DIFC Innovation Hub launches subsidized licenses for Web3, AI, and DLT technology companies

DIFC Innovation Hub launches subsidized licenses for Web3, AI, and DLT technology companies

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

Licenses will be issued by Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, which is currently home to an established ecosystem of tech enablers and start-ups at the DIFC Innovation Hub.

The Dubai AI and Web 3.0 Campus is a dedicated campus for AI and Web3 innovation and will provide state-of-the-art physical and digital infrastructure within the DIFC Innovation One new premises, including R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and scale firms in the region. 

The campus was launched earlier this year and is supported by Dubai’s industry-leading regulatory regime aligned with the emirate’s vision of becoming a global leader in AI and Web3. This initiative is designed to bring in $300 million in funds and create more than 3,000 jobs in the next five years.

The campus will also increase accessibility and participation in Web3 development, backed by a collection of underlying technologies such as blockchain, AI, internet of things and the metaverse. Virtual assets owned in Web3 decentralised infrastructures represented about 40 per cent of the virtual-asset global economy in 2021, according to a report by BCG, and the transaction value of virtual assets is said to range between USD150 billion and USD300 billion by 2025. 

Mohammad Alblooshi, Chief Executive Officer of the DIFC Innovation Hub, said: “We are thrilled to announce that we are now granting innovative AI and Web3 companies licenses out of DIFC. The campus will foster a world-class nurturing environment that enables business growth and development. We are confident that by granting these licenses, we will attract more global talent and investment to the region and create a culture of collaboration and innovation. This is a notable milestone for the Dubai AI and Web3 Campus and will strengthen Dubai’s position as the business destination of choice for technology-focused companies and attract more world class talent and diversified investors to the region.”

UAE Crypto Oasis ventures to support Dubai’s DIFC innovation hub and startups

UAE Crypto Oasis ventures to support Dubai’s DIFC innovation hub and startups

UAE based Crypto Oasis Ventures has signed a Memorandum of Understanding (MoU) with Dubai International Financial Centre (DIFC),  to support the DIFC Innovation Hub with subject matter expertise for their ongoing and upcoming start-up accelerator programmes.

This coincides with Crypto Oasis Ventures official opening of its second office in the DIFC Innovation Hub for its Venture Studio.

“We are thrilled to partner with Dubai International Financial Centre (DIFC), a renowned financial hub known for its regulatory excellence and commitment to fostering innovation,” said Faisal Zaidi, Co-Founder and CMO of Crypto Oasis Ventures. “By establishing our office within the DIFC Innovation Hub, we aim to leverage The Centre’s vibrant ecosystem, collaborate with like-minded organisations, and explore new opportunities for growth.”

DIFC is a leading global international financial centre that plays a pivotal role in driving economic diversification and innovation in the region. As a strategic partner, DIFC will provide the Crypto Oasis Ventures ecosystem with access to a network of global investors, industry experts, and regulatory resources. This collaboration will facilitate the development of cutting-edge blockchain solutions, positioning Crypto Oasis Ventures at the forefront of the digital transformation in the financial sector.

Mohammad Alblooshi, Chief Executive Officer of DIFC Innovation Hub commented: “The DIFC Innovation Hub has a long history of partnering with leading and visionary institutions to enable business growth for our start-up ecosystem. This partnership will bring immense value to start-ups participating in our various accelerator programmes this year who will be able to leverage on Crypto Oasis’s expertise to amplify their existing business models.” 

“We are pleased to see Crypto Oasis expand their presence here in Dubai at the DIFC Innovation hub as they continue to innovate and drive growth in collaboration with our vibrant community of tech and innovation disruptors”, he added.

Crypto Oasis Ventures has spearheaded several successful ventures, including Crypto Oasis Labs, Crypto Oasis Sentio, arte, Crypto Oasis Games Guild, Inacta Communications, and The Green Block. These ventures showcase the company’s commitment to innovation, collaboration, and sustainable development within the Web3 space.

UAE Consultancy 10 Leaves accepts crypto payments

UAE Consultancy 10 Leaves accepts crypto payments

In a recent news piece, UAE based 10 Leaves consultancy firms has announced that it is accepting crypto payments.

