US Everything Blockchain and KSA based Al Rushaid tech ART to expand blockchain next generation database in MENA

US Everything Blockchain and KSA based Al Rushaid tech ART to expand blockchain next generation database in MENA

USA based Everything Blockchain Inc, a technology company that is blending blockchain, DBMS and Zero Trust to deliver disruptive new ways to store, manage and protect data, has partnered with Saudi Arabia’s Al-Rushaid Technologies (ART) IT subsidiary of Al Rushaid Group. ART will become a non-exclusive reseller of BuildDB, EBI’s next-generation database powered by a advanced private blockchain architecture that delivers superior performance, reduced latency, zero trust and unmatched resilience.

As per the press release, the two companies will work to deliver highly-differentiated data protection solutions to countries in the Middle East and North Africa.

ART offers a variety of innovative IT solutions suitable for companies of all sizes and across various industries. The five-year distribution deal with a combined total of $47 million in performance based milestone payments to EBI will position ART as the exclusive agent of the company’s EB Control platform in several MENA countries, including Saudi Arabia, Bahrain, Kuwait, the United Arab Emirates, Oman and Egypt.

EB Control safeguards data on the owner’s local device by creating a secure vault. This vault can be stored, transported or shared, allowing owners to maintain complete control for the lifespan of the data. With EB Control, data and files can be geo-fenced, time-fenced and data rights management invoked. With this innovative technology, data can be confidently shared and controlled outside of a secure domain.

“We are thrilled for this partnership with ART,” said Toney Jennings, Chief Executive Officer, EBI. “EB Control merges simplicity of use with elevated and extended security protections. We are confident that our technology will exceed all data protection needs of small and medium-sized businesses to large corporations across MENA countries.”

In March 2022, USA based Everything Blockchain,, opened its offices in Saudi Arabia (KSA).

Originally called GigeTech Inc. and then OBITX, Inc., Everything Blockchain, was established in March 2017. In April 2020, through a change of control action, it discontinued that line of operations in favor of Blockchain development. 

Kuwait Banks implement Blockchain KYC Solution while its Central Bank studies CBDC

Kuwait Banks implement Blockchain KYC Solution while its Central Bank studies CBDC

Governor of Central Bank of Kuwait Basel Al Haroon in an interview with John Everington from the Banker, discussed the implementation of Blockchain EKYC solution as well as the ongoing research for CBDCs.

According to the governor of Kuwait’s Central Bank, the bank is closely following the experiences of other countries that are issuing CBDCs, as well as the debates taking place among stakeholders in various countries regarding the various pros and cons.  He tells the Banker that they have formed a team of experts from various fields within the CBK to study the topic. According to Al Haroon, any such issuance would need to be accomplished in a way that preserves monetary and financial stability, while maintaining confidence in Kuwait’s payment system.

In addition when it comes to blockchain, two local Kuwait banks have obtained the Central Bank’s approval to launch their blockchain based KYC verification and API interfaces.

In June 2021, Akcess which utilizes Hyperledger Fabric to provide KYC Blockchain enabled solution to customers in Egypt, Kuwait, Qatar and UAE opened its offices in Kuwait as it currently had projects underway in Kuwait, Egypt, UAE and Qatar.

In the announcement CEO Abouzeid stated, “With a team of over 30 developers spread across London, Romania, and Moldova, Our global blockchain platform is AKcessChain, built on Hyperledger Fabric, and we launched the private blockchain network globally and in Kuwait,” Abouzeid says. “We currently have nodes in the UK, Switzerland, and Canada, and have configured nodes in Kuwait, one for each of our large clients. The Kuwait network is being used by top financial institutions for onboarding clients, verifying and updating KYC profiles, as well as managing transactions. We are now in advanced talks with financial institutions in the UAE and Saudi Arabia, and are also preparing for our expansion into the GCC market.”

Bahrain first country in MENA to launch onshore security token regulations

Bahrain first country in MENA to launch onshore security token regulations

Bahrain Central Bank has announced the issuance of regulation for security tokens as amendments to its current crypto asset module.

The Central Bank has expanded the crypto asset regulations to include digital token offerings, in specific those with the characteristics of security tokens.

In determining whether a digital token qualifies as a security, the CBB will examine the underlying economic purpose of the digital token, its structure, characteristics, as well as the rights attached to the digital token.

