Daoversal first Blockchain AI startup to graduate from Dubai’s DIFC metaverse accelerator program

Daoversal first Blockchain AI startup to graduate from Dubai’s DIFC metaverse accelerator program

Dubai International Financial Centre (DIFC), announced graduation of its first metaverse cohort of 10 regional and global start-ups as part of its ‘DIFC Metaverse Accelerator Programme, which included blockchain Web3 Social ecosystem platform startup Daoversal. 

The news follows the launch of DIFC’s Metaverse Platform earlier this year, in line with the Dubai Metaverse Strategy, which aims to add USD 4bn to Dubai’s GDP, support 40,000 virtual jobs by 2030, and attract 1,000 companies specialised in blockchain and metaverse technologies. At the time DIFC had noted it would choose 50 startups, yet it seems that only 10 have graduated. The inaugural ‘DIFC Metaverse Accelerator Programme’ was the first initiative announced under the ‘DIFC Metaverse Platform’ umbrella, and attracted over 160 applicants from the UAE, UK, US, India and France, with a focus on primarily Metaverse, AI, Web3, AR/VR and Blockchain sectors.The ‘DIFC Metaverse Accelerator Programme’, backed by programme partners Abu Dhabi National Insurance Company (ADNIC), DP World, and Daoverse Capital, onboarded 10 promising start-ups on 5 June 2023 with 3 months of intense bootcamp workshops to follow.Mohammad Alblooshi, CEO of the DIFC Innovation Hub, said, “Earlier this year, Dubai’s Higher Committee for Future Technology and Digital Economy endorsed the DIFC Metaverse Platform, positioning DIFC as the first government entity globally to champion an integrated Metaverse hub. To see the DIFC Metaverse Accelerator Programme come to fruition as part of that initiative with over 160 international applicants, a network of over 60 ecosystem partners, and 10 talented start-ups graduating already is encouraging and will no doubt inspire others to join us as we together embark on our next phase of growth.”Among the startups selected were Artichoke Labs, a spatial computing company specialising in creating city-scale augmented reality applications; Cognitive Technologies, experts in establishing Internet-of-Things (IoT) networks to enable both hardware and software automation; Daoversal, an expansive blockchain-based Web3 social ecosystem platform; and DoDocs, which is building a service to generate legal documents in any language for any country or jurisdiction for both individuals and businesses.In addition there was Duverse, a start-up involved in developing and implementing advanced Artificial Intelligence (AI) solutions; Evometa, a boutique digital studio providing Metaverse-as-a-service solutions for enterprises in real estate, hospitality, industrial and automotive markets; and Flan, engaged in creating micro communities for clients and creative workers to meet, Intelligent Assist and ShopDoc, two digital healthcare delivery platforms, and GoPal, a revolutionary Metaverse-based EdTech Platform.

UAE based Aurus selected among top 25 companies for DMCC TDeFi accelerator program

UAE based Aurus selected among top 25 companies for DMCC TDeFi accelerator program

Out of over 100 plus applications, UAE based Aurus, which tokenizes precious metals including gold, silver and platinum using blockchain technology, has been selected as one of the 25 companies that will be joining Dubai’s DMCC ( Dubai Multi Commodities Centre) and TDeFi accelerator program.

The accelerator program is aimed towards Web3 and Blockchain companies based out of Dubai offering mentorship, support, and business scaling opportunities.  The acceleration program kicks off on September 5th, 2023, with a range of mentor sessions covering legal and compliance, web3 marketing, fundraising, and token economics. Participants are able to gain practical experience by using their own projects as case studies during workshops on token economics and token markets management. The program culminates in a Demo and Pitch Day, with 20+ venture capitalists and investors serving as judges, representing over $IBn in cumulative AUM.

The program’s conclusion is more than just a pitching session. It’s a doorway to connect with an expansive network of Funds, VCs, and Partners. It’s the day where projects can truly shine and kickstart their fundraising sprint.

Aurus was selected as one of the 25 companies because of its unique selling points that includes solutions to make it easy to buy, trade, and store precious metals (gold, silver and platinum), grams at a time, 24/7, at minimal fees, at the convenience of your mobile phone.

