The UAE Ministry of Finance hints to the launch of Digital Dirham CBDC soon

The UAE Ministry of Finance hints to the launch of Digital Dirham CBDC soon

In a recent LinkedIn post, the UAE Ministry of Finance praised Fintechs and technologies such as AI Big Data and Blockchain and their role in redefining payments stating in a video that the launch of digital dirham soon. The digital dirham project is the CBDC project being developed within the Central Bank of the UAE.

As per the post, “Fintech, the cutting-edge integration of digital technology into financial services is reshaping the future of finance. From AI to Big Data and blockchain, fintech innovations optimise investments and redefine payments.”

In the video the UAE Ministry of Finance states, “ The UAE has started its digital currency strategy and the digital dirham is on the way!”

In April 2023, it was announced that R3 was chosen by UAE Central Bank as its technology partner to design and build a CBDC for the first phase of the central bank’s CBDC project because it is a permissioned based DLT (Distributed Ledger Technology) that decentralize assets privately and works well in regulated industries, but more importantly is its interoperability and asset fluidity. R3 will not only assist UAE’s Central Bank in developing a CBDC but also in tokenizing financial and non-financial activities, in addition to the digitalization of other financial services.

The Central Bank of UAE announced on March 23rd 2023 that it had commenced the implementation of its CBDC strategy in partnership with technology entities, UAE based G42 Cloud and Blockchain global solution provider R3. R3 then followed this with its own press release on April 4th 2023 explaining on the UAE Central Bank CBDC project including as well Clifford Chance who will be providing critical legal oversight for the strategy. 

Blockchain technology offers tremendous potential for the banking and financial services industry, and it’s estimated to create $3.1 trillion in new business value by 2030 across all sectors.

79% of those in financial services believe that blockchain and digital assets will be important to the industry over the next two years. 

It would seem that the UAE Ministry of Finance is preparing and readying the public for the launch of UAE’s CBDC the digital dirham, 

Dubai’s WOW Blockchain Summit launches $1 million startup competition at its UAE October 2023 event

Dubai’s WOW Blockchain Summit launches $1 million startup competition at its UAE October 2023 event

WOW Summit has announced the launched of its WEB3 Summit Dubai, widely hailed as the WOW SUMMIT Dubai to be held on October 8th and 9th 2023. 

Following its successful events in Lisbon and Hong Kong, WOW Summit Dubai 2023 emerges to unite distinguished industry titans, esteemed government officials, visionary funds, enterprising venture capitalists, boundary-pushing NFT and digital artists, trailblazing entrepreneurs, and influential multinational corporations.  The event will unfold at the  Atlantis the Royal, The Palm—a sanctuary of innovation where dreams transform into reality.

The Summit aims to drive the innovative trajectory of Web3, covering cutting-edge trends and innovations in technology. Through carefully selected programs, attendees will explore topics including the Web2 – Web3 transition, CBDC, regulations, asset tokenization, and the social impact and applications of blockchain and DLT technologies for real-life applications. 

Blockchain visionaries and digital assets leaders, alongside respectful UAE government officials will grace the conference stage, including Eowyn Chen, CEO, Trust Wallet; Joy John, Director, Cloud Native and Innovation, EMEA, Oracle; Talal Tabbaa, CEO CoinMena; Prof. Hoda Alkhzaimi, Director for EMARATSEC & Co-chair of the WEF Global Future Council; Ben Caselin, MaskEx SVP & CSO; Scott Tiel, TOKO Founder & CEO of TOKO by DLA Piper; Sam Katiela, Founder & CEO of Mamemo and Chairman of Crypto Valley Partners.

The summit will cover a wide range of topics and activities, providing valuable insights into the main NFT use cases, the latest updates on DEFi, DAOs, and dApps, digital asset management companies, global digital assists regulations, and more. Additionally, startup competitions will be held, offering valuable prizes to the winners and a chance to win up to USD 1,000,000 with the MMPro Expert program.