The new amendments also outline new requirements to enhance safeguarding clients’ assets to provide high levels of protection for investors.

In addition the Central Bank of Bahrain will allow crypto-assets licensees (after obtaining the CBB’s approval) to engage in additional activities, which are not within the stipulated regulated crypto-asset services.

 Commenting on the new amendments, Director of the Capital Markets Supervision Directorate – Mrs. Abeer Al Saad, stated,  “We at the CBB are delighted to issue the new amendments to our regulatory framework for crypto-assets and to specifically introduce new regulatory requirements for the digital tokens offerings, in order to regulate the crypto-assets market in a fair and transparent manner. Therefore, the CBB has adopted a risk-based regulatory approach towards requirements, which are proportionate and commensurate to the regulated activity undertaken by a licensee. We endeavour to provide adequate safeguards to investors without inhibiting innovation adoption at the CBB, as we continue to monitor market trends and review the regulatory framework to keep up with the latest developments in the field, as well as maintain the competitiveness of the sector. This milestone is a reflection of the pioneering role the CBB continues to play in regulating crypto-assets.”

Bahrain was the first country in the GCC region to regulate crypto allowing for the launch of crypto exchange brokers such as RAIN, CoinMENA, and most recently Binance. It is also one of the leading GCC and MENA countries when it comes to crypto payments.

The new amendments are also a first in the region, no other country has regulated security tokens onshore yet!

Global crypto exchanges in first phase of Dubai’s regulator journey with Binance and Crypto.com a step further

Global crypto exchanges in first phase of Dubai’s regulator journey with Binance and Crypto.com a step further

Global Crypto exchanges, Huobi, Bybit, Equiti, and OKx have all made it to the MVP ( Minimum Viable Product) provisional phase of VARA’s regulatory journey, while crypto.com  and Binance have moved one step forward to the preparatory license phase. 

As per VARA the MVP License is a 3-stage process starting with a (1) Provisional Permit; graduating to a (2) Preparatory License and concluding with an (3) Operating License. Applicants that are already in the MVP process will be advised by VARA to either continue within the MVP licensing process and/or be transitioned to the FMP Licensing process, ensuring a seamless transition with a focus on efficiency.

So far as per VARA the only crypto exchanges in the second phase under preparatory license are Binance and crypto.com. Binance is also in preparatory phase for its payments offering. 

VARA recently announced that Crypto.com move to the preparatory phase of the license after graduating from the provisional phase. 

As per the release, Crypto.com  received this MVP preparatory license after a detailed review of its key personnel, governance procedures, Anti Money Laundering / Countering the Financing of Terrorism (AML / CFT) capabilities, Know Your Customer (KYC) and Ultimate Beneficial Owner (UBO) policies and procedures, cross-border safety and security measures, and best-in-class compliance practices. 

“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase,” said Henson Orser, Chief Executive Officer of VARA. “VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability. As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework”.

“This achievement is the next significant step for Crypto.com in an incredibly important market for our business and industry,” said Kris Marszalek, CEO of Crypto.com. “With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.”

Only VASPs that receive a final approval post review from VARA – and receive the FMP License, are in a position to undertake any regulated VA activities, or offer such services to and/or from the Emirate of Dubai.

The only entity in VARA that has reached one stage before a fully operational license is HexTrust which provides crypto custody and staking services.

During a recent interview by LaraontheBlock with the CEO of VARA, Orser explains how VARA will be offering more licenses in areas such as DAOs, DeFi, Crypto mining, and more. He also explains what is of most importance to VARA as a regulator.

Sygnum Digital asset bank receives license from UAE ADGM and opens its hub in Abu Dhabi

Sygnum Digital asset bank receives license from UAE ADGM and opens its hub in Abu Dhabi

Sygnum, a global digital asset bank, has opened its Middle East hub in the Abu Dhabi Global Market international financial center to provide a portfolio of Swiss-regulated crypto banking services after receiving its license from UAE ADGM. 

Sygnum Bank Middle East has received a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA), following its in-principle approval in October 2022. Seasoned Middle East Executive, Giulia Finkbeiner-Bertoni, leads Sygnum’s operations across the region and opens the office in the ADGM International Financial Centre.