According to the announcement, 10 Leaves, through it’s technology arm Tenl Technologies, has built up excellent capabilities in the blockchain, DeFi and crypto sectors. From fintech advisory, regulatory sandbox consulting to tokenization and legalities of smart contracts, the 10 Leaves Group is poised to advise  clients on blockchain-related implementations and regulatory licensing across DIFC, ADGM, DWTC, DMCC, Bahrain and Europe (Luxembourg and Lithuania).

“Dubai has demonstrated it’s vision by focusing on new technologies, and as a consultancy with over 17 years in the business, we aim to complement the leadership’s efforts in supporting entrepreneurs and visionaries who will shape our lives in the years and decades to come”, said Rohit Ghai, Founder of 10 Leaves. “Our crypto-related solutions will help startups and established players in this niche space to navigate nascent and complex regulatory requirements, while staying competitive and compliant.” 

“We aim to build an ecosystem of web3-related stakeholders”, added Soumen Ghosh, who has joined the 10 Leaves Group as Partner-Technology. “This includes everyone from early adopters, to startups, tech providers, investors and regulators…to encourage conversations that will lead to contributing towards making the UAE a hub in the blockchain and crypto space.”

Swiss Private Bank Julius Baer to offer digital asset wealth management services from Dubai UAE

Swiss Private Bank Julius Baer to offer digital asset wealth management services from Dubai UAE

Swiss private Bank Julius Baer in a recent Bloomberg article announced that it will be expanding its crypto wealth management services in Dubai UAE. This will be the first digital assets service offering outside of Swtizerland by the bank.

As per the article, Julius Baer’s subsidiary JBME will apply for a digital assets license variation on top of its existing permissions in the Dubai Financial Services Authority (DIFC). This would allow the entity to arrange and provide advice and custodial services on digital assets such as Bitcoin, Ethereum and other cryptocurrencies.

This is not surprising given that in Julius Baer’s recent global wealth and Lifestyle report, it published that Dubai had risen to the seventh position demonstrating its remarkable success a a destination for the wealthy.

The city has emerged as the preferred choice for companies and entrepreneurs seeking a foothold in the Middle East and is highly favoured by expatriates. By providing an attractive tax framework, investment incentives, superior living standards, robust safety measures, excellent global connectivity, and top-notch infrastructure, Dubai is poised to maintain its position among the top cities in these rankings.

In addition in 2023, Julius Baer participated in the Dubai Fintech Summit, where Jonathan Hayes Head of Digital assets development at Julias Baer spoke on the bank’s digital asset strategy.

In its 2023 strategy report Julius Baer noted that in its strategic cycle 2023-2025 the bank would focus on scaling its business in key markets through organize and inorganiz growth as well an innovate wealth management through digital advancements.

In their stategy report the bank notes, “Over the next strategic cycle 2023-2025, Julius Baer forsaw an additional investment into technology of about CHF 400 million in total, on top of today’s investment budget, to be achieved incrementally and largely capitalised. Further to current investments in its alternative assets offering, such as private markets and real estate, the Group will explore the emerging, albeit volatile, class of digital assets, keeping a close eye on how it evolves and the opportunities it presents. Integrating digital assets into its holistic wealth management proposition will position Julius Baer firmly at the interface of digital assets and the fiat world. The Group is well-prepared to successfully navigate both its clients and its business through the disruptions decentralised finance will inevitably pose.”

This comes as the UAE and Dubai become a destination of choice for global crypto exchanges seeking licenses. Dubai earlier this year launched the first virtual asset regulatory authority in the world, and has witnessed the creation of a digital assets framework on a federal level through its Security and Commodities Authority.

DIFC has also been working heavily on its digital assets framework. In April 2023, The Dubai Financial Services Authority, the regulator of Dubai International Financial Centre,noted that it has a strong pipeline of digital asset companies and global hedge funds that are looking to set up in the emirate’s financial centre. The DFSA has yet to issue a licence in the cryptocurrency space and it may take longer for companies looking to set up a new business than for those already licensed by the regulator.

