Siraj Finance and ASSNTURE in UAE partner to pilot tokenization solutions

Siraj Finance and ASSNTURE in UAE partner to pilot tokenization solutions

Siraj Finance PJSC, a private joint stock company based in Abu Dhabi and regulated by the UAE Central Bank, offering a multitude of financial products, designed in compliance with Islamic Shari’ah principles and ASSNTURE Limited a registered in Abu Dhabi ADGM ( Abu Dhabi Global Market) as a technology startup providing Asset Tokenization and Digital Assets Infrastructure Solutions signed a strategic partnership during ADWF ( Abu Dhabi Finance Week), to explore solutions in asset tokenization and digital assets.

As per the announcement, this collaboration represents a shared commitment to leveraging blockchain technology to redefine financial services, with a focus on enabling secure, efficient, and compliant tokenization of real-world assets.

Siraj Finance and ASSNTURE aim to combine their expertise to pilot and commercialize asset tokenization solutions that align with the regulatory frameworks of the Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM). By integrating cutting-edge blockchain technology, the two entities intend to provide clients with alternative liquidity solutions and expand access to high-value assets for a broader range of investors.

Commenting on the occasion, Mr. Mohamed Rusan Fyroze, CEO of Siraj Finance said, “This collaboration highlights Siraj Finance’s vision to lead the adoption of next-generation financial solutions in the UAE, aligning with our mission to empower businesses and individuals with innovative and compliant tools.”

Mr. Ihsan Khelef, Founder and Managing Director of ASSNTURE Limited added, “Partnering with Siraj Finance during ADFW reflects ASSNTURE’s dedication to building a robust ecosystem for tokenized assets. Together, we are setting the foundation for a new era in financial services.”

In October 2024, ASSNTURE launched “TradeDesk,” a blockchain-based platform designed to revolutionize the management and settlement of trade finance transactions for finished goods, raw materials, and commodities.

Qatar Fintech Hub advance digital assets startups in acceleration program

Qatar Fintech Hub advance digital assets startups in acceleration program

Qatar Fintech Hub announced that Fintech and digital startups from 7countries showcased their solutions during the Demo Day which is the final milestone of the Wave 6 Incubation & Acceleration Program. These startups have advanced through the flagship program to develop their innovative solutions in line with the National FinTech Strategy focusing on two key themes of Islamic FinTech and Digital Assets.

The startups include names such as Alt DRX a B2B real Estate Marketplace for Indians to buy & sell tokenized properties 1 SQFT at a time; powered by algorithmic pricing, instant settlements & Blockchain ledgers.

The second startup to be pitching is ARCA X LLC which is building the bridge between Centralized Finance (CeFi) & Decentralized Finance (DeFi) Through Hard-Blockchain (HBC)™ our proprietary blockchain hardware infrastructure & software end-to-end solution.

The third is Blade Labs which combines AI, blockchain, and smart contracts to help financial institutions deploy Shariah-compliant capital more efficiently. Our embedded Islamic finance platform automates compliance, enhances transparency, and reduces processing time from weeks to minutes, providing secure and scalable solutions for the $3.9T Islamic finance market.

Also pitching is Credit Plus which is empowering SMEs by providing innovative supply chain finance solutions that enhance cash flow, promote financial inclusion, and drive economic growth, with a vision to be the leading digital platform for seamless collaboration between banks, buyers, and suppliers across the MENA region.

Other startups include

Dhahaby facilitates loans against gold, gold jewellery and luxury timepieces removing the friction in collateralized lending for borrowers and lenders.

Ehmini is a digital platform offering embedded Takaful insurance solutions tailored for low and middle income expatriates in Qatar and the GCC. We simplify access to affordable retirement and insurance products by integrating seamlessly with financial institutions and payment platforms.

Finrock is a B2B platform allowing any asset to be identified, verified, and transferred to the blockchain unlocking liquidity and creating a secondary market.

GreenVycto, which is a Carbon Credit Tokenization platform designed to accelerate sustainability through incentivizing eco-friendly actions and supporting a green economy.

Hemaayah is an Insuretech platform bringing insurance protection to 30 Million GCC employed blue-collar workers. Their remittance linked insurance product provides health and income protection benefit to 150 Million family members of migrant workers.

Kredflo is a Shariah-compliant anchor led supply chain finance which enhances cash flow for anchors/sellers by offering immediate payments, while providing buyers/borrowers with a cost-free credit line.