Ivan V. Ivanov, global CEO of WOW Summit, said: “Our mission is to organize an exclusive event unlike any other in the landscape of blockchain, web3, and crypto events. Our vision is to create an unparalleled experience, setting us apart from others in the region. We are fully committed to delivering top-notch content, showcasing world-renowned speakers, and forging strategic partnerships that define the cutting edge. To ensure the utmost value for our attendees, we meticulously verify all participants, guaranteeing the finest networking opportunities and the best event experience possible.”

 Join us now as we redefine the boundaries of what is possible and chart a course towards unprecedented success.

Ripple report finds 87 percent of MENA financial decision makers confident in crypto industry

Ripple report finds 87 percent of MENA financial decision makers confident in crypto industry

In Ripple’s latest report entitled “ 2023 New Value report, Crypto Trends in Business and Beyond” which covered topics such as cryptocurrencies, tokenization, DeFi, and crypto custody, financial decision makers from MENA ( Middle East and North Africa) are more bullish than their counterparts in other regions when it comes to cryptocurrencies, digital assets, and Blockchain.

As per the report findings, 72% of finance leaders surveyed expressed increased confidence in the crypto industry over the last 6 months, the number is even higher for those in the MENA region, reaching 87%.

90% of global finance leaders anticipate big impacts on business from blockchain and digital assets in the next three years. In terms of tokenization,they see the most massive impact in public stock trading and private share trading. This was especially expressed by finance decision makers with cryptocurrency experience in MENA.

In addition, global finance decision makers predict CBDCs and stablecoins will have a massive impact across business, finance  and society. This sentiment is particularly strong among  those with cryptocurrency experience, and those based in the LATAM and MENA regions.

When the Ripple report compared these results to last year’s survey, they saw that no only do  more respondents expect significant or massive impact of digital currency on business, finance and society,but they expect this to happen within a shorter period of time.

In other words, impact from these digital currency technologies is and will continue to accelerate at a faster clip. Specifically, respondents appear particularly bullish on the overall impact of digital currencies on payments. Nearly half (46%) of all respondents think stablecoins will have the largest impact on cross-border payments, and anticipate the largest impact of CBDCs to be on consumer-to-business payments (39% of financial institutions) and cross-border payments (41% of enterprises).

Many are either somewhat or very likely to begin using cryptocurrencies, CBDCs or stablecoins in their business in the next three years, and are confident that the technologies can meet their business needs. Once again, Ripple saw that respondents in  LATAM and MENA ranked slightly higher than those in other regions, and particularly those decision makers at financial institutions who work in roles related to digital transformation, blockchain/cryptocurrency, and innovation.

Overall, Latin America (LATAM) is more bullish on enterprise and institutional use of crypto for business followed by the Middle East and North Africa (MENA), then North America (NA), Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA).

The report also noted that more financial institutions are interested in instituational DeFi due to pain points around borrowing, raising capital which many see that DeFi can help solve. In addition high interest rates currently outweight other borrowing related pain points by a pretty significant margin everywhere except in MENA, where credit approval requirements were ranked as the primary pain point.

According to the report, these findings are reflective of the current state of the global economy, and that’s reinforced when one compares these results to last year’s data when interest rates were lower, and thus ranked lower on the list at that time.

Another significant technology being looked into by financial decision makers is Decentralized digital identity (DID). The vast majority (90%) think DiD will have a significant or massive impact on Banking, Financial Services and Insurance in the next three years, especially finance leaders in LATAM and MENA.

Even those in treasury, capital markets, payments, and institutional banking are bullish on the technology as it pertains to Banking and Financial Services, falling within the 90% response rate and above for significant or massive impact. Surprisingly, finance leaders in those more traditional roles ranked slightly higher than those in innovation, which is somewhat counterintuitive.

When it came to crypto custody the report found that while a greater proportion of respondents at financial institutions (compared to their enterprise counterparts) currently use crypto custody in their business, in general across all respondents it was found that a total of 35% are currently using a custody solution and 54% plan to within the next three years. Additionally, most companies currently or planning to use crypto custody will do so via a managed custody approach outsourced to a third party.

