African Onafriq payments to offer digital asset payments to GCC using Ripple

African Onafriq payments to offer digital asset payments to GCC using Ripple

Ripple Blockchain and crypto solutions provider has partnered with Onafriq, fintech payments entity, previously known as MFS Arica to offer digital asset enabled cross border payments in Africa, GCC ( Gulf Cooperation Council) countries as well as UK and Australia.

Onafriq utilizing Ripple payments, will open three new payment corridors between Africa and the rest of the world. In GCC Onafriq will be working with Blockchain enabled Pyyple fintech payments entity.

Antti Arponen, CEO at Pyypl, said: “The success of the GCC in drawing in people from all over the world to live and work here has made it a hub for remittance payments. So we are really pleased that our ever-increasing number of customers seeking to send money to Africa will greatly benefit from our new connection with Onafriq, which will allow them to send remittances quickly and cost-effectively to the continent. ”

The partnership is bringing faster, more efficient, and cost-effective international money transfers to Africa, and is set to accelerate financial inclusion across the continent.

“For a number of years, Ripple has supported crypto-enabled, cross-border payments to individuals and businesses, and we are particularly excited to expand the reach of our solution into Africa thanks to our Onfriq partnership,” said Aaron Sears, SVP, Global Customer Success at Ripple. “Connecting our partners PayAngel, Pyppl and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe.”

Onafriq has the largest mobile money movement footprint across Africa at a time when mobile money is a significant driver of financial inclusion and has revolutionized access to financial services across the continent. The fintech’s payment hub connects over 500 million mobile wallets across 40 African countries, and operates across more than 1300 payment corridors on the continent, underpinning regional payment interoperability and seamless cross-border payments.

The announcement is being made as Dare Okoudjou, Founder & CEO of Onafriq, is set to appear at Swell Global 2023, the seventh edition of Ripple’s annual customer conference, which this year takes place in Dubai.

Dare Okoudjou, Founder & CEO at Onafriq, said: “Our mission is to make borders matter less when it comes to payment within, to, and from Africa. We are advancing this mission through our partnership with Ripple, which is already enabling new types of connections with fintechs such as PayAngel, Pyppl and Zazi Transfer. These connections are set to enable fast, secure and low-cost remittances at scale between Africa and the rest of the world, and represent a bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on people and businesses on the continent.”

Standard Chartered and SBI to launch $100 million digital asset venture company in UAE

Standard Chartered and SBI to launch $100 million digital asset venture company in UAE

Standard Chartered’s , venture arm SC Ventures, an innovation and fintech investment arm has partnered with Japanese SBI Holdings to establish a Digital Asset Joint Venture investment company in UAE. The parties intend to capitalize the vehicle with $100 million. The company will invest in DeFi, tokenization, consumer payments and metaverse.

The Digital Asset Joint Venture plans to make investments ranging from seed to Series C funding with a focus on investing globally.

Alex Manson, CEO, SC Ventures stated in the press release, “The region is fast becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent. The Digital Asset Joint Venture will be an important vehicle to explore the emerging digital asset ecosystem opportunities globally. The Joint Venture will leverage SC Ventures’ experience in digital assets through our ventures such as Zodia Custody and Zodia Markets, and through our investments in FinTech like Ripple and Metaco.”

In May 2023, Standard Chartered signed an MOU with the Dubai International Financial Centre to collaborate in the digital asset space, including digital asset custody. That same month, SC Ventures exited its stake in Metaco SA, a Swiss-based tech firm offering critical software infrastructure that enables institutions to issue, secure, manage and trade digital assets. U.S. crypto firm Ripple acquired Metaco for US$250 million in its first major acquisition. Ripple is a SC Ventures portfolio company.

“Our Digital Asset Joint Venture plans to make strategic and minority investments in areas such as market infrastructure, risk management and compliance tools, DeFi, tokenization, consumer payments, and the Metaverse. This is one of several strategic initiatives and we will continue to invest and expand our footprint in the region as well as across the digital assets ecosystem,” Manson added.

“We are thrilled to announce our partnership to establish a Digital Asset Joint Venture in UAE together with SC Ventures and bring to bear the collective capabilities of both our organisations in the digital asset space,” said Yoshitaka Kitao, SBI Holdings, Inc. Representative Director, Chairman, President & CEO. “This initiative further solidifies the strategic relationship between SBI Holdings and SC Ventures following our investment forays into SC Ventures’ portfolio companies including Solv, Zodia Custody and myZoi.”