Sidra a tokenisation infrastructure service provider and finally Wafir which transforms traditional lending circles into a modern, digital experience, ensuring secure, transparent, and efficient community financing.

ChainLink Labs sets up office in ADGM to serve DeFi in MENA

ChainLink Labs sets up office in ADGM to serve DeFi in MENA

Chainlink Labs, one of the primary contributing developers of Chainlink, the standard for DeFi and onchain finance, has expanded its presence in the Middle East and North Africa (MENA) region, and set up an office and an entity in Abu Dhabi under the Registration Authority of ADGM.

Global finance is moving onchain. Chainlink Labs is at the center of this massive shift, working with everyone from financial market infrastructures to asset managers to top DeFi protocols. As per their website they offer a world-class team of over 600 developers, researchers, and capital markets experts with deep experience in cryptography and decentralized systems and a singular vision to build Chainlink into the global standard for onchain finance.

Chainlink Labs plans to utilize its local presence in ADGM to expand its network of strategic partnerships with financial market infrastructures and financial institutions, better serve its global ecosystem, and continue to build key relationships in the region as demand for tokenized assets surges.

Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs. Senior Executive Officer at Chainlink Labs Abu Dhabi said, “The MENA region has become a global destination for innovators from around the world and a hub for the adoption of onchain finance. We are excited to expand the global footprint of the Chainlink standard by establishing a presence in Abu Dhabi and working closely with key financial market infrastructures and financial institutions in the region to bring tokenized assets to production.”

Hamad Sayah Al Mazrouei, Registration Authority CEO at ADGM noted, “We welcome Chainlink Labs, one of the primary contributing developers of Chainlink—the standard for onchain finance—on its recent expansion with a dedicated presence within ADGM. Chainlink Labs’ increased presence in the region underscores the growing demand for blockchain-based onchain finance solutions and tokenized assets, with Abu Dhabi, the ‘Capital of Capital’, providing the ideal environment for further expanding the global footprint of the Chainlink standard. We look forward to the innovative solutions that the Chainlink standard will enable in Abu Dhabi and beyond.”

Bahrain Singapore Gulf Bank to offer digital asset custody services

Bahrain Singapore Gulf Bank to offer digital asset custody services

Operating under full regulatory approval from the Central Bank of Bahrain, Singapore Gulf Bank (SGB) has launched in Bahrain to offer comprehensive digital banking services to corporate customers in the digital economy to manage their traditional financial and digital assets on a single platform.

Global clients can onboard through Singapore Gulf Bank’s remote digital on-boarding solutions. SGB will extend its digital banking services to individual clients by the end of the year.

In addition to regular corporate banking services, SGB will provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures. As per the announcement this enables businesses to manage their finances flexibly, whether they are traditional or digital assets – facilitating their participation in the digital economy.

Edmund Lee, Founding Chairman of the Board of SGB, stated, “We’re building the foundation for a new era of global finance where traditional and digital worlds converge to enable businesses to operate anytime and anywhere.”

H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development, Chief Executive of Bahrain Economic Development Board, said, “The launch of SGB marks a pivotal moment in deepening financial connectivity between MENA and Asian markets through Bahrain. As the digital economy continues to grow, our kingdom will serve as a gateway connecting Asian enterprises with opportunities across traditional and digital financial markets. SGB is a testament to Bahrain’s pro-innovation environment and our ability to attract and anchor ambitious global enterprises.”

H.E. Khalid Humaidan, Governor of the Central Bank of Bahrain, commented: “SGB’s launch demonstrates Bahrain’s commitment to fostering innovation in financial services while upholding the highest regulatory standards. With SGB, Bahrain will serve as a crucial nexus that connects businesses around the world and bridges traditional and digital financial services.”

SGB is pioneering a new era of banking where everyone can easily access and manage digital assets alongside traditional assets within one integrated network. Underpinned by its compliance-first approach, SGB will serve as a vital link between mainstream financial services and the rapidly advancing digital asset economy, empowering the next billion users with access to the future of finance.

In early October SINGAPORE Gulf Bank (SGB) appointed former Goldman Sachs executive Ali AlShamma as chief financial officer and ex-Sygnum executive Elaine Leong as chief operating officer. These two hires reinforce the mission of SGB to provide frictionless interaction between digital and traditional finance, said the digital bank.