The vast majority of global finance decision makers (upwards of 88%) believe that crypto and blockchain will have either a significant or massive impact on business, finance, and society over the next three years.

Over half of global respondents cited that they already have a cryptocurrency solution in place at their company, or are in the process of implementing one. Upwards of three-quarters indicate an openness to using or exploring other crypto technologies over the next few years (e.g. CBDCs, stablecoins,NFTs, etc.)

Despite the general positivity, uncertainty and barriers to adoption like privacy concerns, lack of clear regulation, risk management and price volatility are still present.

Cross-border payments and consumer-to-business payments are the top two most highly ranked use cases for both CBDCs and stablecoins.

Enterprises are particularly bullish on the use of NFTs for business in the metaverse and events/ticketing. Over 80% of global finance leaders are somewhat or very likely to use cryptocurrencies, CBDCs and/or stablecoins in their business in the next three years.

Ease of use is far and away the most important requirement for organizations to enable customers to pay with crypto. Faster payments/settlement times and cost savings are the biggest value propositions for incorporating crypto into cross-border payments for enterprises and payments/treasury professionals at financial institutions—regardless of region and level of familiarity with crypto.

Top reasons to hold a cryptocurrency are for use as a currency for making payments, and for use as a hedge against inflation.  Interest rates and cost-related concerns are key blockers for borrowing, raising capital, and making cross-border payments.

According to a survey of global institutional clients commissioned by BNY Mellon and conducted by Celent, 97% agree that tokenization will revolutionize asset management and be good for the industry. They also found that 88% of investors are comfortable utilizing a digital representation of currency like stablecoins or tokens.

The majority (72%) of finance decision makers expect to explore tokenization as a way to drive innovation over the next three years, especially those at financial institutions who currently have or are in the process of implementing a cryptocurrency solution at their organization.

In terms of assets that would benefit the most from tokenization 63% of respondents said online security of data, 50% said stocks.

KSA is looking for DLT, Ethereum, Hyperledger and DeFi talents with tokenization skills

KSA is looking for DLT, Ethereum, Hyperledger and DeFi talents with tokenization skills

The senior advisor of Saudi Central Bank  Anthony Butler  for blockchain, AI and digital assets recently posted  on LinkedIn new job positions opening up in Riyadh KSA.

The roles he mentioned included sSoftware engineers with hands-on experience working with DLT ( Distributed Ledger Technology) protocols and applications. According to Butler the role requires someone with experience implementing solutions using tech such as Ethereum, Hyperledger Besu, Hyperledger Fabric, and/or R3 Corda.”

He adds  these talents should particularly  be knowledgable of solutions involving tokenisation of real world assets. The job applicant should understand the functional and non-functional aspects of designing such solutions and be able to work with broader engineering teams to lead design and implementation. Understanding of DeFi and emerging areas, such as self-sovereign identity.

Also required are software engineers/full-stack developers at all levels of seniority. These applicants should be able to work independently on software development projects and potentially lead a team of other engineers by providing architectural and engineering guidance. Hands-on experience working with common front-end frameworks, architecture patterns, cloud-native design practices, and languages.

Finally Butler also mentions jobs for thos talented in AI ( Artificial Intelligence), machine learning (ML) and DS techniques and tools to solve complex classification, anomaly detection and prediction problems. Deep knowledge of common libraries such as PyTorch, TF, etc. and knowledge of tech and tools needed to implement AI at scale, such as vector databases (e.g. Pinecone), data pipeline tech (e.g. Airflow), orchestration tools (e.g. Langchain), MLOps tooling (e.g. Weights and Biases), etc. Will be working with SOTA and emerging areas, such as GenAI, so should be intellectually curious and self-driven to learn.

This comes as the Central Bank of Saudi Arabia moves forward with its CBDC ( Central Bank Digital Currency) national project as well as digital asset’s strategy.

Anthony Butler, the Chief Technology Officer for IBM MENA region who was based out of KSA, and is a blockchain, AI, metaverse expert joined Saudi Central Bank (SAMA) as a senior advisor in May 2023.