“We congratulate SC Ventures and SBI Holdings on their drive to help shape the future of finance as they forge ahead with their first Digital Asset Joint Venture in Dubai International Financial Centre (DIFC). In a world where the conversation around digital assets has rapidly evolved from ‘why’ to an eagerly anticipated ‘when,’ DIFC stands at the forefront of regulation, having meticulously tailored its ecosystem to foster an environment that nurtures investment, fuels exponential growth, and drives innovation,” said Salmaan Jaffery, Chief Business Development Officer, DIFC.

OKX now has a General Manager for MENA based out of Dubai UAE

OKX now has a General Manager for MENA based out of Dubai UAE

OKX crypto exchange, with more than 50 million users, seeking a license in the UAE, has announced that it has appointed a General Manager for MENA region based out of Dubai.

Rifad Mahasneh, in his role as General Manager will be responsible for leading OKX’s operations and regulatory approach, and growing the company’s user base and market share in the region.

OKX President Hong Fang said: “We’re thrilled to welcome Rifad as OKX’s leader in MENA. With his extensive background in digital assets, finance and growth, and years of local leadership in the region, Rifad is a key strong addition to the team. With MENA being one of the fastest growing markets globally for digital assets and Web3 adoption, this appointment is a testament to our commitment to drive sustainable growth in this region.”

OKX MENA General Manager Rifad Mahasneh said: “I’m excited to join OKX and lead its MENA business – it’s a privilege to be a part of such a forward-thinking and innovative company. I look forward to contributing to the development of OKX in the UAE and across the MENA region, and to playing a role in helping to onboard the next billion users to Web3.”

Rifad has extensive experience in digital assets, strategy, and public policy in the UAE and is a board member of the Dubai Digital Asset Association (D2A2). Prior to joining OKX, Rifad held the position of Vice President with Rain, leading business and licensing efforts in the UAE. His earlier roles included leading Uber’s ride hailing business in the Gulf Cooperation Council and the Levant regions.

Latham Watkins advisors for UAE’s ADGM DLT Foundations regulations

Latham Watkins advisors for UAE’s ADGM DLT Foundations regulations

Latham Watkins announced that it advised UAE’s Abu Dhabi Global Market (ADGM), financial free zone in the Distributed Ledger Technology (DLT) Foundations regulations, which aims to further build the digital assets hub.

UAE’s Abu Dhabi Global Market after announcing its DLT token issuance consultation paper in April 2023 has now officially launched its new regulation that will allow DLT (Distributed Ledger Technology) Foundations, DAO (Decentralized Autonomous Organizations) to issue tokens.

This means that DLT Foundations of Layer 1 or Layer 2 protocol Foundations can receive licenses from ADGM and offer tokenized assets, or digital assets, or possibly established organizations wishing to use DLT and issue tokens.

This new regulation could encourage global blockchain DLT protocol Foundations such as Ethereum, Cardano, Hedera, and others to enter the UAE. UAE based Venom Foundation, a Layer1 blockchain protocol could also benefit. The Foundation recently announced a partnership with the UAE Government to establish the National Carbon Credit System can also utilize the new regulation.

The DLT Foundation regulation came as a response to interest from foundations being used for DLT purposes that require issuance of governance tokens.

According to Latham Watkins press release, “The regulations, published on November 1, 2023, present a worlds-first purpose-built legislative framework for establishing and operating DLT foundations for the use, deployment, development, facilitation, or support of DLT or issuance of tokens. They aim to provide market players with ample governance flexibility within DLT foundations recognizing new realities in decentralization.”

The Latham team was led by Dubai/Riyadh partner Brian Meenagh and London partners Stuart Davis and Andrew Moyle, with Dubai associate Ksenia Koroleva, Riyadh associate Matthew Rodwell, and London associate Sam Maxson leading on benchmarking and drafting. Advice was also provided by New York partner Stephen Wink, Hong Kong associate Zoe Wang, Singapore associate Gen Tan, and San Francisco associate Adam Zuckerman.

Stuart Davis, Global Co-Chair of Latham’s Digital Assets & Web3 Practice, commented: “This bespoke regime for DLT foundations, catering to a vast spectrum of blockchain and web3 use cases and decentralized business models, significantly advances the industry, reinforcing ADGM’s position as a leading market for blockchain innovation.”

