Russian Central Bank to cooperate with UAE on CBDC project

Russian Central Bank to cooperate with UAE on CBDC project

The Russian news state agency reported that the Central Bank of Russia is ready to cooperate with UAE regulators to build a system for fast payments and settlements using digital ruble CBDC. The CBDC will be used by both individuals as well as businesses once the issue of KYC is resolved.

The comments were made by First Deputy Governor Olga Skorobogatova said at the Finopolis forum.

Skorobogatova stated, “We will work out the fast payment system and the CBDC [central banks digital currency – TASS] because the colleagues are ready with the digital ruble and we are ready. If we solve the issue of client identification, then I think we will be able to build up a normal system of payments for citizens and the business between the two our countries in a year at the least,” she said.

Moveover, the Bank of Russia continues testing the digital ruble in a limited pilot program that started in August with 13 private banks. At Finopolis, head of the Bank of Russia, Elvira Nabiullina said the pilot is on track and will expand next year to more users. 

As for the UAE, it is also piloting its CBDC project working with Blockchain tech players such as R3.

UAE MBRIF an innovation and acceleration Fund selects Blockchain AI startup InvoiceMate

UAE MBRIF an innovation and acceleration Fund selects Blockchain AI startup InvoiceMate

UAE, Muhammad Bin Rashid Innovation Fund (MBRIF) has selected Blockchain powered working capital financing solutions startup, InvoiceMate to be part of its accelerator program.  InvoiceMate based out of UAE DIFC ( Dubai International Financial Center)

InvoiceMate is among the 22 startups selected out of over 230 applications from 41 countries around the world.  As part of the MBRIF acceleration program, InvoiceMate will gain unparalleled support and resources to fuel its innovation and growth. This collaboration opens up a world of opportunities for InvoiceMate, providing access to a vast network of industry experts, thought leaders, and potential investors who will offer invaluable guidance and strategic insights to fuel the company’s expansion plans.

InvoiceMate is a Blockchain & AI powered invoicing platform acts as bridge between SMEs and Financing Institutions. This easy digital inclusion leads to even easier financial inclusion by enabling SMEs access to various forms of credit like invoice discounting, factoring, BNPL, and supply chain financing.

Muhammad Salman Anjum, CEO of InvoiceMate, expressed his delight, saying, “We are honored to be chosen for the Muhammad Bin Rashid Innovation Fund acceleration program. This recognition validates the hard work and dedication of our team and reflects our commitment to driving innovation in the financial technology industry. Through this program, we look forward to leveraging the support and expertise to further enhance our solutions and make a lasting impact on businesses worldwide.”

More brilliant Blockchain and coding colleagues lost in the War on Gaza

More brilliant Blockchain and coding colleagues lost in the War on Gaza

Tariq Thabet, a Palestinian with an MBA from Michigan University, and a Blockchain expert, was killed in Gaza along with 16 members of his family. Thabet spent his career helping the youth and startups of Gaza scale and grow. He led projects and programs funded by different donors such as welfare association, USAID, World Bank, UNRWA, IDB, Kuwait Fund, Arab Fund, AMF, Danida, and Oxfam. He also worked with Gaza Sky Geeks Code Academy

For more than 12 years he implemented multi-sectorial projects in international humanitarian and development organizations, and business incubators. Prior to his death, he was working in Gaza with RampRate an Impact-Focused Organizations that offers blockchain solutions and decentralized Governance contracts.

As a software project manager at RampRate, he facilitated consulting engagements for projects in AI Blockchain and DAOs. RampRate, served enterprises looking to reduce cost, risk, time, and the carbon footprint of their IT supply chains.

Tareq is also remembered fondly by Tey El Rjula, Founder and CEO of Fluus, “I am very saddened by the loss of Tariq and 16 members of his family in a bomb shelling in Gaza by Israeli army. Tariq was a key initiator of tech startups in Palestine and worked on various blockchain projects.”

He adds, “It’s a loss for the tech community in Gaza!”

The Fluus cash out location in Gaza at Al Baaraasi Currency Exchange was bombed, yet Fluus Pay continues to offer International NGOs and reporters service in Khan Younes and Rafah.

A week prior another colleague of Tariq was killed in Gaza along with her family in an airstrike. Mai Ubeid an entrepreneur a leader at Gaza Sky Geeks Code Academy and  a tech talent lost her life like so many thousand others in Gaza.

