R3 DLT instrumental in UAE’s RAKBANK CBDC cross border transaction

R3 DLT instrumental in UAE’s RAKBANK CBDC cross border transaction

R3 announced on LinkedIn that it was thrilled about the success of UAE RAKBANK  in their first cross border CBDC transaction using mBridge in which R3’s issuance layer technology solution played an instrumental role.

David E Rutter, CEO of R3 said: “The first cross-border CBDC transaction by a UAE local bank, RAKBANK, is a groundbreaking development for the UAE, and the region more broadly.

He added, “R3’s issuance layer technology and CBDC integration solutions have been instrumental in supporting RAKBANK to achieve this exciting milestone in production. R3’s ambition is to continue to deliver interoperable distributed ledger solutions, using Corda, our open, permissioned tokenization platform to the UAE and beyond.”

Rutter adds that R3 is committed to working with UAE domestic banks like R3 to build their digital ecosystem.

The National Bank of Ras Al Khaimah (“RAKBANK”) recently became one of the first banks in the United Arab Emirates to execute an international remittance using mbridge CBDC. The Bank utilized China’s digital Yuan (eCNY) in exchange for the Digital Dirham, the UAE’s CBDC.

Vikas Suri, Co-Head of Wholesale Banking Group at RAKBANK, added, “The successful transfer of eCNY to our correspondent in China is a game-changer in several respects. It’s one of the first UAE-led foreign currency transfers executed in local currencies without involving a third currency to China and without using conventional payment rails. This is a gamechanger that paves the way for instant blockchain based CBDC exchanges with payment versus payment, fundamentally altering how we approach international payments. Our next steps will focus on supporting the China and UAE business corridor for our clients, by leveraging mBridge to reduce costs and improve the speed of remittances.”

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

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

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

RAKBANK executes international remittance using CBDC

RAKBANK executes international remittance using CBDC

The National Bank of Ras Al Khaimah (“RAKBANK”) has become one of the first banks in the United Arab Emirates to execute an international remittance using mbridge CBDC. The Bank utilized China’s digital Yuan (eCNY) in exchange for the Digital Dirham, the UAE’s CBDC.

Project mBridge is an ambitious initiative aimed at addressing inefficiencies in cross-border payments, such as high costs, slow processing times, and operational complexities. Launched in 2021, it is a collaborative effort between the Central Bank of the United Arab Emirates (CBUAE), the BIS Innovation Hub, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority.

The core of mBridge is a multi-central bank digital currency platform, built on distributed ledger technology (DLT). This platform allows participating central and commercial banks to conduct real-time, peer-to-peer cross-border payments and foreign exchange transactions. The mBridge Ledger, a new blockchain, underpins the platform, supporting secure and instantaneous transactions.

Raheel Ahmed, Group CEO of RAKBANK, commented: “The participation of RAKBANK in the mBridge platform and the execution of our first-ever central bank digital currency international payment highlight RAKBANK’s cutting-edge digital capabilities. This milestone reflects our commitment to breaking boundaries and solidifying our position as a leading retail and commercial bank in the UAE, with a rapidly expanding international payments arm”.

Vikas Suri, Co-Head of Wholesale Banking Group at RAKBANK, added, “The successful transfer of eCNY to our correspondent in China is a game-changer in several respects. It’s one of the first UAE-led foreign currency transfers executed in local currencies without involving a third currency to China and without using conventional payment rails. This is a gamechanger that paves the way for instant blockchain based CBDC exchanges with payment versus payment, fundamentally altering how we approach international payments. Our next steps will focus on supporting the China and UAE business corridor for our clients, by leveraging mBridge to reduce costs and improve the speed of remittances.”

In August RAKBANK partnered with Bitpanda Technology Solutions, a leading digital assets infrastructure provider, to provide a robust platform that will enable UAE residents to effortlessly manage digital assets, subject to UAE Central Bank approval.

