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

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

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

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

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

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

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

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

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

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

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

Saudi Central Bank hosts 24 Fintech conference in KSA

Saudi Central Bank hosts 24 Fintech conference in KSA

The Saudi Central Bank, Saudi Capital Market, and Financial sector Development Programme (FSDP) will be hosting 24 Fintech conference and exhibition in Riyadh KSA. The co organizer Fintech Saudi and Tahaluf aim to elevate Riyadh’s fintech ambitions. The event will be held at Riyadh Front exhibition and Conference center from September 3-5 2024.

Tahaluf, the strategic collaborative venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), and the Events Investment Fund (EIF), created 24 Fintech to showcase a collective commitment towards unlocking business and networking opportunities, embracing change, and leading innovation. The three-day event will combine an exhibition and summit – featuring 175 hours of expert-led content – with a host of satellite events, including industry gatherings and brand activations, running throughout the week, from September 1-6.

With the goal of establishing the Kingdom as a tech-driven global financial powerhouse, and Riyadh as an international fintech hub, Tahaluf has set ambitious objectives for 24 Fintech. The event aims to become the most influential, and impactful fintech business event, platform, and community anywhere in Asia, Europe, Middle East and North Africa.

Bolstered by an international summit that will unite regulators, financial services professionals, policy makers, investors, technologists, and academics, 24 Fintech will provide a platform for global industry stakeholders to shape, foster, and spur a collaborative fintech transformation.

Initial Tahaluf estimations project the inaugural 24 Fintech will attract upwards of 25,000 attendees, 300 exhibitors, 200 investors and 80 fintech startups. The show will host more than 200 expert speakers to address pressing finance industry issues as the show looks to navigate the immense technological changes impacting operations, from infrastructure provision to client servicing. Targeted attendees include central bank governors, regulators, policy makers, financial and non-financial institutions, big tech providers, investors and venture capitalists, academics, researchers, as well as professional and industry associations.

“Our vision is to drive forward finance by bringing together essential stakeholders and propelling practical, worldwide transformation in alignment with the economic development agenda laid out in Saudi Arabia’s Vision 2030,” said Annabelle Mander, Senior Vice President of Tahaluf.

The inaugural edition of 24 Fintech will feature four stages hosting three days of programming including keynotes, panel discussions, and industry announcements, with dedicated areas for investment and startups, technology, and academia. Across the various stages, experts will probe a host of themes including governance, regulations, interoperability, investment and reimagining the financial services landscape.

In addition to the main and feature stages, the show will host special initiatives – including the Regulators’ Village, a dedicated zone connecting regulators and fintech who aspire to set up in the Kingdom. The inaugural 24 Fintech will also offer a dedicated investor program with an exclusive stage and lounge, as well as Venturescape, pre-show initiative that will bring together 200+ global investors and 100+ fintech for a series of workshops, mentorship and pitch practice.

A specific startup zone will spotlight 80 of the top global fintech companies, across all major fintech verticals including, but not limited to, payments, lending, insurtech, regtech, capital markets, compliance and open banking. Aspiring startups can take advantage of tailored mentorship and matchmaking sessions as well as a 24 Fintech pitch competition. The top startups will battle it out in timed pitch heats, culminating in a grand finale with more than SAR 900,000 (US$250,000+) in equity free awards.

Qatar Fintech Hub to support women entrepreneurs in Qatar and Kuwait

Qatar Fintech Hub to support women entrepreneurs in Qatar and Kuwait

The Qatar Fintech Hub, developed by Qatar Development Bank, has partnered with The International Trade Centre’s (ITC) SheTrades Initiative, and Visa, a leader in digital payments, and Qatar Fintech Hub (QFTH) to support youth and women entrepreneurs in Kuwait and Qatar.

As per the press release, the program ” Small Steps to Success” will have a curriculum for entrepreneurial development, digitalization, innovation and soft skills tailored to women. It will also offer Peer to peer sessions, and empower female entrepreneurs by engaging with financial instituations.

Youth and women-led small and medium-sized enterprises (SMEs) play an increasingly important role in the economy of the Gulf Cooperation Council (GCC) region, as 53% of young Arabs in the region plan to start their own business within the next five years, as revealed in results of the 15th ASDA’A BCW Arab Youth Survey. And in 2020, McKinsey forecasted that within a decade, the proportion of women in the Middle East in professional and technical roles will more than double due to digitalization and entrepreneurship.