As per the ADGM press release, “The new regime is set to enable positive transformation across the blockchain and Web3 landscape, fostering a more transparent and efficient future. Issued by the Registration Authority (RA) of Abu Dhabi Global Market (ADGM), the Distributed Ledger Technology (DLT) Foundations Regulations 2023 marks a significant milestone in the evolution of digital assets regulatory frameworks across the region and at an international level. It aims to provide a comprehensive framework for DLT Foundations and Decentralized Autonomous Organizations (DAOs), enabling them to operate and issue tokens recognizing the unique needs of the Blockchain industry.”

According to the regulation document, a DLT Foundation is a legal entity established to use, deploy, develop, facilitate or support DLT or to issue tokens.

Looking into the regulation rulebook, when it comes to token issuance, DLT Foundations will have to provide information about the operation of the relevant smart contracts, vesting schedules and overall token supply over time; and  provisions, if applicable, on pre-emption and buy-back rights (and circumstances in which those will apply), as well as provisions regarding token economics;  any restrictions on transferability or technological lock-ups; types of Tokens that the DLT Foundation can issue or limitations on types of Tokens that the DLT Foundation can issue and blockchain protocols used for issuance; as well as the  purposes and intended use of Tokens.

His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, stated, “Abu Dhabi is rapidly emerging as the destination of choice for global players at the forefront of digital asset development. The introduction of the DLT Foundations Regime marks a revolutionary step forward, reinforcing ADGM’s commitment to a proactive approach rooted in extensive cross-industry dialogue and collaboration with various stakeholders. The new regime serves as a driving force for positive change in the digital assets sector. By transforming the blockchain and Web3 landscape, we are moving towards a future characterized by setting global benchmarks with enhanced transparency and efficiency.”

Qatar Financial Centre and Blockchain company Settlemint, to tokenize private shares and equity

Qatar Financial Centre and Blockchain company Settlemint, to tokenize private shares and equity

In a recent LinkedIn post, Henk Jan Hoogendoorn, Chief Financial Sector Officer at Qatar Financial Centre Authority (QFCA) announced the commencement of next steps with Blockchain solutions provider Settlemint to tokenize private shares and equity for companies.

As noted in the post, “ Next steps on tokenization of private shares / Private Equity discussed with our digital asset lab partner SettleMint both for Qatar Financial Centre (QFC) Authority and any  investment manager that would that would like to tokenize or fractionalize investments.”

Matthew Van Niekerk, Co-founder, SettleMint, commenting on the post stated, ” Thank you for hosting us both physically and digitally for the meeting Henk Jan Hoogendoorn! Really appreciated the opportunity to exchange views on the future of finance, financial markets infrastructure and the tokenization of private securities. Exciting times ahead for the industry!”

In April 2023, Qatar Financial Centre Authority (QFCA) signed its second Blockchain MOU with Settlemint, after signing its first with R3. The agreement with Settlemint aimed to work on Blockchain and digital asset initiatives in the financial sector. QFCA and Settlemint agreed to explore potential synergies with industry participants, including financial institutions, fintech firms, and corporate organizations, to accelerate the adoption of blockchain and digital asset business models and solutions.

This announcement also comes immediately after the Qatar Financial Centre launched its digital assets Lab under the name Qatar Innovation dome. The event which was held on Sunday 29th of October 2023 included various keynotes, that explained how 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.

Yousuf Mohamed Al-Jaida Board Member and Chief Executive Officer of Qatar Financial Centre in his speech announced that one of the first use cases to be explored within the digital assets lab will be tokenized carbon assets. He goes on to state, “Secondly will be tokenizing private company shares to facilitate trading and management of these shares, as well as transforming Sukuk bonds into digital assets in addition to tokenized real estate to facilitate the buying and selling of real estate assets.”

Blockchain settlement entity WadzPay receives initial regulatory approval in UAE

Blockchain settlement entity WadzPay receives initial regulatory approval in UAE

WadzPay has been granted “Initial Approval” by Dubai’s Virtual Assets Regulatory Authority (VARA), marking a pivotal step in Wad pay’s journey towards obtaining a Virtual Asset Service Provider (VASP) License for virtual asset services and activities.