Saudi Central Bank works with IMF on cost benefit analysis of wholesale CBDCs

Saudi Central Bank works with IMF on cost benefit analysis of wholesale CBDCs

The IMF (International Monetary Fund) has noted in its recent country report issued on Saudi Arabia: 2024 Article IV Consultation-Press Release; and Staff Report, that the Saudi Central Bank is conducting a cost-benefit analysis of wholesale CBDCs (Central Bank Digital Currencies) in consultation with local banks and a team of IMF experts.

In the report which commends Saudi Arabia for improvement in various areas, the IMF discusses the exploration of Central Bank Digital Currencies by SAMA.

As per the report, “SAMA is exploring the application of a Central Bank Digital Currency (CBDC). It has joined project Aber with the UAE in 2019 to explore digital ledger technology and more recently, the cross-border CBDC project known as M-bridge.”

The report adds, SAMA has also been conducting a cost-benefit analysis of CBDCs, in consultation with local banks and a team of IMF experts. Considerations have so far focused on wholesale transactions.”

The IMF report notes that IMF staff supports SAMA’s cautious approach as it explores the complex requirements and risks to monetary and financial stability relating to the regulatory, technological, or other aspects of CBDCs.

IMF notes two thirds of countries in MENA exploring CBDCs

This is not the first time that the IMF discusses CBDC projects in KSA and in the MENA region. In June the International Monetary Fund noted that almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency with Bahrain, Saudi Arabia and UAE in the more advanced proof of concept stages. The countries in MENA and Central Asia are studying CBDCs as a way to promote financial inclusion and improve the efficiency of cross-border payments.

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

Saudi Arabia is working on CBDC project mBridge

Saudi Arabia has been working on CBDC implementation project for over three years. Earlier this year, as the BIS (Bank for International Settlements) announced that it had reached a minimum viable product stage, Saleh Algrayan, AI Advisor at Bank for International Settlements and an employee of Saudi Central Bank, announced that Saudi Central Bank had now joined mBridge. Saudi Arabia’s Central Bank becomes the second Arab central bank to join after the UAE Central Bank.

In 2023, at WEF, and during the World Economic Forum’s session Financial Institutions innovating under pressure’ The Saudi Minister of Finance Mohammed al-Jadaan stated that while CBDCs have privacy issues they are a fantastic tool in developing countries

In collaboration with Dubai’s virtual asset regulator, VARA, the 10th P2P Financial systems workshop

In collaboration with Dubai’s virtual asset regulator, VARA, the 10th P2P Financial systems workshop

In collaboration with Dubai’s virtual asset regulatory authority ( VARA), The DLT Science Foundation will host the 10th P2P Financial Systems International Workshop (P2PFISY 2024). This premier international event will convene global industry leaders, regulators and academics to explore the future of finance and the pivotal role of decentralized technologies including discussions on CBDCs, tokenization, DeFi, and more.


The workshop will take place on October 16-17, 2024 coinciding with the Future Blockchain Summit and GITEX happening in Dubai.
Previous editions have been hosted by institutions such as the Federal Reserve, Deutsche Bundesbank, Bank of Italy, and the European Central Bank, with support from other prominent central banks including the Bank of England, Bank of Canada, and De Nederlandsche Bank.


The 10th anniversary edition of P2PFISY will feature a two-day program packed with keynote speeches, panel discussions, and presentations from leading experts in the field. The workshop will delve into critical topics such as:

  1. National Sovereignty and Currency Neutrality
  2. Stablecoins & Security Tokens
  3. Central Bank Digital Currencies
  4. Real World Asset Tokenization in the Financial Landscape and Real Estate Tokenization
  5. Sustainable Finance and ESG Integration
  6. Consumer Protection in the face of Generative AI
  7. Financial Inclusion
    Academics may submit their research through the Workshop’s Call for Papers.
    “We are thrilled to be partnering with Virtual Assets Regulatory Authority (VARA) to host the 10th P2PFISY,” said Dr. Paolo Tasca, co-founder and chairman of the DLT Science Foundation. “Dubai has clearly positioned itself at the forefront of crypto adoption in the past few years. Since its inception, I have had the pleasure to liaise with VARA, and experienced first-hand their foresight and expertise. We believe this workshop will provide a valuable platform to learn from their experience and will facilitate crucial conversations at the cutting edge of financial technology”.