In addition, Aurus is at the forefront of tokenization of real-world assets, pioneering use cases for precious metals that were previously unfathomable. Bridging the gap, and addressing various use cases in several new untapped markets such as Payments, DeFi, gaming, NFTs, and Web3.

Aurus adheres the strictest standards and is one of few projects truly compliant within the current regulatory framework. Operations are conducted by the Aurus Foundation in the UK where we received the regulatory nod in 2020, and Aurus Markets DMCC in the UAE, which is licenced by the DMCC.

Aurus is also gearing towards the launch of several products, such as the first NFT collection backed by precious metals which will be launched on February 2024. Aurus is also entering the DeFi world with gold. Precious metals as a financial primitive (collateral) in DeFi protocols. That is, PMs as a productive yield-bearing asset with the ability to earn a yield by providing liquidity in DeFi.

Aurus is also utilizing gold in gaming with the ability to create sustainable real-asset-backed in-game economies by bringing precious metal-backed tokens and NFTs to online games, as well as gold as a payment: a network of stable value transfer in the global payments market. The Aurus Vault Card V2 is soon to launch, enabling users to spend precious metals via the Mastercard network.

Emirates NBD invests in Blockchain trade finance platform

Emirates NBD invests in Blockchain trade finance platform

UAE based Emirates NBD has inveted in Blockchain enabled Komgo, trade finance platform.

As per the press release, the strategic equity investment was made by Emirates NBD’s Innovation Fund, the Bank’s corporate venture fund.  The fund created in early 2023, aims to strengthen synergies from strategic partnerships by combining the Bank’s digital ambitions and regional expertise with the agility and technological innovations of fintech companies.

Emirates NBD’s corporate venture capital arm will enable the Group to make investments in tech start-ups and companies that further support its digital strategy. The Innovation Fund’s mandate is to invest in a wide range of stages, from early to growth, depending on the strategic fit for the Group, with the aim of delivering strategic benefits and realising a long-term return from investments.

Komgo’s solutions empower Treasury, Credit, and Trade Finance operations, streamlining communications and strengthening operational capacity for more than 10,000 enterprise users worldwide. From its Swiss roots, the company has expanded to key international locations including Singapore, Paris, London, Toronto and Houston, and is trusted by a diverse customer base that includes more than 200 multinational corporations and global trade banks. Approximately USD 1 billion in transaction value flows through the Komgo Network each day.

Komgo has two main products, Trakk which logs documents, creating a digital fingerprint on its blockchain, and  Konsole that matches corporates with banks and offers several solutions including various digital letters of credit and guarantees.

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “Our strategic equity investment in Komgo reflects our commitment to constantly innovate and develop tech solutions that can accelerate business processes. We recognise how the fast-changing fintech landscape impacts our industry and we will continue to find and support the next generation of technologies that will help us shape the future of finance and to further strengthen our position as one of the leading financial institutions in the region.”

Souleïma Baddi, CEO at Komgo commented, “We are delighted that Emirates NBD has taken a strategic equity stake in Komgo, becoming the first Middle Eastern bank to hold shares in the company. This marks a significant milestone and a powerful affirmation of Komgo’s solid track record and promising future.”

Souleïma Baddi  CEO at Komgo used to sit on the board of VAKT which also utilizes blockchain to enhanve trade finance.

Prior to this Emirates Bank was one of the founding banks for UAE’s Blockchain fraud detection platform UAE Trade Connect.

UAE Trade Connect is now seeking to its expand its membership based out of the UAE Banking sector to other GCC countries including KSA.

Arcapita Group invests in GCC based Blockchain enabled primary source verification solution provider

Arcapita Group invests in GCC based Blockchain enabled primary source verification solution provider

Arcapita Group Holdings, a global alternative investment firm, has invested in GCC based DataFlow Group, a primary Source Verification (PSV) solutions, and background screening and immigration compliance services.

The acquisition represents yet another milestone in Arcapita’s growth strategy, having completed five direct investments and eight add-on acquisitions in the business services space, in the US and GCC, over the past five years.