Sygnum Bank Middle East will offer personal, concierge-style client service, enabling convenient local client access to a portfolio of Swiss-regulated digital asset banking, asset management, tokenization and B2B banking services. With regional demand for regulated crypto services on the rise, clients will be drawn from a diverse range of sectors, ranging from existing local crypto foundations and projects to “traditional” institutional investors and qualified HNWI looking for trusted crypto asset exposure through a regulated partner.

Sygnum Bank Middle East’s Senior Executive Officer, Giulia Finkbeiner-Bertoni, said, “The UAE has a proactive investment program, a progressive crypto regulatory framework and a dynamic, tech-driven economy. We look forward to leveraging this momentum by bringing Sygnum’s trusted digital asset services to Abu Dhabi and the region.”

Sygnum’s local presence in Abu Dhabi enables it to directly access a large and increasingly crypto-active wealth management market. According to new research[i], the Emirate of Abu Dhabi is a true “falcon economy” possessing the highest economic growth in the MENA region. Abu Dhabi has the potential to become a future regional and international hub for Web3, metaverse and blockchain-based projects.

Welcoming the FSP announcement, Arvind Ramamurthy, Chief of Markets at ADGM said, “ADGM congratulates Sygnum Bank ME for obtaining their Financial Services Permission from ADGM’s FSRA and welcome them to our rapidly growing business ecosystem. We believe that Sygnum’s regulated finance offering in Abu Dhabi is a significant addition to our community and will contribute to the growth of the region. As the largest regulated jurisdiction for digital assets in the MENA region, ADGM acts as a catalyst with the right tools that enable the growth of such companies within the UAE’s financial sector. With Sygnum’s presence in the region, we are committed to upholding market transparency and integrity that bolsters the economic growth of Abu Dhabi, attracts global companies and aids in making it a digital-first international financial hub for seamless business transactions.”

UAE based WadzPay blockchain payment provider launches its 2.0 version built on Algorand blockchain

UAE based WadzPay blockchain payment provider launches its 2.0 version built on Algorand blockchain

UAE based WadzPay, an interoperable blockchain-based technology provider, has launched the WadzPay 2.0 which it believes will redefine the landscape of virtual asset-based transactions. WadzPay 2.0 provides a unique new architecture primarily based on the Algorand blockchain with inbuilt support for several others such as Ethereum, Tron, Avalanche and several others to be added. WadzPay 2.0 construct is designed in line with evolving regulations and needs of banks, financial institutions, telcos and central banks.

Anish Jain, founder and group CEO of WadzPay, stated, “Blockchain is already disrupting global finance, and with WadzPay 2.0, we are bringing a slew of capabilities that will transform digital currency payments. This enhanced product line encompasses issuance, acquiring, remittance, central bank digital currency (CBDC) and tokenization, providing a true one-stop solution for the industry. This is a leap forward in the blockchain payments ecosystem. WadzPay customers can rest assured of an elevated experience for its end users.”

Designed with an API-first approach, a robust compliance framework and customer-friendly dashboards, it enables payments in the metaverse, point of sale, in-app, e-commerce, etc. It also serves as the foundation for the future launch of the WadzPay Chain. It leverages the Algorand blockchain for transaction processing, standard assets for on-chain storage of funds, and a ledger for wallet management and bookkeeping. The platform also incorporates Gap 600’s expertise to manage transaction finality for Bitcoin and Ether -based transactions, and Bosonic to convert funds at the point of sale (POS).

WadzPay 2.0 boasts several integration options and features such as:

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E-Know Your Customer (KYC) solution with biometric verification for seamless user onboarding

Real-time fraud detection, customer screening and transaction monitoring

Multisignature custodial wallet with multiple-level hierarchy and password management

Internal and external wallet transfers

Push/pull payment options with transaction notifications

Customized reports in various formats

Issuer and merchant dashboard with seven layers of hierarchy control

Multicurrency acceptance at POS terminals and e-commerce portals with QR code support

Settlement in digital or fiat currency of choice, based on market regulation

On-chain refunds, including multiple refunds on a single transaction

Inbuilt volatility management solutions

Improved transaction speeds on Ethereum and Bitcoin blockchains

UAE DMCC awards AI Blockchain EatCloud start-up Impact scale up program winner prize

UAE DMCC awards AI Blockchain EatCloud start-up Impact scale up program winner prize

UAE’s DMCC, freezone has awarded blockchain AI Columbian startup EatCloud with the Impact scale program award. EatCloud is one of three startups to win cash prizes of $49,000 for ‘DMCC Impact Scale-Up Program Powered by C3’.