“We are immensely honored to have received initial approval from VARA,” said Mr. Anish Jain, Founder and Group CEO of WadzPay. “This recognition reaffirms our commitment to delivering cutting-edge blockchain-based solutions that not only revolutionize but also adhere to the highest regulatory standards. We are grateful for the opportunity to contribute to the growth of the fintech ecosystem in the UAE.”

This Initial Approval is a key milestone and allows WadzPay to commence preparations for the provision of virtual asset services and activities under the VASP License for Transfer & Settlement and Broker/Dealer activities.

“Receiving VARA’s initial approval is a testament to our unwavering dedication to regulatory and compliance excellence,” said Mr. Khaled Moharem, President – MENA at WadzPay. “We’ve built a robust ecosystem that not only meets but exceeds industry standards, guaranteeing a safe and efficient gateway to virtual assets for users in the UAE. We’re poised to launch with strict adherence to VARA’s requirements, ushering in a new era of secure and seamless access to the world of virtual assets.”

While the initial approval is a pivotal achievement, WadzPay emphasizes that it is still in the process of working towards receiving the final approval from VARA and the VASP license. This progression marks a crucial step towards obtaining the necessary regulatory green light to fully operate within the UAE and bring its innovative products and solutions to life.

Prior to this WadzPay Founder Anish Jain had announced that WadzPay had made strides on the licensing front and are in the “final stages”. In addition he added that WPC token would be listed on a Tier1 regulated exchange in the Middle East.

WadzPay, an interoperable blockchain-based technology provider, had also 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.

UAE Hub71 adds blockchain and digital asset startups to cohort

UAE Hub71 adds blockchain and digital asset startups to cohort

Hub71 has accepted seven startups into its Hub71+Digital assets cohort which include blockchain ad digital asset enabled startups from the region and globe.

One of the seven startups welcomed into the cohort is Param Labs a game and blockchain development studio that delivers the highest quality blockchain-integrated games to the masses through player-owned digital assets.

Another startup is Overnight Finance an asset management protocol offering passive yield products based on delta-neutral strategies, primarily for conservative stablecoin investors.

While Momint enables accessible funding and trade of solar photovoltaic1 (PV) investments with a built-in digital wallet, specializing in putting real assets and legal contracts on the blockchain.

In addition to the ones mentioned above is UK based Avantgarde Finance which provides digital asset investment managers a platform to plug into, launch their strategies, and grow at scale.

Seven startups in the cohort will join Hub71+ Digital Assets, the specialist ecosystem focused on unleashing the growth potential of Web3 and digital assets. Startups in Hub71+ Digital Assets can tap into a network of 13 dedicated partners, including leading digital asset exchanges, global technology providers, venture capital funds, blockchain platforms and other commercial and investment opportunities required to scale.

Following a rigorous selection process, the successful startups will enter Hub71’s new Company Building Program and benefit from up to AED 250,000 worth of in-kind incentives and AED 250,000 in cash for equity. High-performing startups from the latest cohort will also be eligible to receive a top-up of up to AED 250,000 in exchange for additional equity, after one year.

Hub71 received a 107 per cent increase in applications from over 100 countries, reinforcing Abu Dhabi’s increasing global appeal as an innovative destination of growth for the world’s leading entrepreneurs. The new cohort comprises tech startups hailing from countries across the region, including the UAE, Egypt, and Saudi Arabia, as well as companies from the UK, Canada, India and Armenia, which will establish a presence in Abu Dhabi. Additionally, around 40% of the startups in the latest cohort are from the US. This reflects the growing interest from mature tech hubs in Abu Dhabi’s favorable innovation ecosystem. Operating in 11 diverse industries, the startups will support the advancement of sectors aligned with Abu Dhabi’s strategic economic priorities, including FinTech, ClimateTech, HealthTech and EdTech.

Ahmad Ali Alwan, Deputy CEO of Hub71, said: “With each cohort, we are noticing increasing interest from high-growth startups worldwide seeking to establish their businesses and expand from Abu Dhabi. Tech entrepreneurs recognize the distinct advantages of setting up their companies in the UAE capital, which provides a favorable environment for developing and marketing innovative products and services that can transform the business world. By attracting startups with immense growth potential, Hub71 is building on its powerful community of visionary entrepreneurs who will pave the way for the future of innovation.”

In addition to a customized three-month course to receive expert mentorship, tailored advice and critical support, startups joining Hub71 will also gain access to a broad network of corporate, government, investment, and talent partners operating within Abu Dhabi’s technology ecosystem, significantly heightening the prospects of securing commercial deals, investment and market growth opportunities.