In this context, ITC SheTrades and Visa are scaling their efforts in Qatar and Kuwait to position youth and women entrepreneurs at the forefront of economic growth and innovation in the GCC. 

In Qatar, Visa and ITC will be collaborating with the Qatar Fintech Hub (QFTH), the specialized FinTech Incubator and Accelerator program by Qatar Development Bank to empower early-stage entrepreneurs and FinTech startups.

Dr. Hamad Salem Mejegheer, Qatar Development Bank, Executive Director​ of Advisory & Incubation, said the initiative falls in line with the bank’s longtime efforts to propel entrepreneurs to success. “This initiative is in line with QDB’s vision of fostering innovation and developing a collaborative ecosystem that nurtures creative ventures to position Qatar as a leading global and regional fintech hub. Through the cultivation of a robust digital economy, we contribute to advancing the objectives of the Third National Development Strategy and Qatar’s economic diversification efforts.”

Shashank Singh, Visa’s VP and General Manager for Qatar and Kuwait stated: “Through this partnership, we will help equip more women and young entrepreneurs in Qatar and Kuwait the skills and network they need thrive in the digital economy. Our collaborative efforts with ITC and QDB are an embodiment of our belief in the transformative power of digital inclusion and its potential to create a ripple effect of growth and opportunity for everyone, everywhere.”

ITC Executive Director Pamela Coke-Hamilton said: “We’re strengthening our partnership with Visa to see more women and youth drive innovation and sustainability in Qatar and Kuwait. From online business courses to networking and financing opportunities, we’re taking a holistic and tailored approach to delivering the support they need.”

Applications are now open. Selected participants will receive support in identifying key challenges and opportunities to grow their business and will gain access to an e-learning package covering topics such as e-commerce strategies, sustainable business practices and financial readiness. These courses are designed to lay a foundation for entrepreneurs to further develop their businesses.

South Korean crypto investment firm expands to UAE with Hub 71

South Korean crypto investment firm expands to UAE with Hub 71

Hashed Ventures, a South Korean crypto investment firm has partnered with Abu Dhabi Hub 71 to introduce more Korean startups to the UAE. It has expanded its presence to the UAE.

As per the announcement on Bloomberg, Hashed Ventures views the UAE as having an advantageous regulatory environment making it one of the hottest global crypto hubs.

Hashed Ventures plans to bring over firms in Fintech and digital assets. The company will also look to open an office in Abu Dhabi and explore potential fund raising opportunities in the capital of the UAE, according to Simon Seo-Joon Kim, chief executive officer and managing partner of Hashed.

Founded in 2017, Hashed oversees about $700 million in assets, and already has offices around the globe, including San Francisco and Singapore. Kim said in an interview that the company is actively looking to expand overseas, as the environment for startups in South Korea became increasingly challenging due to several reasons, including the difficulty in expanding its domestic market.

“For the Korean startup, the mission to expand their business to abroad is quite mandatory because the biggest problem of Korea is our population is decreasing,” Kim said in an interview. “But I believe that the talent-wise, the Korean entrepreneur is one of the best in the world, so we have to expand our business to abroad.”

“We are excited about the prospect of welcoming more Korean startups to Abu Dhabi and attracting the most promising Web3 and digital asset technologies to the UAE capital,” Ahmad Ali Alwan, chief executive officer of Hub71, wrote in an email statement.

Kim said that Hashed is already helping some South Korea-based companies valued at more than $1 billion enter the Abu Dhabi market. He declined to disclose the names of the firms, saying the process is still ongoing.

“UAE is a very special market for us because the regulatory wise, Abu Dhabi has the most friendly and clear guidance for the web3 startups,” Kim said. “So these days, so many Web3 startups are opening Abu Dhabi offices.”

Kim also said that the global phenomenon of Korean content such as Korean pop music and drama, as well as South Korea’s long-existing relationship with UAE building nuclear power plants, are advantages for Korean startups looking to enter the Middle East.