As per Fadi Ghandour, Managing Partner at Wamda Capital in a LinkedIn post,”Mai was one of the greatest success stories from the Gaza Sky Geeks Code Academy. Despite the fact that our interactions were numbered, she’s one of the Gazan’s that has left the greatest impression on me:”

At a young age Mai was diagnosed with muscular dystrophy and has been wheelchair bound ever since. In spite of this Mai and her family refused to accept this as a limitation to her potential, so together they fought for her to realize her dreams.

Mai was destined to have a career in STEM. After graduating from the GSG Code Academy she went on to complete an internship with Google for Startups before landing a job with the UNICC / UNRWA. She was their youngest ever hire for the tech team!

How many more senseless deaths have to occur, how many more great educated wonderful human beings need to die, before the world calls out in one voice, STOP!

Phoenix Crypto mining group to float $370 million worth of stock in IPO on November 16th

Phoenix Crypto mining group to float $370 million worth of stock in IPO on November 16th

As per a news article, The Abu Dhabi Securities Exchange is preparing for Phoenix Group, a datacenter crypto mining company, upcoming IPO schedule to start on November 16th 2023 for two days, where the company will float $370 million worth of stocks equivalent to 17.64 per cent of it stock.

Phoenix Group is set to offer each share at the price of 0.41 cents (1.5 AED).  Retail investors are required to invest a minimum of $1360 (AED5,000) to participate in the IPO, which allocates 6.67% (or 60.48 million shares) to them. Analysts view Phoenix as offering local investors their first experience with growth opportunities centered on cryptocurrency.

Recently, International Holding Company (IHC) of UAE purchased a 10% stake in Phoenix Group. The company manages the ‘Citadel Project’, which is the largest crypto-mining facility in Abu Dhabi. Most recently Phoenix Group partnered with M2 to offer crypto yield product.

“The Phoenix IPO represents the first opportunity for investors to gain exposure to the crypto and blockchain  through a professionally managed and licensed entity,” said Sameer Lakhani, Managing Director at Global Capital Partners. “It signals to investors the role that ADX and the UAE are carving out in this space as a result of their superior regulatory rules in the crypto domain.

In an interview with Entrepreneur magazine, .Munaf Ali, co-founder and Managing Director of Phoenix Group stated, “I aim to create an organization that consistently delivers unprecedented returns to our stakeholders, shareholders, investors, and the dedicated team that has been our backbone throughout our journey. By striving for excellence and innovation, we will position Phoenix as a frontrunner in the market, gaining recognition and respect on a global scale.

Phoenix Group invested in a 250 MW data mining facility in Abu Dhabi, as well as expanded to Oman with a 150 MW facility with Green Data City.

As for sales, they remained robust in 2023, reflecting Phoenix’s agility and commitment to market expansion,” the company notes. Its trading operations fetched $161 million in 2021, and last year, that shot up to $715 million, helped by arrangements with the likes of Bitmain and MicroBT.

The GCC region has become a very attractive location for crypto mining firms.

African Onafriq payments to offer digital asset payments to GCC using Ripple

African Onafriq payments to offer digital asset payments to GCC using Ripple

Ripple Blockchain and crypto solutions provider has partnered with Onafriq, fintech payments entity, previously known as MFS Arica to offer digital asset enabled cross border payments in Africa, GCC ( Gulf Cooperation Council) countries as well as UK and Australia.

Onafriq utilizing Ripple payments, will open three new payment corridors between Africa and the rest of the world. In GCC Onafriq will be working with Blockchain enabled Pyyple fintech payments entity.

Antti Arponen, CEO at Pyypl, said: “The success of the GCC in drawing in people from all over the world to live and work here has made it a hub for remittance payments. So we are really pleased that our ever-increasing number of customers seeking to send money to Africa will greatly benefit from our new connection with Onafriq, which will allow them to send remittances quickly and cost-effectively to the continent. ”

The partnership is bringing faster, more efficient, and cost-effective international money transfers to Africa, and is set to accelerate financial inclusion across the continent.

“For a number of years, Ripple has supported crypto-enabled, cross-border payments to individuals and businesses, and we are particularly excited to expand the reach of our solution into Africa thanks to our Onfriq partnership,” said Aaron Sears, SVP, Global Customer Success at Ripple. “Connecting our partners PayAngel, Pyppl and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe.”

Onafriq has the largest mobile money movement footprint across Africa at a time when mobile money is a significant driver of financial inclusion and has revolutionized access to financial services across the continent. The fintech’s payment hub connects over 500 million mobile wallets across 40 African countries, and operates across more than 1300 payment corridors on the continent, underpinning regional payment interoperability and seamless cross-border payments.