He announced the new position on LinkedIn saying, “I’m happy to share that I’m starting a new position as Senior Advisor at Saudi Central Bank – SAMA! As a senior advisor to SAMA I will be focused on  first of a kind applications of emerging technology, such as artificial intelligence, distributed ledger technologies, quantum, and advanced cryptography in support of payments innovations (such as CBDC, stable coins, and tokenization), transformation of Suptech/Regtech, green finance,  open finance, decentralized finance (DeFi), and cybersecurity.

Prior to that, The Saudi Central Bank ( SAMA) appointed Mohsen AlZahrani, as virtual assets and CBDC lead.

With the new job postings listed by Anthony Butler it seems the move towards digital assets, DeFi, and blockchain in the capital of KSA is moving forward at a faster pace.

MENA Bank receives award for its blockchain cross border payments solution and CBDC project with Central Bank of Bahrain

MENA Bank receives award for its blockchain cross border payments solution and CBDC project with Central Bank of Bahrain

MENA based Bank ABC has won two distinguished awards at Global Finance’s much-coveted The Innovators Awards -2023. The Bank’s innovation and digitization Centre, ABC Labs, has been named as one of “the World’s Best Financial Innovation Labs.

ABC bank is implementing the GCC region’s first blockchain based cross border instant payment solutions as well as CBDC project with the Central Bank of Bahrain. In 2020 The Central Bank of Bahrain collaborated with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency. The pilot was successfully completed in 2022. 

Bank ABC along with J.P. Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain in US-Dollars for payments from buyers to suppliers. This will lead to suppliers being paid faster and buyers originating payments in shorter time periods without the need for holding funds in advance. The Central Bank of Bahrain will act as a close partner in the pilot between Bank ABC and J.P. Morgan and going forward would look to extend the collaboration to Central Bank Digital Currencies (CBDCs).

Global Finance’s Publisher & Editorial Director, Joseph Giarraputo notes, “Bank ABC continues to put digital innovation as a key strategic priority in providing world-class customer focused banking initiatives. It is playing a key role in the Gulf region’s first blockchain-based cross-border instant payment solution. Through ABC Labs, the Bank is collaborating with several central banks, including the Central Bank of Bahrain ‘CBB’, in studying and launching central bank digital currencies and is now scaling up its payment services for corporate clients.”

Bank ABC has also been presented with the ‘Top Innovations in Finance’ award, an accolade that underscores the Bank’s outstanding Digital Transformation Program which delivers an unparalleled, personalized banking experience to corporates and individuals.

The award was an acknowledgment of ABC bank’s commitment to emerging technologies such as AI, Blockchain and Data analytics.

Bank ABC’S Group CEO, Mr. Sael Al Waary said: “Innovation is at the heart of our strategy as we continue our digital transformation journey to build a more intuitive and sustainable bank of the future. We are honored and proud to accept this prestigious recognition for our world-class innovation lab, ABC Labs. This award acknowledges our commitment to staying ahead of the curve and embracing emerging technologies such as AI, Blockchain and Data Analytics. It is a testament to our commitment to delivering enhanced customer experiences and encourages us to continue to invest in our innovation and digital initiatives.”

Since inception, ABC Labs established the digital architecture and agile methodologies to enable the Bank’s strategic objectives. These steps enabled the launch of ‘ila Bank’ – a revolutionary digital mobile-only retail offering, and the development of an emotionally intelligent AI-powered digital assistant ‘Fatema’ among other achievements. Bank ABC’s digital transformation program has resulted in multiple ground-breaking digital deployments. Most recently, the Bank introduced a regional-first digital corporate onboarding service, reducing the account opening process to less than a day.  It is also digitising its Supply Chain Finance, Documentary Trade Finance and Cash management businesses.

Central Bank of UAE and Hong Kong Monetary authority agree to cooperate on virtual asset regulations

Central Bank of UAE and Hong Kong Monetary authority agree to cooperate on virtual asset regulations

The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority in a bilateral meeting in Abu Dhabi on 29 May, have agreed to enhance collaboration between the two jurisdictions on virtual asset regulations and development.  