A month prior to this announcement Simon Kim on LinkedIn wrote, ” Hashed is thrilled to host Hub71, an Abu Dhabi government-initiative startup accelerator, in South Korea, connecting vibrant startup ecosystems. Hub71 offered Korean startups opportunities to explore Abu Dhabi, gain international exposure, and connect with global investors. This event highlighted the importance of cross-border cooperation in driving innovation and growth.”

Fils partners with Arab Financial services to embed sustainability in business models

Fils partners with Arab Financial services to embed sustainability in business models

Fils, a UAE based enterprise-grade digital infrastructure provider enabling companies to embed sustainability and climate action into their business models using technologies such as Blockchain has partnered with Arab Financial Services (AFS), the Middle East and Africa region’s leading digital payment solutions provider and fintech enabler.

As per the press release, the collaboration marks a significant step towards fostering sustainable practices and driving climate action across industries in the region. Leveraging Fils’s state-of-the-art fintech technology and AFS’s expertise and regional leadership position in digital payments, the partnership will be key to helping integrate sustainability seamlessly into businesses’ operations, customer journeys, and financial transactions.

AFS, which has offices in Bahrain, Egypt, Oman, and the UAE, offers digital payments solutions and fintech, serving over 60 clients across more than 20 countries in the Middle East and Africa region. Fils’ partnership with AFS enables a significant proportion of banks, financial institutions, and organizations in the MEA to track and mitigate their emissions, aiding the global transition to a low-carbon economy.

Samer Soliman, CEO of AFS commented, “We are proud to join forces with Fils in a strategic partnership to drive sustainable solutions within the digital payments landscape. This collaboration directly supports our ESG strategic goals by accelerating their implementation. As a leading digital payments provider, we embrace the responsibility to drive sustainability not only for ourselves but also empower our partners and clients to achieve their own environmental ambitions.”

Nameer Khan, CEO of Fils, said, “We are thrilled to embark on this strategic partnership with Arab Financial Services. By combining our advanced digital infrastructure with AFS’s leadership in electronic payments outsourcing, we have a unique opportunity to drive positive change across industries in the MENA region. Our shared commitment to sustainability and climate action will not only transform business operations but also redefine the landscape of responsible finance in the region and beyond.”

Key highlights of the partnership between Fils and AFS include:

  • Sustainable Digital Transformation: Fils’ enterprise-grade digital infrastructure will empower AFS to seamlessly integrate sustainability and climate action into its payments ecosystem. This includes developing innovative solutions that contribute to reduced carbon footprints and environmental impact.  
  • Green Financial Products: The collaboration will explore opportunities to introduce sustainable financial products, with a specific focus on Islamic Credit Cards. By incorporating environmental, social, and governance (ESG) principles, both organisations aim to set new industry standards for responsible and ethical financial services.
  • Enhanced Customer Experiences: Fils and AFS will work together to enhance customer journeys by providing eco-friendly and sustainable options for electronic payments. This includes the development of user-friendly interfaces that promote responsible consumer choices and a positive environmental impact.
  • Industry Leadership in Sustainability: As pioneers in their respective fields, Fils and AFS will lead the financial and digital industries in the MENA region towards a more sustainable future. By combining their strengths, the partnership seeks to inspire businesses to prioritise sustainability in their business strategies and take measurable action to tackle climate change.

Fils’ partnership with AFS is hot on the heels of an impressive roster of collaborations so far this year. Exciting partnerships with e& Enterprise, Mashreq Bank and Flowcarbon have cemented Fils’ place as a global leader in sustainable financial infrastructure.

In addition Fils recently announced its expansion into Pakistan through a partnership with TPS, a digital banking and payments solution provider that powers banks, digital banks, FinTechs, payment processors, merchants, and telecoms around the world. The collaboration aims to make a lasting impact on the international stage, embedding climate action at the core of digital financial services.

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

On behalf of the Hong Kong SAR Government, the Financial Services Development Council (FSDC) signed an MoU with the Qatar Financial Centre (QFC) with the goal of deepening the collaboration across multiple financial services areas between Qatar and Hong Kong including digital assets.

The Hong Kong and Mainland China delegates to Qatar have had numerous group meetings and networking opportunities with the local Qatar stakeholders – QFC, QIA, QDB ( Qatar Development Bank), Invest Qatar, Qatar Foundation, QSTP, regulators, investors, family offices, channel partners in digital assets, fintech, wealth management, to deepen the collaboration and uncover concrete business opportunities.