The announcement is being made as Dare Okoudjou, Founder & CEO of Onafriq, is set to appear at Swell Global 2023, the seventh edition of Ripple’s annual customer conference, which this year takes place in Dubai.

Dare Okoudjou, Founder & CEO at Onafriq, said: “Our mission is to make borders matter less when it comes to payment within, to, and from Africa. We are advancing this mission through our partnership with Ripple, which is already enabling new types of connections with fintechs such as PayAngel, Pyppl and Zazi Transfer. These connections are set to enable fast, secure and low-cost remittances at scale between Africa and the rest of the world, and represent a bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on people and businesses on the continent.”

Standard Chartered and SBI to launch $100 million digital asset venture company in UAE

Standard Chartered and SBI to launch $100 million digital asset venture company in UAE

Standard Chartered’s , venture arm SC Ventures, an innovation and fintech investment arm has partnered with Japanese SBI Holdings to establish a Digital Asset Joint Venture investment company in UAE. The parties intend to capitalize the vehicle with $100 million. The company will invest in DeFi, tokenization, consumer payments and metaverse.

The Digital Asset Joint Venture plans to make investments ranging from seed to Series C funding with a focus on investing globally.

Alex Manson, CEO, SC Ventures stated in the press release, “The region is fast becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent. The Digital Asset Joint Venture will be an important vehicle to explore the emerging digital asset ecosystem opportunities globally. The Joint Venture will leverage SC Ventures’ experience in digital assets through our ventures such as Zodia Custody and Zodia Markets, and through our investments in FinTech like Ripple and Metaco.”

In May 2023, Standard Chartered signed an MOU with the Dubai International Financial Centre to collaborate in the digital asset space, including digital asset custody. That same month, SC Ventures exited its stake in Metaco SA, a Swiss-based tech firm offering critical software infrastructure that enables institutions to issue, secure, manage and trade digital assets. U.S. crypto firm Ripple acquired Metaco for US$250 million in its first major acquisition. Ripple is a SC Ventures portfolio company.

“Our Digital Asset Joint Venture plans to make strategic and minority investments in areas such as market infrastructure, risk management and compliance tools, DeFi, tokenization, consumer payments, and the Metaverse. This is one of several strategic initiatives and we will continue to invest and expand our footprint in the region as well as across the digital assets ecosystem,” Manson added.

“We are thrilled to announce our partnership to establish a Digital Asset Joint Venture in UAE together with SC Ventures and bring to bear the collective capabilities of both our organisations in the digital asset space,” said Yoshitaka Kitao, SBI Holdings, Inc. Representative Director, Chairman, President & CEO. “This initiative further solidifies the strategic relationship between SBI Holdings and SC Ventures following our investment forays into SC Ventures’ portfolio companies including Solv, Zodia Custody and myZoi.”

“We congratulate SC Ventures and SBI Holdings on their drive to help shape the future of finance as they forge ahead with their first Digital Asset Joint Venture in Dubai International Financial Centre (DIFC). In a world where the conversation around digital assets has rapidly evolved from ‘why’ to an eagerly anticipated ‘when,’ DIFC stands at the forefront of regulation, having meticulously tailored its ecosystem to foster an environment that nurtures investment, fuels exponential growth, and drives innovation,” said Salmaan Jaffery, Chief Business Development Officer, DIFC.

Lebanon’s Ministry of Economy signs agreement for Blockchain use cases and Conference

Lebanon’s Ministry of Economy signs agreement for Blockchain use cases and Conference

The Lebanese Ministry of Economy and Trade has signed an MOU (Memorandum of Understanding) with DigiWeb LLC, a technology and Web3 company Choueh Law Firm, and the Lebanese Association for Digital transformation to introduce Blockchain training courses, develop Blockchain use cases and launch the upcoming Blockchain conference, “Blockchaining Lebanon Conference”

This MOU establishes collaboration between DigiWeb LLC, its partners, including the Lebanese Association for Digital Transformation (LADT) and   Choueh Law Firm, and the Ministry of Economy to support the Ministry’s digital transformation process.

The primary objective of the MOU is to provide training on Blockchain, and AI from various perspectives and organize a nationwide conference in collaboration with the Ministry of Economy, with the honorable presence of Minister Amin Salam.