DataFlow Verification Services Limited is the GCC’s leading provider of regulation-mandated pre-employment primary source verification (PSV) services, with over 850 employees across nine countries, including Saudi Arabia and the UAE, and a global network of more than 160,000 issuing authorities across 190 countries.

The company’s workflow and system integrations with issuing authorities and GCC regulators has made it the service provider-of-choice in many markets resulting in long-standing client relationships. While DataFlow has historically focused on the healthcare segment, the company has begun expanding into verticals such as education, engineering, work visa, and sports, and has secured strategic wins in these sectors.

Hisham Al Raee, Deputy Chief Executive Officer of Arcapita, commented, “Arcapita’s private equity strategy within the business services sector is to target companies that deliver essential and mission-critical B2B services. Arcapita targets companies that are asset light, technology-enabled, and have strong management teams. Our investment in The DataFlow Group plays a key role in this strategy, while further building on our track record in the sector. We look forward to working closely with DataFlow’s management team to drive further growth across multiple markets, leveraging our global expertise in the sector.”

Yousif Al Abdulla, Managing Director and Head of MENA Investment at Arcapita, also commented, “The DataFlow Group enjoys a dominant market position, underlined by an unrivalled competitive moat, as evidenced by its consistent sales growth. We are excited about the prospects of this partnership and the capabilities of DataFlow’s management team, and are confident in the long-term growth potential of the business in the GCC region and beyond.

Sunil Kumar, CEO of DataFlow, said “We look forward to joining forces with Arcapita for our next phase of growth and transformation, where their investment will provide The DataFlow Group with enhanced access to cutting-edge technologies like artificial intelligence, blockchain, and machine learning, enabling us to serve our stakeholders better and accelerate our growth. We have solid growth targets for the coming years, and Arcapita’s track record, coupled with a strong leadership team, will enable us to improve our services to meet our clients’ needs best and drive transformation. We thank EQT for supporting The DataFlow Group in reaching this growth phase.”

NFTs gaining traction in Middle East with Chalhoub Group, MasterCard, and Healthvarsity

NFTs gaining traction in Middle East with Chalhoub Group, MasterCard, and Healthvarsity

UAE based Chalhoub Group’s SOL3MATES future sneakers NFTs pre sale will be launched today on  May 4th while MasterCard has launched its Music Pass NFT Web3 training program for emerging musical artists and Music fans in the MENA region and Healthvarsity has launched the biggest GCC online learning platform for health professionals, using AI and NFT certificates built on blockchain technology.

Rijal Hikmatullah Co -Founder of SOL3MATES part of Chalhoub Group announced on LinkediN, “In just 3 days, SOL3MATES by Chalhoub Group is releasing a one-of-a-kind NFT that will be a game changer for the Industry. The NFTs are not just a digital asset, but an access pass to enter the SOL3MATES ecosystem that empowers sneaker designers, a community-centric platform and exclusive perks. Yes… we are releasing a physical sneaker with perks.”

The perks include access to SOL3MATES sneakers, free shipping, lifetime discounts, etc, in addition to partner perks which allow access to token gated benefits and membership perks with access to giveaways, and next SOL3MATES sneaker drop.

There will be only 10,000 NFTs for its first collection priced at 0.03 ETH which can also be purchased at luxury NFT marketplace Exclusible.

“We are a sneaker brand first, and an NFT project second,” stated Nick Vinckier, Head of Corporate Innovation at Chalhoub Group and Founder of SOL3MATES. “Our aim is to create the sneaker brand of the future born from web3 technology and mechanics such as gamification, community and decentralization. The entire customer journey is created in such a way where we merge the best of the virtual and physical experience. With the launch of our first collection, and all future collections, our focus is on adding value to our community over time.”

Each SOL3MATES sneaker will be equipped with an NFC tag linking the physical shoe with blockchain-enabled authentication to track the sneaker ownership and providing more product information to the end user. And the SOL3MATES community will get access to rare sneaker giveaways, hype sneakers at retail, free SOL3MATES merchandise, meetups and more.