Blockchain Hashgraph Association to support startups in UAE with Hashgraph Ventures

Blockchain Hashgraph Association to support startups in UAE with Hashgraph Ventures

As the Blockchain ecosystem grows in the MENA region, Blockchain Hashgraph Association, an independent non-profit organization focused on building a vibrant innovative ecosystem for startups, enterprises, and government institutions leveraging the capabilities of Hedera Hashgraph  will be expanding into the UAE and launching Hashgraph Ventures out of Abu Dhabi’s ADGM ( Abu Dhabi Global Market) with several important large enterprise collaborations within the UAE. 

In an article in Khaleej Times, Kamal Youssefi, president of the board of The Hashgraph Association, emphasized UAE’s appeal for blockchain companies, citing its innovative regulatory framework, strong talent base and diverse community. He states in the article,  “I have just returned from the governing council meetings held at Google’s campus in San Francisco, and there was a consensus that the UAE’s innovative regulatory framework, strong talent base and diverse community make it an attractive destination for blockchain companies.”

Youssefi adds, “Dubai has become an important hub to support our activities in the region and grow Hedera Hashgraph ecosystem adoption in the Middle East.”

Hedera’s governing council members are Google, Dell, IBM, Boeing, Chainlink Labs, Deutsche Telekom, EDF (Électricité de France), LG Electronics, Ubisoft, University College London, with Middle East entities such as Zain Telecom.

Moreover in 2022, the Dubai International Financial Centre (DIFC) Courts launched Tejouri, a global digital vault, on the Hedera Hashgraph network. The platform enabled the upload and secure storing of documents ranging from insurance contracts, title deeds, Wills, and financial certificates, to images and multimedia files and can be utilized by all individuals globally.

According to Youssefi, given that Hedera Hashgraph has been built from the ground up with enterprise and government use cases I mind, and given UAE’s ambitious blockchain plans, he sees Hedera Hashgraph as a perfect fit for the UAE.

This optimism extends to the entire MENA region. Youssefi states, “We’re extremely bullish on the continued growth of DeFi, gaming, trade finance, and other projects that can lower the costs and expand accessibility for millions of underserved people in the MENA region.”

UAE based Standard Chartered bank to offer digital asset custody through DIFC

UAE based Standard Chartered bank to offer digital asset custody through DIFC

Subject to regulatory approval, UAE based Standard Chartered has signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody through its Zodia Custody entity.

Standard Chartered plans to launch digital asset custody services, starting in DIFC and to cater to institutional clients worldwide. Standard Chartered is an early mover in developing services to provide custody of digital assets, including cryptocurrencies.

Drawing on its international expertise in traditional custody, its new services will be powered by its subsidiary Zodia Custody, which has best-in-class operational and technical capabilities suited to needs of institutional clients.

The MOU was signed during the latest  Dubai FinTech Summit by Essa Kazim, Governor of DIFC, and Bill Winters, Group Chief Executive Officer of Standard Chartered.

Winters said, “We see digital assets as an important part of the future of financial services, and we are committed to investing in the infrastructure and talent necessary to be a leader in this space. The UAE’s well-balanced approach to digital asset adoption and financial regulation makes it an ideal first market for us to launch our digital asset custody proposition.”

The Bank and DIFC will also collaborate on opportunities to promote a vibrant and thriving digital assets ecosystem that benefits Dubai and the wider UAE economy. The MoU will foster close cooperation for the Bank’s wider digital assets agenda in collaboration with the DIFC Innovation Hub, the region’s leading ecosystem for start-ups and scale ups.

Kazim, added, “The Dubai FinTech sector has emerged as a key driver of innovation and economic growth much in line with the Government’s Dubai Economic Agenda (D33) to become a top 4 global financial hub. DIFC welcome collaboration with partners such as Standard Chartered to further accelerate growth and enable collaboration that triggers innovation as we continue to shape the future of finance together.”

A 10th bank in UAE joins Blockchain KYC platform under Dubai’s Department of economy and tourism

A 10th bank in UAE joins Blockchain KYC platform under Dubai’s Department of economy and tourism

Al Masraf bank has become the 10th bank to join the Norbloc KYC Blockchain platform developed under the initiative with Department of Economy and Tourism (DET).