Crypto.com and Bahrain BENEFIT explore digital asset payment integration

Crypto.com and Bahrain BENEFIT explore digital asset payment integration

Crypto.com and Bahrain based BENEFIT, a FinTech and electronic financial transactions services have signed an MOU ( Memorandum of Understanding) which aims at discussing combining their expertise and help expand the digital assets and fintech ecosystem in Bahrain including areas such as payment integration and prepaid card capabilities.

The companies signed an MOU at the Fintech Forward event in Bahrain on October 3, 2024.

“BENEFIT’s innovative work to develop the electronic payments space in Bahrain is impressive and we’re excited at the prospect of partnering with a company that is forward-thinking and eager to support the growth of the digital assets industry,” said Eric Anziani, President and COO of Crypto.com. “Bahrain has created an innovation friendly environment and we’re looking forward to expanding our services here.”

“We are pleased to explore this collaboration with Crypto.com as it aligns with our mission to continuously drive innovation in Bahrain’s financial services sector,” said Abdulwahed AlJanahi, Chief Executive of BENEFIT. “By leveraging our expertise in electronic financial transactions and Crypto.com’s cutting-edge capabilities in the realm of cryptocurrency, we are confident this partnership can bring added value to Bahrain’s evolving fintech landscape and support the growth of digital assets in the Kingdom.”

This comes after Crypto.com Crypto.com, the 13th largest global crypto exchange according to CoinMarketCap, received a crypto payment service provider license from the Central Bank of Bahrain allowing it to offer e-money and fiat based payment services regionally, including prepaid cards.

Revolut hires Ambareen Musa as CEO of UAE entity

Revolut hires Ambareen Musa as CEO of UAE entity

After news that Revolut whose global mission is for every person and business to do all things money — spending, saving, investing, borrowing, managing, and more — in just a few taps, had applied to the UAE’s central bank for an electronic-money institution license to offer remittance services, with the ultimate goal of securing a full banking license, similar to the one it recently obtained in the UK, and of Mubadala’s investment in Revolut, Revolut has appointed its CEO for UAE.

Ambareen Musa announced on Linkedin, that she is now the CEO of Revolut UAE. She noted, “Very excited to share that I am taking on the role of Chief Executive Officer – UAE at Revolut!” Ambareen was previously the Founder and CEO of Souqalmal, which was the first regional online comparison site for financial and non-financial consumer products.
This is not the first appointment for Revolut in UAE, the company has been hiring key roles in finance, legal, compliance, crypto, engineering, and product development in Dubai.

Founded in 2015, Revolut began as a multi-currency prepaid card and app, evolving into a financial super-app offering services from international transfers to stock trading. It now serves over 45 million personal and 500k business customers globally.

Revolut also offers its users crypto services in its mix of offerings, trading, transferring and others. It offers 210+ carefully vetted tokens
All tokens as per the website pass stringent checks before being listed. Revolut crypto offers allows users to move BTC, ETH, USDT and 30+ other tokens between their wallets.

Revolut first entered the UAE in 2022, establishing a team of 140 at the Dubai International Financial Centre. CEO Nik Storonsky has long aimed to enter the Gulf market, though licensing challenges have previously restricted UAE residents from opening accounts.

Alongside its UAE ambitions, Revolut is also eyeing neighbouring Saudi Arabia as a growth market.

Abu Dhabi’s Mubadala sovereign wealth fund is expected to help Revolut secure regulatory approvals, aiding in its pursuit of a full banking license in the UAE.

Revolut has seen its valuation rise to $45bn after Mubadala, Abu Dhabi-based sovereign wealth fund acquired a stake in the company. According to the Financial Times, the deal will see Revolut founder Nik Storonsky collect a minimum of $200m.

Revolut employees sold $500m worth of shares in August with Storonsky accounting for around half of the share sale.

Mubadala was one of the investors to purchase the shares, along with DI Capital Partners, Tiger Global and Coatue, although it is not clear how many shares Mubadala purchased or the size of its stake.

UAE First Abu Dhabi Bank completes Blockchain JPM Coin pilot for second time

UAE First Abu Dhabi Bank completes Blockchain JPM Coin pilot for second time

UAE First Abu Dhabi Bank has successfully completed a pilot for J.P Morgan Blockchain based JPM Coin System for programmable payments. The announcement interestingly has been made for the second time.

FAB has become one of the first financial institution to complete the programmable payment pilot with JPM Coin, enabling payments to be triggered at specific times or events.