Matthew White, CEO of VARA said, “We are honored to have supported bringing the 10th P2P Financial Systems International Workshop to Dubai. This is a testament to our commitment to foster innovation and collaboration in the digital finance sector. This event marks a significant milestone, celebrating a decade of pioneering research and discussions that have helped to shape the future of finance. At VARA, we are dedicated to creating a robust and innovate regulatory environment that supports the growth and integration of decentralized technologies. We look forward to engaging with global leaders, academics, and industry experts to continue driving the evolution of P2P financial systems”

Charles Adkins, President of Hedera, commented, “Dubai has cemented its status as a leading financial and technology hub through its forward-thinking approach to virtual assets, exemplified by the establishment of VARA. This event will unite global leaders in decentralized technologies, promoting both learning and collaboration within this rapidly evolving industry.”

Central Bank of UAE and Seychelles cross border settlement’s MOU will extend to CBDCs

Central Bank of UAE and Seychelles cross border settlement’s MOU will extend to CBDCs

The Central Bank of UAE, and the Central Bank of Seychelles have signed two MOUs (Memorandum of Understanding), to utilize local currencies in settling cross border financial and commercial transactions, with the aim of extending this to CBDCs (Central Bank Digital Currencies).

As per the press release, His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Ms. Caroline Abel, Governor of the Central Bank of Seychelles (CBS), signed today in Abu Dhabi two Memorandums of Understanding (MoU) regarding enhancing the use of local currencies in settling cross-border financial and commercial transactions, and interlinking payment and messaging systems between the two countries.

The first MoU aims to establish a framework to promote the use of local currencies in settling bilateral commercial transactions, developing the exchange market and to facilitate bilateral trade and direct investment, remittance settlement, and financial market development.

Under the second MoU, both parties will consolidate cooperation and mutual benefit from the services of instant payment platforms, electronic switches and messaging systems, by directly linking them in accordance with the regulatory requirements in the two countries.

This includes interlinking the Instant Payments Platform (IPP), which the CBUAE is developing within the Financial Infrastructure Transformation Program, and the similar platform in the Republic of Seychelles, and between systems and electronic switches to facilitate mutual acceptance of local cards and processing their transactions, in addition to exploring the possibility of linking messaging systems and cooperation in the field of FinTech and Central Bank Digital Currencies.

His Excellency Khaled Mohamed Balama, Governor of the CBUAE, commented, “The signing of the Memorandums of Understanding reflects the Central Bank’s keenness to expand its relations with regional and international counterparts, to enhance UAE’s economic and commercial partnerships globally. The use of the two countries’ currencies for cross-border financial and commercial transactions reflects the growing trade, investment, and financial cooperation and contributes to reducing costs and saving time in settling transactions. This helps in developing the foreign exchange market in the UAE dirham and the Seychellois rupee, leading to enhancing trade exchanges, investments, and remittance between the two countries”.

Ms. Caroline Abel, Governor of the CBS, added “For small open island economies like Seychelles, the importance of an effective and efficient financial system to facilitate trade cannot be overemphasised. The agreement to develop and gradually implement the necessary framework to promote the use of our respective national currencies, the UAE Dirhams and the Seychelles Rupees, in cross-border transactions can further facilitate trade relations between stakeholders across the two jurisdictions. With the Central Bank of Seychelles spearheading efforts to modernise and develop the Seychelles national payment system, in line with the Government’s digital economy agenda, the opportunity to collaborate on interlinking our payment and messaging systems will facilitate the processing and settlement of cross-border financial transactions between the two countries. We look forward to learning from the experiences and expertise of the Central Bank of the UAE as we endeavour to keep pace with developments within the global payment landscape and further leverage technology and innovation for more seamless processing and settlement of payments, including cross-border payments.” 

This comes a day after, the CBUAE and the Central Bank of Indonesia signed an MOU to establish a framework to enhance bilateral cooperation in the area of payment systems.