Al Masraf has announced the launch of a project that will see it connecting to the norbloc Fides platform, a blockchain-based solution that allows for the secure sharing of eKYC data. The network, which has been live since 2020, connects licensing authorities, free zones and financial institutions across the emirates in an ecosystem, where a single version of each customer KYC file is maintained and shared, ensuring that financial institutions always have access to the latest and most up-to-date KYC data.

Graham FitzGerald, CEO Al Masraf stated, “Becoming part of the Fides ecosystem allows us to obtain all of these objectives, as well as join other leading financial institutions in making use of this innovative technology. It is an important step with in line with a broader effort to digitize and streamline our customer journeys.”

Astyanax Kanakakis, CEO and Co-Founder of nobrloc  added, “Al Masraf is an important addition to the Fides platform which greatly benefits from the networking effects of having more institutions connect to it. There are currently 15 entities participating in the ecosystem, making it one of the most advanced eKYC utilities globally. Al Masraf is also the first institution to make use of our recently announced SaaS connectivity option, meaning that they will be able to start consuming KYC data in a matter of weeks.”

Al Masraf becomes the 10th bank to join the network which also includes Mashreq Bank, ENBD, HSBC, ADCB. Licensing authorities and free zones such as DIFC and Ras Al Khaimah Economic Zone participate acting as data providers on the network.

In April 2023, the first Islamic Bank joined The KYC platform as well. 

The project was launched in February 2020. In 2021, the Blockchain KYC Fides Platform built by Norbloc for both Dubai Economy and DIFC became one platform for the entire UAE. Dubai Economy and Dubai International Financial Centre (DIFC) Authority agreed to consolidate efforts and expand the UAE KYC (Know Your Customer) Blockchain Consortium positioning it as the national corporate e-KYC Platform, making it the first such platform in the region.

UK Nexo crypto lender to hire a150 workforce in UAE as it expands its MENA presence

UK Nexo crypto lender to hire a150 workforce in UAE as it expands its MENA presence

In a recent article published by Arabian Gulf Business Insight, Nexo Co-Founder and MD Antoni Trenchev announced that the UK entity would be opening its offices in the UAE as it expands into the MENA region.

The MENA region will grow to account for 30 percent of its total global operations. NEXO as per the article which currently has 5 million users across 200 jurisdictions will set up under Dubai’s VARA regulations as well as DIFC.

As per comments made by Trenchev 150 people will be recruited. In the article he states, “We are seeking two lines of regulation,” Trenchev said. “One is for the crypto-related activities which will be at VARA, while DIFC will be for more traditional offerings associated with wealth management.

“There appears to be a political will to create a blockchain fintech financial hub in the region but more specifically Dubai and Abu Dhabi, which is always welcoming,” he said.

“In the Middle East the rules are being developed as we go, but there is the clear desire to have the business here, whereas in the US, when you deal with the various agencies and you assess their moves, you’re not really sure whether they want to have any crypto there apart from maybe Bitcoin,” he adds.

Egyptian Singularity Innovations and Red Date Technology bring BSN Blockchain network to MENA region

Egyptian Singularity Innovations and Red Date Technology bring BSN Blockchain network to MENA region

UAE Egyptian based Singularity Innovations Limited a Fintech Blockchain infrastructure provider, with a license out of DIFC ( Dubai International Financial Centre), has partnered with Red Date Technology, a Hong Kong based enterprise blockchain infrastructure company, to promote and build a global public IT system infrastructure based on non-cryptocurrency public chain technologies.

Singularity will act as an infrastructure provider for the BSN Spartan Network in the Middle East and Africa; offering blockchain infrastructure to corporate and governmental entities.

The BSN Spartan Network is a public infrastructure network based on the lightweight BSN Spartan data center software, which is open source, free, and anonymous for anyone to install. Within the data center, the nodes of several Non-Cryptocurrency Public Chains can be installed and accessed. By removing the cryptocurrencies from public chains‘ layer one, the BSN Spartan Network‘s mission is to provide Non-Cryptocurrency public chain services to all IT systems around the world to enjoy this kind of public IT system infrastructure.