This successful pilot opens up the possibility of a dynamic and automated funding and settlement solution to FAB and J.P. Morgan’s mutual clients. This solution will enable clients to benefit from Onyx’s real-time and/or event-based programmable capabilities. As part of the pilot, FAB successfully completed time-based and threshold balance-based account funding into deposit accounts to execute a payment obligation.

Unlike traditional cash concentration structures, which often lack real-time features or event-based configuration controlled by a bank, this innovation delivers more forward-looking possibilities where programmability can be used to provide flexibility to the client. Conditions for payment initiation and execution can be replicated on the bank’s side, resulting in improved execution response times with finality and traceability. Banks, with their rich transaction data, are in a better position to build a wide range of programmable scenarios, including instructions within payments and obligation-linked payments that are settled in an all-or-none manner.

With programmable payments, treasurers can transition from cash forecasting to dynamic or just-in-time (JIT) funding 24/7, maximising yields on surplus cash and minimising fees and opportunity costs. Unexpected payment failures or drawing on credit lines can be minimised. The successful pilot will also pave the way for more use cases, such as automated and conditional invoice payments, margin funding, and settlement solutions.

“One of our foremost objectives has been to bring new and innovative digital solutions to our clients and the industry at large. We are delighted to work with the FAB to extend our programmable payment offerings to multi-bank use cases. We believe that digital programmable ledgers will form the foundations for the finternet in the coming years,” said Naveen Mallela, Co-Head of Onyx by J.P. Morgan.

FAB is at the forefront of providing cutting-edge technologies to create a future-ready bank that delivers smarter and more agile solutions to serve its clients’ needs, as underscored by this innovative pilot in collaboration with J.P. Morgan.

In 2023 UAE FAB bank, (First Abu Dhabi Bank), made the same announcement.

Bahrain’s ABC Bank was the first bank to actually go live with Coin System built on Onyx by J.P Morgan, after two years of piloting.

UAE Fintech firm Xalts partners with Avalanche for tokenization of RWAs

UAE Fintech firm Xalts partners with Avalanche for tokenization of RWAs

Xalts, a UAE based Fintech firm specializing in tokenization, has announced its collaboration with Avalanche to bring more enterprise-grade real world asset tokenization solutions for institutions. Xalts has also recently joined the Qatar Financial Center’s digital assets lab for tokenizing real world assets.

As per the press release, this will provide out-of-the-box solutions to enable financial services, governments, and other enterprise developers looking to build digital asset platforms for implementing blockchain, tokenization, and smart contract applications for different use cases such as the tokenization of funds, securities, commodities and trade finance assets, digital currencies, and CDBCs.

Xalts works with financial services and businesses to provide connectivity by leveraging a modern technology stack, including APIs, Blockchains, and Orchestration layers. Its product suite includes solutions such as the RWA Cloud platform, which enables large institutions such as financial services and governments to quickly build complex solutions on blockchains.

RWA Cloud addresses challenges enterprises and regulators face while implementing blockchain, such as retaining complex rules, workflows, processes, and user compliances mandated by internal or regulatory governance.

With this collaboration, financial institutions can deploy custom blockchain networks that meet specific financial requirements and comply with local regulations using Avalanche’s L1 technology, orchestrate and automate their on-chain processes, tokenize digital assets and liabilities on the blockchain via smart workflows using Xalts’ RWA Cloud.

“Our collaboration with Xalts enables us to jointly offer RWA tokenization technology infrastructure and solutions to financial services institutions, including banks, asset managers, and fintechs alike”, said Morgan Krupetsky, Head of Institutions & Capital Markets at Ava Labs.

Xalts recently joined the Qatar Financial Centre (QFC) Authority Digital Assets Lab to test and commercialize use cases in real-world asset tokenization.

“We are very excited to partner with Avalanche. This will make the development of blockchain and smart contract solutions much more accessible and accelerate enterprise use cases”, said Ashutosh Goel, Chief Executive Officer, Xalts.

“We have an exciting roadmap ahead of us with Xalts as we jointly enable financial institutions across markets in their RWA tokenization journey!”, said Devika Mittal, Regional Head at Ava Labs.

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UAE Al Fardan Exchange and Dubai AI Web3 Festival to drive AI integration in Finance

UAE Al Fardan Exchange and Dubai AI Web3 Festival to drive AI integration in Finance

Al Fardan Exchange has partnered with the Dubai AI & Web3 Festival 2024, following the signing of a Memorandum of Understanding (MoU) between both parties to drive forward AI integration within the financial sector.