In addition, the two central banks facilitated discussions between their respective innovation hubs on joint fintech development initiatives and knowledge sharing efforts. A joint working group led by the CBUAE and HKMA, with support from the relevant stakeholders of the two jurisdictions’ banking sectors, will be formed to take forward the agreed initiatives.

Following the bilateral meeting, the two central banks, joined by senior executives from the UAE and Hong Kong banks, conducted a seminar on key opportunities to pursue between Hong Kong and the UAE. The seminar covered discussions on possible arrangements to facilitate better cross-border trade settlement, how UAE corporates can better utilize the Hong Kong financial infrastructure platforms to access Asia and the Mainland markets, as well as financial and investment solutions and capital markets opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area).

Banks operating in the UAE that participated in the seminar included First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Emirates NBD, Industrial and Commercial Bank of China, Bank of China, HSBC and Standard Chartered, whilst participation from banks operating in Hong Kong included Bank of China, Citi, HSBC and Standard Chartered.

H.E. Khaled Mohamed Balama, Governor of the CBUAE, stated, “We are pleased to have welcomed the Hong Kong Monetary Authority and its delegation to the UAE as we look to build on our central banks’ existing and robust relations. During the day’s discussions, we explored deepening collaboration across several important areas including financial market infrastructure development and mutual opportunities for growth in digitization and technological advancement.”

Eddie Yue, Chief Executive of the HKMA, added, “These events enhanced the collaboration between the central banks of Hong Kong and the UAE in a number of important areas, and provided a platform for financial institutions and corporates from Hong Kong and the UAE to step up exchange and collaboration.  Hong Kong and the UAE are two financial centers sharing many complementary strengths and mutual interests, and there is much room for market participants from these two places to work together and build up the connectivity.”

This is not the first time the Central Bank of UAE has cooperated with Hong Kong Monetary Authority, prior to this they worked on the mBridge CBDC project. 

49 percent of those surveyed by Saudi Ministry of telecom want to see IoT implemented while 10 percent want Blockchain

49 percent of those surveyed by Saudi Ministry of telecom want to see IoT implemented while 10 percent want Blockchain

Saudi Arabian unified national platform for government services recently carried out an interesting survey on twitter. It posted a general consultation request by the Ministry of telecom, Space and IT with regards to which emerging technology would citizens of Saudi Arabia like to see implemented in KSA.

People were asked to choose between IoT (internet of things), Blockchain, 3D printing and VR/AR/XR. 7895 votes were casted with 49 percent of them choosing IoT, with 10 percent choosing blockchain, 16 percent choosing 3D printing and 24 percent choosing VR/AR/XR.

This is interesting and shows that Internet of things and AR are the most popular emerging technologies among those who voted. In addition it seems that the Saudi government is interested in these four technologies.

This comes at a time when the Saudi Central Bank is moving forward to CBDCs, digital assets, and more. In addition recently many blockchain use cases have been launched in KSA.

But more eye opening is the recent news about UAE government and IOT Blockchain platform IoTa. Could this mean IOT and Blockchain will be the next use cases both in UAE and KSA?

Central Bank of Saudi Arabia and UAE choose R3 Corda for CBDC sandbox pilots

Central Bank of Saudi Arabia and UAE choose R3 Corda for CBDC sandbox pilots

During Corda Day Middle East held on May 11th 2023 in Dubai UAE, speakers from the Central Bank of Saudi Arabia (SAMA) as well as the Central Bank of UAE discussed their CBDC strategies and pilots. Both Central Banks are working with R3 Corda on their CBDC pilot programs, SAMA in its sandbox and UAE Central Bank in their research and development center.