In June 2023 Hub71 announced that Digital assets infrastructure provider for financial institutions, Fuze Finance had been chosen as one of 15 startups to participate in Abu Dhabi’s Hub 71 2023 cohort.

Marathon Digital and Zero Two inaugurate 200 MW bitcoin mining facility in UAE

Marathon Digital and Zero Two inaugurate 200 MW bitcoin mining facility in UAE

Zero Two, and Marathon Digital Holdings, Joint entity based out of ADGM Abu Dhabi for crypto mining has inaugurated  the state of the art 200 MW Bitcoin mining facility at Masdar Abu Dhabi. The announcement was made in a LinkedIn post by Pierre Sematies, Partner at Roland Berger and Global Head of Digital assets.

He stated, “Today Zero Two inaugurated a state-of-the-art 200MW Bitcoin Mining Facility with Marathon Digital Holdings at Masdar. The quality of the facility and the pace at which it was built and energized are very impressive.” He congratulated the teams of both Zero Two and Marathon Digital, as well as Roland Berger Digital asset team who were part of this journey in the early days.

Prior to this Marathon Digital Holdings had confirmed that the company along with Abu Dhabi based Zero Two (Registered name FS Innovation), an emerging blockchain and digital assets infrastructure development company, will be launching the two digital asset mining sites with a combined capacity of 250 Megawatts in the sustainability hub of Abu Dhabi Masdar City and the port zone of Mina Zayed by the end of 2023.

The joint entity registered in ADGM will work to accelerate the global digital economy while supporting the power grid of Abu Dhabi, JV) with the first large-scale immersion Bitcoin mining operations in the Middle East. To power the sites, Marathon and Zero Two intend to leverage excess energy in Abu Dhabi, increasing the base load and sustainability of the Abu Dhabi grid. Marathon and Zero Two will offset any non-sustainably produced electricity with clean energy certificates.

The equity ownership in the ADGM Entity will be 80% for Zero Two and 20% for Marathon.

This announcement comes as Oman moves strongly forward with its crypto mining projects.

UAE based OKA2B ventures into digital assets funding connection service

UAE based OKA2B ventures into digital assets funding connection service

UAE based OKA2B is a Dubai-based high-net-worth connection service renowned for introducing boutique projects to eager investors which traditionally focused on real estate projects, has now diversified into the funding of companies rooted in digital assets, capitalizing on the rising interest and adoption of cryptocurrency among private investors.

The company provides a personalized introduction service that bridges the gap between keen investors and innovative projects. Despite the initial contact occurring in the digital sphere, the company places great emphasis on the value of initiating meaningful connections through face-to-face meetings, wherever the parties may be located.

While real estate and construction projects have traditionally formed the core of their introduction portfolio, the company is now steering its expertise towards digital asset initiatives. High-net-worth investors with a keen interest in projects exceeding 3 million USD are invited to connect with OKA2B, gaining access to an extensive network of investment opportunities and tailored introductions.

Angelo Dilibero, the Managing Partner of OKA2B, stated, “Our network acts as a bridge between individuals, and we’ve observed a growing appetite among high-net-worth investors for exposure to start-ups based on digital assets.”

Qatar Finance Ministry partners with WEF for blockchain and AI development

Qatar Finance Ministry partners with WEF for blockchain and AI development

The Qatar, Ministry of Finance, signed an agreement  with the World Economic Forum (WEF) to establish a “Centre of Excellence for the Fourth Industrial Revolution” in Qatar that will help to foster an environment for research and development in technologies that include AI ( artificial intelligence), blockchain, IoT (Internet of Things), renewable energy and others.

The agreement was signed by HE the Minister of Finance, Ali bin Ahmed al-Kuwari and WEF founder and executive chairman Prof Klaus Schwab, in Doha. This strategic partnership paves the way for future collaboration, as the center aims to promote technological progress, diversify the economy and to promote sustainable development in Qatar, the Ministry of Finance noted.

It will also provide learning and training opportunities in those fields for Qatari nationals, developing their skills to keep pace with global developments.

“Qatar continues to fulfill its commitment to strengthening multilateral action to address current challenges to contribute to global growth,” Ministry of Finance added.

Overall Qatar has been pushing forth its blockchain and digital asset strategy, and has prepared a framework for digital assets as well as will be launching digital assets lab at the end of October 2023.