The validator nodes of the public permissioned network are run by large corporates such as HSBC, Emperor Group, and Lan Kwai Fong Group, although many of the current companies have Hong Kong or Chinese connections. 

Mo Taysir, CEO & Co-Founder of Singularity Innovations Limited & Singularity Finance expressed his excitement about the partnership: “This partnership lays down the infrastructure required to power and empower international interoperable enterprise blockchain solutions; be it in global trade & supply chain, identity, carbon credits, personal data management, and more.”

“We have received strong positive feedback about the huge potential for public IT systems and non-cryptocurrency public blockchain technology from both enterprises and governments in the MEA region.  Red Date is excited to be partnering with Singularity to bring the BSN Spartan Network to the MEA region,” said Tim Bailey, VP of Global Sales for Red Date Technology.

“We aim to work with government bodies and regulators to always be complaint with all requirements and licensing in the aim of providing a ‘fully compliant Smart-Contracts infrastructure layer’ for enterprise & governmental use,” commented Mo Taysir. 

UAE DIFC to choose 50 metaverse projects from its metaverse accelerator program

UAE DIFC to choose 50 metaverse projects from its metaverse accelerator program

UAE based International Financial Centre (DIFC), has launched its “DIFC Metaverse Platform” and the first phase is a metaverse accelerator program where it will choose 50 metaverse projects to help develop the metaverse sector in UAE.

The platform is part of a comprehensive strategy being developed by Dubai International Financial Centre (DIFC) to accelerate Dubai’s status as a global metaverse leader.

The DIFC Metaverse Platform is aligned with the Dubai Metaverse Strategy, which aims to add $4 billion to Dubai’s GDP, support 40,000 virtual jobs by 2030 and attract 1,000 companies specialized in blockchain and metaverse technologies. The platform also supports the objective of the recently launched Dubai Economic Agenda D33 to generate economic value worth AED100 billion from digital transformation annually.

The Metaverse Accelerator Program, the first initiative to be launched under the umbrella of the platform, will start accepting applications this month. In the coming years, the program seeks to attract more than 500 applications, identify 50 of the most promising graduates from the program and stimulate investment opportunities that will help the sector grow.

The Metaverse Accelerator Program will run over a period of six months, during which the cohort of start-ups will be introduced to training and workshops to upskill and reskill themselves in both technical and intrapersonal aspects of the metaverse. The program also aims to facilitate partnerships between start-ups and corporates to create proofs-of-concept and new metaverse solutions.

The program demonstrates DIFC’s commitment to support innovative metaverse start-ups by introducing them to the region’s largest players. The program also helps them explore partnerships, gain exposure to investors, access a regulatory sandbox and obtain marketing support. 

His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of the Dubai Chamber of Digital Economy, Vice Chairman of the Dubai Higher Committee for Future Technology and Digital Economy, stated that the UAE adopts advanced technologies in its aim to keep pace with global changes, reflecting the directives of its leadership, in transforming the country and Dubai to become a leading hub for utilizing the best technology and developing capabilities.

H.E Al Olama added that this Metaverse platform is the first in a series of initiatives that aim to strengthen Dubai’s position as a global platform for the latest digital trends and accelerate the pace to achieve the objectives of the Dubai Metaverse Strategy.

Arif Amiri, CEO of DIFC Authority, said: “The Dubai government has shown great foresight in introducing a metaverse strategy that has the objective of making the emirate a global hub for technology and innovation. The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector. The initiative is a natural extension of our Innovation Hub proposition that has shaped the technology and innovation landscape in the Middle East, Africa and South Asia region.” 

The DIFC Metaverse Platform includes three key initiatives. The first is an accelerator program with a dedicated physical studio for metaverse technology that will promote the development of a creator community and venture building. The platform will also address the metaverse policy development and legislation on open data, digital identity and company law frameworks in the metaverse. Further, the initiative will foster the development of a metaverse community that will explore ways to enhance the metaverse experience for customers.