Additionally Mastercard Music Pass NFT is now available for music fans from Eastern Europe, Middle East and Africa and around the world. These fans can participate with the limited release Mastercard Music Pass NFT being minted on Polygon

Music Pass NFT unlocks access to exclusive content and experiences from the Mastercard Artist Accelerator. The unique program will prepare five emerging musical artists from around the world with the tools and skills to harness Web3 technologies to reimagine their creative processes and grow their careers in the digital economy. Artists will learn how to use Web3 tools to create original tracks, which will be redeemable as NFTs as well as performed live by the artists in a special showcase.

Nigerian R&B/Afrobeats record producer and songwriter LeriQ join four other musicians from around the world for the Mastercard Artist Accelerator: Cocoa Sarai, a hip-hop artist from Brooklyn; Vietnamese American-singer Emily Vu; Manu Manzo, a Latin pop artist from Venezuela; and Young Athena, a London-based R&B soul singer and BRIT School alumna. The participating artists represent a range of genres and backgrounds and were chosen because of their unique story, sound and inclusion-focused mindset.

“One of the incredible things about Web3 technologies, and NFTs in particular, are the way in which they offer creators more flexibility and ownership of their content, while generating exciting new ways for fans to engage with their art,” said Beatrice Cornacchia, Senior Vice President, Marketing and Communications, EEMEA. “The Mastercard Artist Accelerator program and Mastercard Music Pass give us an opportunity to harness NFTs for both of these exciting purposes, while helping to support some of the most vibrant, diverse young artists in the world today.”

The Mastercard Music Pass NFT is being minted on the Polygon blockchain and is free to redeem until 8 May.

Healthvarsity edtech venture launched the biggest GCC online learning platform for health professionals, using AI and NFT certificates built on blockchain technology. It will offer more than 200 courses for up skilling doctors nurses, pharmacists, physiotherapists and aspiring medical students, among others.  On completion of each course, they receive a certificate on blockchain to maintain security and authenticity.

Going forward, the platform will also introduce features such as an AI-based Virtual Instructor, AI-based Virtual Mentor and AI-based Virtual Assessor.

BECO Capital joins Dubai AI Web3 Campus to foster Web3 startups’ innovations

BECO Capital joins Dubai AI Web3 Campus to foster Web3 startups’ innovations

BECO Capital is now part of the Dubai AI and Web3 Campus based out of DIFC ( Dubai International Financial Center). BECO capital VC firm manages more than $450 million in assets. According to Dubai AI and Web3 campus, BECO capital will supercharge their ecosystem.

In a LinkedIn post Dubai AI and Web3 Campus stated, “ With BECO Capital onboard, we’re introducing dynamic initiatives like demo days, offering startups a platform to showcase their innovations, and office hours, providing direct access to industry experts.”

BECO Capital’s impressive track record places them consistently in the top 10% globally for fund performance. They’ve played a pivotal role in nurturing regional unicorns like Careem and Property Finder, and we’re eager to see what future successes this partnership will bring.

Prior to this, the Dubai AI and Web 3.0 Campus, announced that it will be issuing artificial intelligence (AI) and Web3 licenses supporting activities ranging from Distributed Ledger Technology Services (DLT), specialised Artificial Intelligence Research & consultancies, IT infrastructure builders, Technology Research and Development and Public Networking Services.

Abu Dhabi Finance Week to hold Blockchain Summit Abu Dhabi and discuss digital assets

Abu Dhabi Finance Week to hold Blockchain Summit Abu Dhabi and discuss digital assets

Abu Dhabi Finance week, running from November 27th to November 30th will be holding discussions on the future of finance that will cover topics such as payments,  digital assets, cyber security, market integrity and credit. It will include The Regulators Summit, Blockchain Abu Dhabi, Risk4.0, A.I. Abu Dhabi and the 2023 Fintech Abu Dhabi Awards.

Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Executive Council and powered by Abu Dhabi Global Market (ADGM), ADFW will seek to examine the factors affecting monetary systems, technological disruptions, financing the race to net zero, the resultant services and facilities, and the industrial and social sectors that impact the global financial system. It will collectively aim to collaborate on maximising the opportunities and minimising the challenges presented within the ‘Transition Era’.