The event as per R3, brought together financial service leaders, technologists and Corda enthusiasts from around the region and the globe. Of the prominent speakers included H.E. Saif Humaid Hamad Al Dhaheri, Assistant Governor – Strategy, Financial Infrastructure and Digital Transformation, Central Bank of UAE and Mr. Mohsen AlZahrani, Virtual Assets (VA) and CBDC program Lead, Saudi Central Bank – SAMA as well as Richard G Brown, Chief Technology Officer, R3.

Al Dhaheri made a keynote address on “Future of Money, CBDC and the Digital Dirham” while AlZahrani carried out the closing Keynote, on the topic of “Wholesale CBDC”

Mohsin AlZahrani told Lara on the Block, “Currently we are working with R3 Corda only for the sandbox experimentation, we have not yet decided on the next phase platform or implementation.”

Farhan Khan, Chief Technology Officer Consultant and advisor in Fintech and Blockchain, who attended the event representing Cykube, spoke to Lara on the Block explaining what he learned about CBDC implementation in UAE and KSA.

Khan explained, “It was an excellent event and very eye opening on how R3 is properly working in the region. What I learned about the CBDC implementation in KSA and UAE is that both are working with R3 but each country has a different approach. Saudi Arabia is working on a wholesale CBDC project for its domestic payment system, while UAE Central Bank is working on CBDC for cross border payments.”

Khan adds, “For example the ABER cross border payment project which was paused might be reutilized in the future as per AlZahrani’s statements at the event. AlZahrani stated that SAMA is utilizing the experience of ABER during the implementation of the CBDC wholesale payment system concept, and there is a chance in the future to use ABER again between KSA and UAE after the experimentation of CBDC wholesale in KSA is completed.”

According to Khan the UAE is working on a prototype with R3 Corda for the digital dirham which is currently under testing in their R&D facility.  

Khan concludes to Lara on the Block saying that R3 Corda has seen a lot of interest because it has very powerful features such as interoperability between blockchain platforms even public ones. He explains, “Fintech entities in both Saudi Arabi and UAE are waiting for the network gates to open, and with the VARA crypto regulations cooking every day we feel the same will be happening in KSA. Corda is the right framework from a technology perspective with its tremendous security, protection, especially when it comes to digitization and tokenization.”

This is reflected in a post by R3’s Chief Technology Officer Richard Brown who states, “Composability and interoperability are critical cogs in the architecture of Corda. With the next generation of Corda, there’s no need to decide on your network model at the outset of a project. Start with a centralized, private network and gradually decentralize over time!”

Brown believes that the success of Corda is because it is a cross-firm shared ledger enabling collaborating parties to transact based on high quality data, without exposing internal data or systems, and with far fewer reconciliation errors. A ledger that could even become the industry’s system of record for some key questions such as ownership of assets (the terms ‘Digital Assets’ and ‘Tokenization’

It is also a permissioning system that provides high identity assurance and gives confidence to regulated entities that they can comply with their legal obligations to know with whom they are transacting. In addition is a  privacy-first design, allowing competitors to trade without revealing sensitive data publicly – only participants in a transaction get to see the details – unlike other blockchain-inspired approaches.

He even goes so far to say that, “We’ve been delighted by how successful Corda has been, far beyond the narrow banking scenarios we originally designed it for. Broadly speaking, we’re seeing it being used to solve four main problems in ‘Regulated DeFi’:”

UAE based WadzPay chosen as finalist at Currency Research Awards for its Blockchain enabled Saudi Hajj Payment solution

UAE based WadzPay chosen as finalist at Currency Research Awards for its Blockchain enabled Saudi Hajj Payment solution

UAE based WadzPay Blockchain enabled Hajj Pilgrim Digital payments solution has been chosen as a finalist at Currency Research’s second annual Advancement in Digital Currency Awards, being presented at the Digital Currency Conference in Mexico City, on May 18th, 2023. WadzPay’s solution was chosen under the category for Best Innovation in Digital Currency. WadzPay is competing against top international blockchain fintech providers such as Stellar.

According to Parv Aggarwal, Vice President for CBDCs and Partnerships, “We are super excited to represent WadzPay and our novel cross border Hajj Pilgrimage token.”