 His Excellency Khaled Mohamed Balama, Governor of the CBUAE, said: “This MoU embodies the growing economic partnership between the UAE and Indonesia. It is an important pillar which seeks to support bilateral relations in the fields of trade and investment and enhance the UAE’s role in global trade. Today, we are presented with an important opportunity to bolster our cooperation with Bank Indonesia across all financial and banking fields, including financial technology, innovation, and digital payments. This reinforces our wider efforts to support the UAE’s objective of becoming a leading global hub for financial technology and digital and cross-border payment solutions.”

The Central Bank of UAE commences domestic CBDC payments phase

The Central Bank of UAE commences domestic CBDC payments phase

The Central Bank of the UAE (CBUAE)is planning for phase two implementation for domestic CBDC payments after the Central Bank with the Bank for International Settlements Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, and the Digital Currency Institute of the People’s Bank of China, launched the Minimum Viable Product (MVP) platform of the mBridge project. Mbridge is a multi-central bank digital currency (CBDC) common platform for wholesale cross-border payments and settlement.

CBUAE is planning for Phase 2 implementation, which includes domestic CBDC payments and further enhancements of cross-border fund transfers.

The CBUAE anticipates the growing use of the mBridge platform for cross-border payments among the participating jurisdictions. Ongoing reviews and enhancements are also underway as the platform progresses towards a full production launch. This is the first multi-CBDC platform which has reached the MVP phase, ready for use by early adopters.

In January 2024, His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the CBUAE, initiated the first cross-border payment of ‘Digital Dirham’, the CBUAE’s CBDC, to China worth AED50 million through mBridge. It also marked the first real-value cross-border CBDC payment between a MENA country and a country outside the region on an MVP-ready platform.

To date, a number of UAE licensed financial institutions (LFIs) have been onboarded onto the mBridge platform, with collaborative efforts underway for to accelerate its adoption. Onboarded LFIs are now ready to initiate and process cross-border CBDC payments with their counterparts of the participating jurisdictions.

According to the Central Bank of UAE press release, the mBridge platform is a key initiative under the CBUAE’s Financial Infrastructure Transformation (FIT) programme which seeks to accelerate the digital transformation of the UAE’s financial services sector. The deployment, testing and launch of the mBridge MVP comes as part of the CBUAE’s Phase 1 implementation of its broader CBDC strategy, supported by the use of the Digital Dirham.

Presently, the CBUAE is planning for Phase 2 implementation, which includes domestic CBDC payments and further enhancements of cross-border fund transfers. Utilizing distributed ledger technology, the mBridge project aims to connect economies through a multi-CBDC platform to help support international trade and cooperation, whilst overcoming challenges of existing cross-border payment systems and offering efficient, low-cost, and instant cross-border payments settled in central bank money.

Khaled Mohamed Balama, Governor of the CBUAE, said, “The CBUAE’s participation in mBridge aligns with our strategic objectives of promoting innovation, efficiency, and financial inclusion in the financial services sector. By collaborating with our international partners, we aim to contribute to the development of a more robust, efficient, economical, interconnected and instant global payments infrastructure that benefits all participants, while maintaining the highest security standards.”

A few days prior to this announcement, the Central Bank of UAE approved the issuance of a regulation for licensing and overseeing stablecoins and a series of policies aimed at supporting the banking, insurance, and financial services sectors.

Qatar tests CBDC for settlement of large payments

Qatar tests CBDC for settlement of large payments

 The Qatar Central Bank (QCB) has announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC) and the commencement of testing of CBDC for settlement of large payments with local banks. According to the press release, this initiative will serve as a proactive step to keep pace with the rapid global developments in this field.

Qatar Central Bank confirms that, after successfully completing the comprehensive study conducted in this field, it will proceed with testing and developing selected applications for the CBDC to settle large payments with a group of local and international banks in a trial environment designed according to the latest advanced technologies.

The project will focus on the applications of the CBDC to increase access to capital markets for operating banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions.