Commenting on the ADFW’s pioneering theme, His Excellency Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council and Chairman of ADDED and ADGM said, “We are part of an extraordinary era that is transitioning in every aspect whether it is economic, technological advancement or climate. As we navigate the complexities and challenges of this transformative phase, ADFW acts as a superb platform to gather impactful decision-makers that look at these aspects as opportunities. By investing in the transition era, ADFW stands as a platform that is not just about adapting to change but also seizing the opportunity that propels us towards a brighter, more prosperous future.”

The event was a global success last year, exceeding all expectations in its first edition. It witnessed local, regional and global participation of approximately 9000 attendees from 102 countries including 346 speakers who participated across 31 events and 105 sessions along with 52 strategic partnerships and over 75 MoUs announced and signed during the event.

ADFW unveiled additional top-line speakers who will be present in Abu Dhabi for the various events including H.E. Khaldoon Al Mubarak – Managing Director & Group CEO of Mubadala, Mohamed Alabbar – Founder of Emaar, Peter Orszag – Lazard CEO, Mohammed Alardhi – Executive Chairman of Investcorp, Dr. Samir Haj-Yehia – Chairman of Bank Leumi, H.E. Dr. Abdulrahman Al Hamidy – Director General & Chairman of Arab Monetary Fund, Yoni Assia – Co-founder & CEO of eToro, Atif Abdulmalik – CEO & Chairman of the Executive Committee at Arcapita and Bob Steers – Executive Chairman of Cohen & Steers. In June, ADFW announced its first cohort of elite speakers from the international financial spectrum, which listed iconic names such as Ray Dalio, KBW Founder and CEO – HRH Prince Khaled bin Alwaleed bin Talal Al Saud, Franklin Templeton President and CEO – Jenny Johnson, Midas List Venture Capitalist and Managing Partner at GGV Capital – Jenny Lee, Hong Kong Exchanges and Clearing Ltd. Chairman – Laura Cha, Rockefeller International Chairman – Ruchir Sharma, Fortune CEO – Alan Murray, Co-founder of Brevan Howard Asset Management LLP – Alan Howard, The Children’s Investment Fund Founder – Sir Christopher Hohn, Chairman of Wamda and Co-founder of Aramex – Fadi Ghandour and Former SEC Chairman – Jay Clayton.

Holiday Swap joins UAE Ministry of Economy NextGen FDI program to enhance its AI and Blockchain capabilities

Holiday Swap joins UAE Ministry of Economy NextGen FDI program to enhance its AI and Blockchain capabilities

Holiday Swap,a vacation exchange and booking platform which seeks to enhance its platform utilizing AI ( Artificial Intelligence) and Blockchain, has joined the UAE Ministry of Economy NextGen FDI program, and will be basing its headquarters in the UAE.

The NextGen FDI program  is a  multistakeholder initiative that provides pioneering businesses from around the world with the market-entry fundamentals required to establish and scale their operations in the UAE.

Launched in 2018, Holiday Swap is a community-based platform that connects holidaymakers online, enabling them to swap homes or rent directly from one another at minimal or zero cost. Today, the platform has more than 120,000 listed properties across 185 countries, including the UAE, where it has approximately 1,200 listings. It aims to expand its listings to 400,000 properties by the close of 2023.

The company, which has developed its own proprietary software, has joined the NextGen FDI programme to consolidate its global operations in the UAE. The company will establish its headquarters in Dubai Internet City, supporting 500 jobs in the country within two years, 250 of which will be highly skilled, as it seeks to enhance its platform through advanced technology capabilities such as AI and blockchain.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said, “The onboarding of Holiday Swap reflects the continuing success of the NextGen FDI programme in attracting pioneering companies to the UAE and fostering the development of cutting-edge solutions across a diverse range of economic sectors. The partnership is not only testament to the UAE’s position as a world-class hub for innovation but also the scale and sophistication of its travel and tourism industry, which contributed AED167 billion to the country’s GDP in 2022, a growth of more than 60 percent. We look forward to working with Holiday Swap to unlock new capabilities and adding a new dimension to our travel-related service exports.”