Lebanese Minister of Economy and Trade, H.E. Mr. Amin Salam, commented, “This MOU is an important step towards the digitization efforts of the Lebanese government. We seek to advance Lebanon’s digital future utilizing Blockchain technology. One of the vital steps towards this is the education of our employees on technologies such as Blockchain, AI, and others. The culmination of our efforts will be with the use cases and the Blockchaining Lebanon Conference.”

Fady Al Sayah, Founder & CEO of Digi Web LLC stated, “We are proud to be supporting the Lebanese Ministry of Economy and trade with their digital transformation process encompassing technologies such as AI and Blockchain. We look forward to working on Blockchain and AI use cases that benefit Lebanese citizens and streamline government services in a transparent and trustworthy manner.”

Mrs. Randa Al-Rifai, Head of Lebanese Association for Digital Transformation (LADT) added, “By training government employees on the concepts of Blockchain, and artificial intelligence we are not only up skilling the skill sets of these employees but preparing them for Web3 digitization services.” 

In terms of the event, Choueh Law Firm, represented by lawyer Mr. Charbel Choueh noted, “The conference will set Lebanon on the course to embrace the latest internet technologies, fostering innovation and progress as well as open doors to fresh investment opportunities within the burgeoning Third Generation Internet sector.”

Technologies such as Blockchain, AI, will encourage Lebanese youth and enterprises to transition into the Third Generation of the Internet, ensuring they remain at the forefront of technological advancement.

Latham Watkins advisors for UAE’s ADGM DLT Foundations regulations

Latham Watkins advisors for UAE’s ADGM DLT Foundations regulations

Latham Watkins announced that it advised UAE’s Abu Dhabi Global Market (ADGM), financial free zone in the Distributed Ledger Technology (DLT) Foundations regulations, which aims to further build the digital assets hub.

UAE’s Abu Dhabi Global Market after announcing its DLT token issuance consultation paper in April 2023 has now officially launched its new regulation that will allow DLT (Distributed Ledger Technology) Foundations, DAO (Decentralized Autonomous Organizations) to issue tokens.

This means that DLT Foundations of Layer 1 or Layer 2 protocol Foundations can receive licenses from ADGM and offer tokenized assets, or digital assets, or possibly established organizations wishing to use DLT and issue tokens.

This new regulation could encourage global blockchain DLT protocol Foundations such as Ethereum, Cardano, Hedera, and others to enter the UAE. UAE based Venom Foundation, a Layer1 blockchain protocol could also benefit. The Foundation recently announced a partnership with the UAE Government to establish the National Carbon Credit System can also utilize the new regulation.

The DLT Foundation regulation came as a response to interest from foundations being used for DLT purposes that require issuance of governance tokens.

According to Latham Watkins press release, “The regulations, published on November 1, 2023, present a worlds-first purpose-built legislative framework for establishing and operating DLT foundations for the use, deployment, development, facilitation, or support of DLT or issuance of tokens. They aim to provide market players with ample governance flexibility within DLT foundations recognizing new realities in decentralization.”

The Latham team was led by Dubai/Riyadh partner Brian Meenagh and London partners Stuart Davis and Andrew Moyle, with Dubai associate Ksenia Koroleva, Riyadh associate Matthew Rodwell, and London associate Sam Maxson leading on benchmarking and drafting. Advice was also provided by New York partner Stephen Wink, Hong Kong associate Zoe Wang, Singapore associate Gen Tan, and San Francisco associate Adam Zuckerman.

Stuart Davis, Global Co-Chair of Latham’s Digital Assets & Web3 Practice, commented: “This bespoke regime for DLT foundations, catering to a vast spectrum of blockchain and web3 use cases and decentralized business models, significantly advances the industry, reinforcing ADGM’s position as a leading market for blockchain innovation.”

As per the ADGM press release, “The new regime is set to enable positive transformation across the blockchain and Web3 landscape, fostering a more transparent and efficient future. Issued by the Registration Authority (RA) of Abu Dhabi Global Market (ADGM), the Distributed Ledger Technology (DLT) Foundations Regulations 2023 marks a significant milestone in the evolution of digital assets regulatory frameworks across the region and at an international level. It aims to provide a comprehensive framework for DLT Foundations and Decentralized Autonomous Organizations (DAOs), enabling them to operate and issue tokens recognizing the unique needs of the Blockchain industry.”

According to the regulation document, a DLT Foundation is a legal entity established to use, deploy, develop, facilitate or support DLT or to issue tokens.