This project, which will enter its first experimental phase extending to October 2024, aims to achieve a set of primary objectives, including leveraging artificial intelligence technologies, distributed ledger technology (DLT), and emerging technologies and establish a strong foundation to enhance liquidity by expanding participation in financial market facilities, considering the aspects related to information security during project implementation.

In line with the Third Financial Sector Strategy, the Fintech Strategy, and Qatar National Vision 2030, and based on Qatar Central Bank’s ongoing efforts to regulate and develop the financial sector in the country, Qatar Central Bank announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC), QCB said in a press release.

This project reflects Qatar Central Bank’s full commitment to contributing to digital transformation within the financial sector, noting in this context that the start of the CBDC project represents an important milestone and a strategic step towards building a digital economy in the country.

It was also noted that the results of this experiment will be the cornerstone towards identifying the different use cases that the Qatar Central Bank will adopt in the future, which will contribute to enhancing the efficiency of the current systems and instant settlement.

In April 2023 Qatar Financial Centre Authority and Blockchain solution provider R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology). Soon after, QFC announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. 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.

In May 2024 The Hashgraph Association (THA), the Swiss-based organization at the forefront of global digital enablement, signed a strategic partnership with the Qatar Financial Centre to launch a Digital Assets Venture Studio, a platform to support local Qatari and international portfolio companies in the development of regulatory-compliant decentralized finance (DeFi) solutions and digital assets built on the Hedera Distributed Ledger Technology (DLT) network.


The $50 million digital assets venture studio will focus on investments in Hedera-powered Web3 startups and enterprises building bankable DeFi solutions. The program will span over the next five years (2024-2028) with The Hashgraph Association investing $10million (20%).

Pravica launches S3 testnet for CBDCs and stablecoins on sui blockchain

Pravica launches S3 testnet for CBDCs and stablecoins on sui blockchain

Money Tokenization built on blockchain just got an enormous boost with the launch of UAE and Egyptian based Pravica’s S3 (Stablecoin Studio on Sui) testnet during the CV Summit Africa 2024.

Less than two months after publicizing the launch of S3.Money on the Sui Blockchain, The S3 testnet is now up and running, welcoming developers and financial community to start building tokenized money whether CBDCs (Central Bank Digital Currencies) or stablecoins.

According to Pravica blog post, the S3 platform is set to revolutionize the global payment processing landscape by allowing money to be tokenized in a versatile and user-friendly way swiftly and securely. The premise is financial empowerment with blockchain based money tokenization, because the future of money is all about innovation and accessibility.
Mohamed Abdou Founder and CEO of Pravica, explaining the concept states, “With S3, issuing and managing CBDC or stablecoins are a matter of clicks!”


S3 Money is a solution that caters not only to up and coming stablecoin issuers such as central banks, retail banks, and DeFi (Decentralized Finance) projects, but also to existing stablecoin issuers including the creators of Tether (USDT), Circle (USDC) by offering them the ability to simplify, quickly issue, manage and create different treasury layers for their respective stablecoins.

As per Pravica, gone are the days of building and auditing smart contracts, S3’s innovation solution on Sui, bring stablecoins to life through a streamlined process of stablecoin issuance just by defining the parameters.


S3 also helps to maintain the stablecoin ecosystem through S3’s intuitive management dashboard. The dashboard monitors supply and demand in real-time, tracking transactions easily and allowing for adjustments along the way.


Pravica has introduced a feature in S3, called ‘Relations’, which allows clients to establish a secure, multi-layered hierarchy for sub-wallets within a client’s stablecoin ecosystem. Imagine creating permissioned access structures for different user groups, or designating sub-wallets for specific departments within your organization.
The platform enhances treasury command with built-in proof-of-reserve functionality and seamless integration with on-chain oracles. Integrated KYC/AML features prioritize compliance, strengthening due diligence with qualified identity verification services.
All this has been enabled because S3 leverages the secure and blazing-fast Sui blockchain for unparalleled stability and transaction speed.
The one-stop streamlined experience is unparalleled because of the intuitive capable administration with role-based controls, that allow the effortless configuration and management of tokenized money.