Currency Research awards are presented to digital currency initiatives that advance the platform as a payment instrument. Currency Research chooses entities who are working on all types of digital currencies at all stages of developments.

The award categories include “Outstanding Advancement in Digital Currency” whose category finalist for this year include, Crunchfish,  eCurrency,  and FNA.

The second award category is “Best Innovation in Digital Currency” which recognizes outstanding innovations in the digital currency space, including new platforms, products, or apps that have the potential to transform the way we use and interact with digital currencies, including central bank digital currencies (CBDCs).

The category is open to innovations that have launched and have customers, and that offer users a unique and valuable way to access digital assets, crypto, DeFi, or other related financial      services, including CBDCs. Innovations that offer greater security, transparency, and scalability in the digital currency space, or that leverage emerging technologies such as AI, will be given special consideration. The judges will consider factors such as the level of innovation, the potential impact on the industry, and the ability of the innovation to scale and reach a wider audience.

WadzPay, Currency Network, and Stellar will be competing as finalists for this category.

Other award categories include Best Financial Inclusion Initiative in Digital Currency. This award recognizes initiatives that have been developed to promote financial inclusion in the digital currency space. This category is open to projects that have demonstrated success in providing access to digital currency and related financial services to traditionally underserved or unbanked populations. This includes initiatives that aim to reduce barriers to entry for low-income individuals, women, and other marginalized communities. 

Jordanian headquartered Fintech solution provider ProgressSoft will be competing against eCurrency, and IDEMIA.

The Best Sustainability Initiative in Digital Currency category will see competition between Andrei Lipkin, Ripple and Stellar

As for the final award category” Digital Currency Leader of the Year” which recognizes outstanding individual who has consistently contributed to the advancement of the digital currency sector, finalists includes Jonathan Dharmapalan, eCurrency, James Wallis from Ripple, and Shiva Bissessar from Pinaka Consulting Ltd.

Qatar Financial Authority and Blockchain entity R3 to develop Qatar’s fintech industry with DLT and digital assets

Qatar Financial Authority and Blockchain entity R3 to develop Qatar’s fintech industry with DLT and digital assets

Qatar Financial Centre Authority and Blockchain solution provider R3 have signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology).

As per the agreement QFC and R3 will work together to create a potential lab environment that caters to commercial banks and fintech in Qatar. The partnership also aims to promote education and training on asset digitization and the use of (DLT). The two organizations will also create working groups to observe new and emerging regulatory paradigms and support the QFC’s deployment of DLT at national level.

Yousuf Mohamed Al-Jaida, Chief Executive Officer of QFC, said, “We are pleased to partner with R3, a renowned financial technology company, to explore opportunities that will contribute to the growth and success of the financial technology industry in Qatar. Through this collaboration, we aim to foster innovation and create an environment that supports the growth of fintech companies in Qatar.”

David E. Rutter, Chief Executive Officer and Co-Founder, R3, added “We are delighted to work with the QFC in helping to enhance Qatar’s rapidly growing fintech industry and promote exciting initiatives around asset digitalization and DLT. The QFC is already making great progress in expanding the development of fintech in Qatar, and this collaboration will further help create an environment conducive to innovation. We look forward to using our experience and expertise to assist the QFC in supporting the growth of Qatar-based fintech companies.”

Qatar has been moving forward with its blockchain strategy after Qatar’s National Blockchain Blueprint which was announced officially, by Qatar Communications Regulatory Authority.  In addition, two blockchain announcements have come 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.

Additionally, even R3 is working with more governments in the GCC on blockchain enabled projects such as the recent announcement with UAE Central Bank for CBDC project.

R3 was chosen by UAE Central Bank as its technology partner to design and build a CBDC for the first phase of the central bank’s CBDC project because it is a permissioned based DLT (Distributed Ledger Technology) that decentralize assets privately and works well in regulated industries, but more importantly is its interoperability and asset fluidity. R3 will not only assist UAE’s Central Bank in developing a CBDC but also in tokenizing financial and non-financial activities, in addition to the digitalization of other financial services.