The six-month program supports the growth of impact-driven businesses that align with the UN Sustainable Development Goals, and it represents a part of DMCC’s ESG strategy. As the UAE prepares to host COP28 and lead the conversation that drives the global sustainability agenda, the program comes to an end. Fifteen impact-driven SMEs addressing some of the world’s most pressing sustainability challenges pitched their companies to a panel of business experts from PwC, Global Ventures, Astrolabs, and Brunswick in a pitch day that marked the end of the program.

 

The winners of the program are Grocedy, a Nigerian FoodTech platform that aggregates micropayments from low and middle-income earners towards a monthly food subscription and other micro financial services, EatCloud, a Colombian start-up that uses AI and blockchain technology to redistribute surplus food worldwide, reducing waste and supporting food banks globally, and Chefaa, an Egyptian GPS-enabled pharmacy benefits platform that allows patients to order, schedule and refill recurring prescriptions as well as all pharmacy needs. 

Feryal Ahmadi, Chief Operating Officer, DMCC, said, “As DMCC continues to place Dubai at the heart of global trade, it is essential that we also use our platform to have a positive impact on society. This is a momentous year for the UAE where sustainability is center-stage, and it is also integral to DMCC’s strategy. With 15 companies tackling some of the most pressing environmental and social issues we face today, the first edition of the DMCC Impact Scale-Up Program marks a great success in working towards this goal. Congratulations to all the participants in the program – we are excited to see your successes and your positive impact in the coming years.” 

Khalid Kalbat, Director of Small and Medium Enterprises Development Department at the Ministry of Economy of UAE, added, “This program is a testament to the UAE’s commitment to social and environmental impact and to promoting entrepreneurship in the region. I commend DMCC and C3 for their efforts in enabling participating businesses to establish a presence in the UAE and leverage our local ecosystem as a launchpad to successfully expand across the MEA region.”

 All SMEs participating in the program became part of DMCC’s fast-growing community of over 22,000 member companies, receiving a bespoke 70% discount on license fees and flexi-desk space for two years. Further discounts on license renewals will also be offered for the following three years.

This comes as DMCC signed on two major blockchain partnerships this week. 

XRPAYNet to bring Crypto Fiat micro payments and Buy now pay later services to UAE

XRPAYNet to bring Crypto Fiat micro payments and Buy now pay later services to UAE

XRPayNet a blockchain XRP Ledger based crypto-fiat micropayments solution provider is gearing up to launch in the UAE. Already in the process of being regulated through VARA and the Central Bank of UAE, XRPayNet and its partner in the UAE, ChainTech Labs aim to revolutionize the crypto payments sector by bridging the world of fiat and crypto for micropayments and buy now pay later offerings.

Kristian Poliszczuk Founder, of XRPayNet has been a passionate crypto investor since Bitcoin was valued at just $2000; he then became an XRP enthusiast and from there built XRPayNet on XRP’s Blockchain ledger. Poliszczuk is an entrepreneur at heart building small businesses since he was 12 years old. At just 23 years old he had 19 properties under his belt as a real estate broker and today he is seeking to become one of the world’s leading crypto micro payments provider.

A Solution to a Problem

According to Poliszczuk XRPayNet was developed to solve three major problems facing the 420 million crypto holders globally today. The first was that most crypto holders have no place to spend their crypto given that retailers are hesitant to accept crypto due to its volatility, secondly most crypto payment solution providers have yet to bridge fiat with crypto and finally retailers and merchants want a secure, easy technology platform to use seamlessly with their existing technology.

Poliszczuk told LaraontheBlock, “For crypto to be mainstream, it must work in harmony with fiat. I started to think about creating a tool that would allow users to spend their crypto from their wallet while retailer receives fiat currency. We are doing this through both our debit card solution as well as mobile application, making the Crypto to Fiat payment process seamless.”

Today, cryptocurrencies are accepted by less than 0.001% of companies throughout the world, yet $2.5 Billion was spent by consumers on pre-paid crypto cards in 3 months from the end of 2021-start of 2022.