In response to joining the programme, James Asquith, Founder and CEO of Holiday Swap, commented, “We are thrilled to join the Ministry of Economy’s NextGen FDI program, a decision aligned with our commitment to innovation and expansion. Establishing our global operations HQ in Dubai Internet City positions us perfectly to leverage the UAE’s reputation as an international leader and a powerhouse in the travel and tourism industry.

UAE Crypto Oasis partners with Swiss Crypto Valley for WEB3FEST 2023 6 day festival

UAE Crypto Oasis partners with Swiss Crypto Valley for WEB3FEST 2023 6 day festival

UAE Crypto Oasis partners with Swiss Crypto Valley for WEB3FEST 2023 6 day festival between September 12th-17th in Zug and Zurich.

The Swiss WEB3FEST serves as a testament to their shared vision of ushering in the future of the internet. Crypto Valley, known for its pioneering role in blockchain and decentralized technologies in Switzerland and Lichtenstein, and the Crypto Oasis in MENA, a thriving hub for innovation, growth, and advancement, come together to present an event that encapsulates the essence of Web3.

Web3 encapsulates the upcoming phase of the internet, encompassing a spectrum of cutting-edge technologies including AI, Blockchain, Cryptocurrencies, Gaming, Sustainability, IoT, Metaverse, NFTs, and beyond.

Ralf Glabischnig, initiator of WEB3FEST, commented: “Our vision for this festival is to combine the exceptional potential of both Crypto Valley and Crypto Oasis. Switzerland is an outstanding location for founders looking to provide a regulatory home for their blockchain and Web3 startups. The Middle East offers a brilliant platform for these startups to scale internationally. With the launch of WEB3FEST, we aim to establish an annual Web3 event series worldwide.”

The festival sets off from September 12th to immerse participants and attendees in a dynamic journey through the diverse themes that define the Web3 realm.

NFT ART DAY: The festival’s curtain raiser on September 12th in Zug, will be a comprehensive survey exhibition of the Swiss NFT art scene and the inauguration of the Swiss NFT Timeline.

Web3 Gaming and Metaverse: The event’s second day invites attendees to dive into the realm of Web3 gaming and Metaverse projects. Engage with innovators and founders while gaining a deeper understanding of Internet Computer’s role in shaping the future of gaming. This will be followed by a tribute concert to Amy Winehouse combined with an AI-generated experience at the renowned Volkshaus Zurich.

Sustainability and Innovation: On the third day, the spotlight shifts to sustainability, and the role of AI and Web3 in building it. The European launch of The Green Block initiative, which underscores the festival’s commitment to sustainability and lines up to the launch of the first The Green Block report leading up to COP28 in the UAE.

 

Deep Dive Crypto Valley: Day four unravels the history of Crypto Valley in Zug with a deep dive into the ecosystem, with a focus on protocols and regulated digital assets businesses, where attendees can connect with the minds behind this vibrant blockchain hub. Engage in discussions with opinion leaders and investors over an exclusive brunch, lunch, or dinner that follows.

Ecosystem Unconference: Saturday, September 16th is all about connection and collaboration and open to the public to showcase tangible products and experiences. The Ecosystem Unconference, together with the Swiss NFT Association, welcomes forward thinkers from various domains. The Entire FIVE Hotel Zurich will be divided into experience areas focusing on AI, DeFi, Education, Longevity, Sustainability, NFTs, Real-world Assets, Gaming, and the Metaverse. This day will also witness the unveiling of the FIVE Zurich Metaverse by Pulse World.

Curtain Closer: The grand finale of the WEB3FEST will be a Networking Event on Sunday at the FIVE in Zurich. Attendees will have the opportunity to network over brunch and later by the pool, providing a relaxed setting to reflect on the festival, forge new connections, and plan for the year ahead. It’s the perfect ending to a week of innovation and collaboration.

The Swiss WEB3FEST is initiated by Inacta Ventures, Crypto Oasis Ventures, The Crypto Valley Association, and Trust Square, co-hosted by The Internet Computer, and is supported by the City and Canton of Zug in Switzerland.