As Abdou explains, “Based on the adoption we are already seeing and our deep experience with international payment systems, we are convinced that stablecoins will revolutionize the global payments industry.”

This comes as Pravica has rebranded, revamped and restructured their offering into a more comprehensive blockchain infrastructure solution provider. Pravica is offering solutions for a trustworthy and transformative digital landscape utilizing secure, efficient, and innovative blockchain solutions.

CBDC on the table in Oman with R3

CBDC on the table in Oman with R3

In a Linkedin Post, Bryan D’Souza, Head of Business Development and Partnerships MENA at R3 expressed his positivity to be back in Oman discussing the Central Bank of Oman’s interest in CBDC and digital tokenization.

He had recently moved to the region and settled in Abu Dhabi UAE to expand R3 partnerships in the GCC and MENA region.

He stated, “It’s fantastic to be back in Muscat, Oman with David E Rutter and Robert Wigley visiting senior representatives of the Central Bank of Oman today to discuss their interest in CBDC and digital tokenization.”

In June 2022, The Executive President of the Central Bank of Oman, Mr. Tahir Salim Al Amri, commented during the 7th Edition of the new Age Banking Summit on the topic of CBDCs (Central Bank Digital Currencies) the interest of the bank in a CBDC project.

Furthermore at the end of July 2023, the Oman Capital Market Authority issued a Public Consultation Paper on its Virtual Assets Regulatory Framework.

R3 has been working with Central banks, FMIs, commercial banks, FinTech, providing practical solutions for digital assets tokenization and regulated digital currencies, including CBDCs.

D’Souza had previously visited several countries including Kuwait, KSA, and Qatar.

R3 is also working with both the UAE Central Bank on its CBDC project as well as Saudi Central Bank.

In addition the Qatar Financial Centre Authority and R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology) back in April 2023.

Pave Bank, digital bank seeks regulatory license in UAE

Pave Bank, digital bank seeks regulatory license in UAE

Pave Bank, digital bank for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs) is seeking regulatory license in UAE as it expands its operations to MENA.

Pave Bank, an approved digital banking license from Georgia and a US$5.2M seed funding round led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus and angel investors has launched.

Pave Bank is the world’s first fully regulated commercial bank where clients can not only get the best in class business banking products (such as multi-currency operating accounts, global payment connectivity, and treasury management solutions) but will also have access to multi-asset custody, virtual IBANs, safeguarding accounts and PaveNet, which is a multi-asset, always instant and always on network of Pave Bank customers.

Salim Dhanani, Co-Founder & CEO of Pave Bank commented: “We have set out to address limitations of today’s financial system that lacks transparency, remains restricted to certain time-windows (clearing and settlement, for example) and is riddled with intermediaries. All of this increases costs, management complexity and also limits the products and services which can be accessed by the majority of businesses and especially, for those operating globally. In parallel, we have seen a number of innovative products that have been created in the digital asset space, but sometimes with a lack of regulation and safety for users. We are championing a new path where Pave Bank customers will get access to the financial products that they are used to, but also a range of digital asset enabled products which will help them bank more efficiently within a regulated and secure environment.”

As programmability in financial services takes off, Pave Bank offers a fresh, secure and regulated platform for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs). Salim Dhanani added: “There are two major trends that led us to create Pave Bank. Firstly, blockchain is being integrated into the traditional financial system – with stablecoins, CBDCs included, and tokenized RWAs. We are seeing the financial system be built on new operating languages for the first time in over fifty years. Secondly, regulation is here, it’s here to stay, and for the better. We are seeing this narrative evolve around the world – in Singapore, Hong Kong, Georgia, UAE, UK, across the EU and the green shoots in the USA, amongst many others. As a fully regulated digital bank with a proprietary technology stack, we are right at the swell of the programmable financial system wave.”

Pave Bank has started the regulatory journey with a digital commercial banking license in Georgia and plans to continue to build its regulatory infrastructure globally. Georgia is strategically positioned between Europe, the Middle East and Asia, with close ties to the European Union. Its robust and transparent regulatory architecture has attracted a large number of businesses as it seeks to become a financial services hub in the region.