Utilizing XRPL network, as one of the only 145 node validators, XRPayNet is built on one of the most scalable and ecological blockchains developed to date.

In addition to offering micropayments XRPayNet will be offering the first Buy Now Pay Later solution for crypto holders. Poliszczuk explains, “We are bringing the solution of Buy Now Pay Later to the crypto world. Clients who hold our card or application can buy on credit using the XRPAY coin staked with us as collateral. We are offering crypto holders more choice and providing the retailer with fiat currency of their choice.”

Entering the UAE

Currently XRPayNet is going through the process of acquiring a regulated license in the UAE, working with the legal firm Saeed and Company. They are seeking regulatory approval from Dubai’s Virtual asset regulatory Authority as well as the Central Bank of UAE given that they are a payment solution provider.

Poliszczuk says, “We have been told the process will take three months and we are confident given that one of our retail partners is closely involved in the regulatory scene and understand VARA’s requirements well.”

XRPayNet already has clients lined up in the UAE who are looking to offer crypto fiat micropayments and Buy now Pay later services. Poliszczuk, told LaraontheBlock, “We have a UAE chain of stores ready and waiting for us to deliver our technology to start using it in March 2023, we have also been approached by a gas station chain who also want to use our service. We have built a complete POS (Point of service) interface and all these stores need is to download our application on their terminals at point of sale to complete the payments.”

The XRPayNet coin while developed identical to that of XRP Ripple is not the same as XRP. According to Poliszczuk while the coin is built on XRP ledger and identical  to Ripple’s XRP we did not choose to use XRP because Ripple has already positioned it as a coin for international cross border payments for banks and not for micro payments.

To date XRPayNet has more than 10,000 holders of their coin. In addition XRPayNet is considering with its UAE partners to developing their own XRPayNet stablecoin as well as adopting the stablecoin required by UAE regulators. He states, “As part of the regulatory process it stipulates that we should use a particular stablecoin which has to be embedded in our applications. We are adhering to these regulations very strictly.”

XRPayNet founder is confident that there is huge demand in the UAE for crypto retail payments services and this is one of the reasons they were approached by ChainTech Labs. According to Poliszczuk, “ Today there are maybe 100-200 global crypto payment entities in the space and many of them won’t go forward as they usually stop development during bear markets. We are not them, we increased our talent base from 9 people to 26 within the last 6 months, and regardless of our coin price we are still developing to create the best products. So we are positioned ahead of others.”

Expansion and the Future

Other than the UAE, the 14 month old XRPayNet will be expanding to other jurisdictions. In December 2022 alone there were 11 requests for partnerships across the globe.

In conclusion XRPayNet founder believes that crypto is still in its infancy stage and is here to stay as long as people don’t convince themselves that crypto can work in silo of fiat, in the end they both need to work in harmony.

Qatar’s Blockchain Blueprint falls short of Qatar’s governments initiatives on the ground

Qatar’s Blockchain Blueprint falls short of Qatar’s governments initiatives on the ground

Qatar’s National Blockchain Blueprint which was announced officially, is not much different from the National Blockchain Blueprint consultation paper that Qatar Communications Regulatory Authority published on its website back in August 2022. While the blueprint falls short of the aspirations of Qatar, on the ground things are moving forward. 

The Qatar National Blockchain Blueprint is not clear on many aspects and lacks  updated statistics and with a lot of out dated information that makes it look more like a research paper on blockchain rather than a national blueprint. Yet it does depict the interest and seriousness of Qatar towards Blockchain implementation.  

One of the most important points that stand out in the National Blockchain Blueprint is the discussion on the development of a solid regulatory and legal framework which the paper reveals are essential for enabling the investment environment an creating a strong industry.

The Blueprint also mentions the government entities that need to be involved in the regulation of blockchain activity which include Qatar Central Bank (QCB), for cryptocurrencies and financial transactions as well as what the blueprint calls ICO offerings. Also on the roster of government entities that will be involved is the Ministry of Communications and Information Technology (MCIT) with its Innovation Center for blockchain technology; Ministry of Justice, for formalizing  the legal framework, and the National Cybersecurity Agency, for data classification and cyber security.

Qatar’s Communications Regulatory Authority (CRA) issued the National Blockchain Blueprint developed by CRA in collaboration with Hamad Bin Khalifa University (HBKU) and Qatar University (QU).