Prior to this Crypto Oasis had announced that the orbs for WorldCoin ID verification were present at the crypto Oasis DIFC Innovation Hub office in Dubai.

As per Crypto Oasis post on LinkedIn,” We are currently supporting Worldcoin’s launch and spread across the UAE. Worldcoin is dramatically increasing access to World ID—the digital identity protocol powered by the Worldcoin ecosystem.”

Ornella Hernandez from Web3TV got scanned by a Worldcoin “orb” and signed up for a digital ID via the World App.

WorldCoin had announced in July 2023 that its orbs were available in the UAE.

Saudi’s leading fintech entity, Geidea partners with two blockchain payment platforms in KSA

Saudi’s leading fintech entity, Geidea partners with two blockchain payment platforms in KSA

Saudi’s fintech entity Geidea just announced that it has partnered with UAE based Blockchainenabled payments platform Magnati, and FAB ( First Abu Dhabi Bank) to offer digital payments in KSA, this comes after Geidea had partnered with Blockchain payments platform WadzPay in 2022.

As per the recent announcement, The collaboration has the potential to be transformative in the Saudi payments space and is set to create exceptional value for clients, bridging the gap between advanced financial solutions and accessibility, while ensuring enhanced affordability, said the statement.

With a focus on innovation and technology, Magnati offers Payment as a Platform services that cater to a wide range of industries and businesses, encompassing integrated payment solutions, secure transaction processing, and comprehensive e-commerce solutions.

Launched in the Kingdom of Saudi Arabia in 2008, Geidea provides over 700,000 payment terminals (POS) across the region and serves over 139,000 trusted merchants including regional and international brands, SMEs as well as e-commerce players.

Magnati CEO Ramana Kumar said the Geidea collaboration is a testament to its commitment to serving the clients’ expansion goals in Saudi Arabia. Kumar added, “Together, we aim to revolutionise the payment landscape by introducing innovative solutions, seamless integrations, and unparalleled customer experiences. Leveraging Geidea’s innovation and Magnati’s fintech expertise, we are poised to unlock the full potential of digital payments.”

Geidea Chief Business Officer Abdullah Alshowier expressed delight at the strategic alliance sealed with FAB and Magnati to support clients in Saudi Arabia. “This collaboration will empower merchants with Geidea’s state-of-the-art payment solutions, seamlessly accepting a wide spectrum of digital payments through a unified platform. We are enthusiastic about collaborating with FAB and Magnati to drive innovation, amplify services, and extend our collective presence in the GCC region,” he added.

In June 2022 Magnati had launched its MetaV, a virtual marketplace that that provides users with richer visual and sensory information, as well as improved quality of information to shop, learn, play games, attend concerts and more online.

The platform built on Magnati’s blockchain aims to accelerate the move from two-dimensional to multi-dimensional online commerce by enabling consumers to experience e-commerce in a new, immersive way.

Prior to that Geidea had expanded its operations into the United Arab Emirates and through a partnership with  Magnati.

But this is not the first partnership between Geidea and a blockchain enabled payments platform. Prior to this in November 2022, Geidea partnered with UAE based WadzPay,a blockchain enabled payments platform as well.  Geidea utilized WadzPay technology for the issuance of an e-money wallet, specifically for Hajj and Umrah, to be used in over one million point-of-sale (POS) terminals deployed across multiple merchants throughout the Kingdom of Saudi Arabia.

WadzPay blockchain-based payment solutions allow Hajj and Umrah pilgrims to set up their own e-Money wallets on their mobile devices to be used for their expenses. Once the wallet is loaded, the pilgrim is ready to spend in Saudi Arabia with lower transaction fees and a user-friendly refund process.

The product is in final live testing and will be licensed soon. According to a tweet last week by WadzPay community member, “ We are getting closer to launch in KSA as licenses ad testing are in the final stretch. Q3 will see live terminals on WadzPay platform.”

So Geidea is moving forward with enabling blockchain digital asset payments from two major players in the region.