Looking into the regulation rulebook, when it comes to token issuance, DLT Foundations will have to provide information about the operation of the relevant smart contracts, vesting schedules and overall token supply over time; and  provisions, if applicable, on pre-emption and buy-back rights (and circumstances in which those will apply), as well as provisions regarding token economics;  any restrictions on transferability or technological lock-ups; types of Tokens that the DLT Foundation can issue or limitations on types of Tokens that the DLT Foundation can issue and blockchain protocols used for issuance; as well as the  purposes and intended use of Tokens.

His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, stated, “Abu Dhabi is rapidly emerging as the destination of choice for global players at the forefront of digital asset development. The introduction of the DLT Foundations Regime marks a revolutionary step forward, reinforcing ADGM’s commitment to a proactive approach rooted in extensive cross-industry dialogue and collaboration with various stakeholders. The new regime serves as a driving force for positive change in the digital assets sector. By transforming the blockchain and Web3 landscape, we are moving towards a future characterized by setting global benchmarks with enhanced transparency and efficiency.”

Dubai Freezone Oraseya Capital launches $136 million fund for tech startups

Dubai Freezone Oraseya Capital launches $136 million fund for tech startups

Under the patronage of H.H. Sheikh Mohamed Bin Rashid Al Maktoum, Oraseya Capital, launched from the Dubai Integrated Economic Zones Authority (DIEZ) will fund high technology startups from initial seed investment to Series B. The $136 million fund is aligned with the objectives of the Dubai Economic Agenda, D33 which aims to develop SMEs. Their investment tickets go up to $3 million but startups have to have some form of presence in Dubai, UAE.

The fund will serve as a strategic partner for startups, providing guidance, support, and the necessary tools to navigate the challenges of growth and innovation. Oraseya Capital is poised to play a significant role in shaping the future of technology startups, contributing to the sustainable development and progress of Dubai’s economy.

This launch comes days after Saeed Al Darkmaki, a UAE national well known in the crypto, blockchain and DeFi circles as an entrepreneur and investor joined BoCG, a Venture firm focused on an Arabian Peninsula Fund in MENA region, to oversee the growth of blockchain-based venture portfolios seeking the next stage of growth through their Venture Operating Model (VOM).

In early October, Deus X Capital with offices in the UAE launched with $1 billion in assets according to an article published in CoinDesk. As per the article the family office backed investment firm launched on October 2nd with Tim Grant as CEO.

Qatar Financial Centre and Blockchain company Settlemint, to tokenize private shares and equity

Qatar Financial Centre and Blockchain company Settlemint, to tokenize private shares and equity

In a recent LinkedIn post, Henk Jan Hoogendoorn, Chief Financial Sector Officer at Qatar Financial Centre Authority (QFCA) announced the commencement of next steps with Blockchain solutions provider Settlemint to tokenize private shares and equity for companies.

As noted in the post, “ Next steps on tokenization of private shares / Private Equity discussed with our digital asset lab partner SettleMint both for Qatar Financial Centre (QFC) Authority and any  investment manager that would that would like to tokenize or fractionalize investments.”

Matthew Van Niekerk, Co-founder, SettleMint, commenting on the post stated, ” Thank you for hosting us both physically and digitally for the meeting Henk Jan Hoogendoorn! Really appreciated the opportunity to exchange views on the future of finance, financial markets infrastructure and the tokenization of private securities. Exciting times ahead for the industry!”

In April 2023, Qatar Financial Centre Authority (QFCA) signed its second Blockchain MOU with Settlemint, after signing its first with R3. The agreement with Settlemint aimed to work on Blockchain and digital asset initiatives in the financial sector. QFCA and Settlemint agreed to explore potential synergies with industry participants, including financial institutions, fintech firms, and corporate organizations, to accelerate the adoption of blockchain and digital asset business models and solutions.

This announcement also comes immediately after the Qatar Financial Centre launched its digital assets Lab under the name Qatar Innovation dome. The event which was held on Sunday 29th of October 2023 included various keynotes, that explained how the digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

Yousuf Mohamed Al-Jaida Board Member and Chief Executive Officer of Qatar Financial Centre in his speech announced that one of the first use cases to be explored within the digital assets lab will be tokenized carbon assets. He goes on to state, “Secondly will be tokenizing private company shares to facilitate trading and management of these shares, as well as transforming Sukuk bonds into digital assets in addition to tokenized real estate to facilitate the buying and selling of real estate assets.”