Ali al-Suwaidi, Technical Affairs Department director at CRA, stated,  “We are pleased to collaborate with HBKU and QU to issue the National Blockchain Blueprint for Qatar. Through the blueprint, we have set the most prominent opportunities that blockchain could bring to private and government sectors and outlined the necessities and incentives that must be provided by each sector for the technology adoption, which contributes to the development of emerging startups and pilot projects.”

He added: “I would like to invite all stakeholders to review the blueprint, so that we work together towards developing the Information and Communications Technology (ICT) sector, supporting local and foreign investments and a knowledge-based economy to support achieving the goals of Qatar National Vision 2030. I want to thank HBKU and QU for all their efforts and cooperation in developing the blueprint and we look forward to expanding our collaboration in the future.”

Dr. Ahmed Elmagarmid , executive director, Qatar Computing Research Institute (QCRI), HBKU, added, “We were delighted to work with the Communications Regulatory Authority and Qatar University on developing the National Blockchain Blueprint for Qatar”.

Qatar University College of Engineering dean Dr. Khalid Kamal Naji said, “We are proud to have contributed to the development of the National Blockchain Blueprint for Qatar, which is a crucial step towards realizing the country’s vision for a knowledge-based economy. Our collaboration with the Communications Regulatory Authority and Hamad Bin Khalifa University has allowed us to leverage our expertise in blockchain technology and promote its adoption across the public and private sectors.”

Sources in Qatar working closely with Qatar’s governmental entities told LaraontheBlock, “We are seeing a lot of movement happening in Qatar on the Blockchain front. Different Ministries across the country are all interested in implementing a national blockchain.”

Earlier this month, two blockchain announcements came out of Qatar demonstrating that the Gulf country is starting to utilize and grow DLT (Distributed Ledger Technologies) and Blockchain.  The first is the piloting of digital signatures and certificates to be validated on Qatar’s national blockchain network and the second is the inclusion of DLT in Qatar’s Central Bank Fintech strategy.

At the beginning of 2023 during a Bloomberg TV interview at WEF Davos event, Mansoor Al Mahmoud, CEO, of Qatar Investment Authority, reaffirmed the fund’s interest in investing in Blockchain technology, more precisely any application using Blockchain.

Qatar’s sovereign wealth fund will use the current economic turmoil as an opportunity to rebalance its $450 billion portfolio. The Qatar Investment Authority is looking for opportunities in Europe, Asia and the US in sectors such as venture capital, fintech and sports except for crypto.

So while the National Blockchain blueprint announced today, may not be the best reflection of Qatar’s openness, interest and understanding of blockchain, on the ground things are moving in the right direction.

KSA government is all in for Blockchain and AI in logistics and supplychain sector

KSA government is all in for Blockchain and AI in logistics and supplychain sector

Shipsy, a leading global SaaS-based logistics management platform provider which utilizes technologies such as blockchain has signed an MOU with Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, to support Saudi Vision 2030. This development took place at the sideline of Biban 23 Forum.

The MoU highlighted that Shipsy would offer its technology at a significant concession for all customers channeled through Monsha’at. The logistics SaaS provider also earmarked an investment worth USD 10 million over 5 years in the region to drive technology innovation and research and development.

This MoU’s objective will be to develop and support SMEs and entrepreneurship under the laws and regulations in force in the Kingdom of Saudi Arabia and commensurate with the available resources, aiming to drive growth and economic diversification.

“We are honored to partner with Monsha’at and thrilled to be a part of KSA’s Vision 2030. We are committed to drive technology inclusion in the Kingdom’s rapidly growing supply chain and logistics industry. Technologies like AI, automation, and Machine Learning, IoT, Blockchain and data analytics will create numerous employment opportunities and unlock efficiencies that will help logistics stakeholders build sustainable, agile and cost-efficient logistics processes,” said Soham Chokshi, CEO and Co-Founder, Shipsy.

Prior to this announcement, Alea Global Group Investments carried out a session on Blockchain in Trade Finance during their Alea Sessions edition in Riyadh KSA.

In November 2022, Saudi Arabian, Saudi British Bank (SABB) utilized Contour Blockchain platform to enhance trade finance by improving letter of credit and guarantee procedures for enterprises and international businesses. SABB worked with local fintech entity Bwatech.