape. We are deeply honored by the UAE Central Bank’s trust, and we remain committed to pioneering digital payment solutions that elevate businesses and drive economic growth across the region.’ Alami added, ‘With great pride, we will continue empowering businesses on their journey to success while further cementing the UAE’s esteemed reputation as a leading payment hub in the region’.

Telr’s mission is to build connections that remove fragmentation in the e-commerce ecosystem, enabling customers to transition to cashless transactions and digitize the payment acceptance process. Telr has focused on empowering businesses to expand globally since 2014 through its one-stop-shop approach, offering a wide range of services for the e-commerce sector, including secure payment options, real-time monitoring, and specialized business solutions.

Telr has also introduced Telr Split Payments, a service that simplifies the reconciliation processes for UAE merchants. Additionally, Telr has launched Telr Finance to provide quick access to business capital.

Established in 2014, Telr, the UAE-based award-winning payment gateway solutions provider, offers a unique platform that enables payment handling in over 120 currencies and 30 languages in the UAE and KSA with the highest level of security. Through a single integration, Telr grants access to every payment method, including Visa, Mastercard, American Express, UnionPay, JCB, Apple Pay, PayPal, SADAD, Mada, STC Pay, and urpay.

Last month Telr announced its partnership with Fils, an ESG-focused digital infrastructure fintech which utilizes blockchain technology.

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.