Hasan Fardan Al Fardan, Chief Executive Officer of Al Fardan Exchange and a member of the festival’s advisory committee, highlighted the transformative impact of this partnership. He called the collaboration with the Dubai AI & Web3 Festival 2024 a pivotal opportunity to drive AI advancements in the financial sector. In his role on the advisory committee, Hasan Fardan Al Fardan is dedicated to championing the UAE’s ambition to become a global leader in digital finance. This partnership reflects Al Fardan Exchange’s commitment to shaping a future where AI enhances both financial services and customer experiences.


AI has the potential to revolutionize customer interactions within the financial sector. Recent studies highlight that businesses adopting AI in customer service report a 40% reduction in response times and a 38% increase in customer satisfaction. According to McKinsey, financial institutions implementing AI can see a 20% increase in operational efficiency and a 10-15% reduction in costs. Al Fardan Exchange is committed to utilizing AI to provide these enhanced experiences, ensuring every customer interaction is seamless and effective.


Additionally, AI plays a pivotal role in advancing financial inclusion, making financial services accessible to a wider audience. The World Bank estimates that AI-driven solutions could bring financial services to over 1.7 billion unbanked individuals globally, bridging this gap and providing essential financial services to underserved populations. This initiative aligns with Al Fardan Exchange’s mission to foster global financial inclusion.


“Our partnership with the Dubai AI and Web3 Festival 2024 is aimed at advancing AI integration within the financial sector. As a member of the advisory committee, I am committed to supporting the UAE’s vision of a digitally advanced financial landscape,” said Hasan Fardan Al Fardan. He continued, “AI holds significant promise in enriching customer experiences, advancing financial inclusion, and strengthening the financial ecosystem. This partnership reaffirms our commitment at Al Fardan Exchange to deliver technology-driven financial solutions whilst ensuring an effortless customer journey.”

In 2024 UAE Fuze, digital assets infrastructure provider, which recently received a license from Dubai’s regulator, signed an MOU with UAE Fardan Exchange to allow the exchange to offer digital asset products such as buying, selling and transfer.

SurferMonkey partners with NYALA to bring privacy to tokenized assets

SurferMonkey partners with NYALA to bring privacy to tokenized assets

UAE registered SurferMonkey, has partnered with NYALA to revolutionize financial privacy and compliance within blockchain technology.

As per the announcement, the traditional financial systems often grapple with inefficiencies that drive up costs and cause delays. Blockchain protocol promises to streamline processes across primary and secondary markets, yet its inherent transparency poses challenges such as privacy concerns and confidential data exposure to competitors.

NYALA, tokenization platform is converting real world assets into digital twins. NYALA ensures seamless, compliant asset management, setting new benchmarks in efficiency, while SurferMonkey aims to complement NYALA’s platform by introducing regulatory privacy to the ecosystem.

SurferMonkey’s solution safeguards transactional privacy while adhering to regulatory standards including the Travel Rule. Their pioneering ZKP Mixing technology shields sensitive transaction data from competitors, ensuring robust data protection and compliance with regulatory frameworks such as MiCa or the German Electronic Securities Act (eWpG).

This strategic collaboration explores diverse use cases, including Asset Minting, DvP (Delivery versus Payment) for bonds using stablecoin EURe (Monerium), and more. Institutions can confidently tokenize and manage assets with the assurance that their data remains secure, private, and regulatorily compliant.

“We are huge believers in public chain infrastructure, says NYALA Co-CEO Johannes Schmitt. “However, this infrastructure needs to be complemented with applications and tools that allow for selective confidentiality. This is why we are excited about partnering with SurferMonkey ”.

Miguel Diaz Montiel, CEO of SurgerMonkey, “We believe in the potential of blockchain asset tokenization; however we know that many user cases cannot be exposed to anyone outside theinstitution sending them and regulators. Critical data cannot be exposed to prying eyes. Our collaboration with NYALA highlights how tokenized assets can be privatized on public blockchains.”

Speaking to Lara on the Block, Al Amin Al Bakry, Co-Founder and Chief Strategy Officer at Surfermonkey noted, “We are registered in the ADGM UAE and in the FCA in the United Kingdom. We continuously work with ADGM discussing our technology and how it can be applied to other companies within the ADGM that need to privatize certain transactional flows on the blockchain.”

SurferMonkey employs Zero-Knowledge Proof technology to ensure secure, confidential, and compliant blockchain interactions.

Currently these solutions are being tested in the sandbox in ADGM.