This MoU signing is a follow-up from an earlier visit to Qatar by the Secretary for Financial Services and the Treasury, Christopher Hui, in 2023. Since then, Qatar leaders also visited Hong Kong during the Asian Financial Forum in early 2024.

King Leung, Global Head of Financial Services and Fintech, InvestHK told Qatar Pennisula media, that “Qatar can leverage Hong Kong’s strengths to its advantage. In Hong Kong, we have been experimenting lots of innovation such as tokenization and digital assets and would like to work more closely with Qatar.”

Sharing his perspectives on the intersection between fintech and AI, Global Head of Financial Services and Fintech Leung stated, “We are seeing the intersection of AI, big data, blockchain, and cloud. A lot of the financial institutions are now using fintech, which with that AI capability can help streamline a lot of the internal processes. We have seen a lot of AI innovation in the fintech space that are empowering the financial institutions to transform their operation, to raise their ability to service their clients.”

There have been regular follow-ups by both organizations, as well as InvestHK. We are committed to deepen our collaboration in key financial services areas – asset and wealth management, fintech, digital assets, and family offices.

The Undersecretary for Financial Services and the Treasury, Joseph Chan, the Financial Services Development Council (FSDC), InvestHK, and Cyberport led a delegation of over 30 Hong Kong and Mainland China business leaders to Doha on May 5-6.

Highlighting some of the key sectors of interest for investors from Hong Kong, Leung added, “The senior officials have been making our stance very clear in terms of our positioning as a major green finance and green tech hub. We would love to work with investors around the world to promote these movements. It could be new energy, new materials, or any of the technology layers that can promote a better tracking of the green behaviour. We see quite a lot of green fintechs using different technologies and access to different data.”

After its crypto broker license in UAE, WadzPay now seeks license for stablecoin issuance

After its crypto broker license in UAE, WadzPay now seeks license for stablecoin issuance

WadzPay, a fintech blockchain based technology for virtual asset payment solutions, has announced its entrance into the Stablecoin business. According to the press release, this will shift Wadzpay’s strategy from one of being a virtual asset payments company to a blockchain financial services solutions provider. The new solutions will be organized as a new business and new brand. To ensure regulatory compliance, WadzPay will set up a new entity and will pursue approvals in UAE, Hong Kong, and Singapore.

WadzPay recently was granted a license for crypto brokerage by Dubai’s virtual asset regulatory authority, pending finalizing some requirements.

The decision to venture into the Stablecoin market comes as a response to the increasing demand for secure, transparent, and efficient digital payment solutions worldwide. WadzPay will introduce two main products: Stable Coin as a Service and its own regulated USD$ Stablecoin, designed for local and international payments, cross border remittances, and settlements of on-chain transactions related to RWA.

According to recent market research by Bernstein, the global market for stablecoins is projected to grow from $125 billion to almost $3 trillion in next 5 years. This growth is fueled by factors such as the rise of decentralized finance (DeFi) applications, cross-border remittances, and the need for stable digital assets to mitigate volatility risks in cryptocurrency markets.

By leveraging blockchain technology, WadzPay aims to provide users with a reliable alternative to traditional fiat currencies, offering stability, convenience, and speed at lower cost in transactions for merchants, businesses and individuals worldwide. With a focus on compliance and regulations, WadzPay is poised to address the growing demand for stablecoins while ensuring security and regulatory compliance in its operations. Apart from the traditional use cases, WadzPay will add some new and innovative uses of stablecoins to the mix.

With this strategic move, WadzPay aims to innovate in solving foreign exchange problems and will introduce an innovative first-in-market business model, setting itself apart from competitors. WadzPay will build a world class team under the new leadership to drive this business.

Founder & Group CEO of WadzPay, Mr. Anish Jain, emphasized the strategic significance of this expansion, stating, “Our entry into the stablecoin business reflects our dedication to meeting the evolving needs of our customers and staying at the forefront of technological innovation. With the growing adoption of virtual assets, particularly stablecoins, we see tremendous potential for growth and are excited to offer our expertise in this space, while remaining committed to compliance and regulations.”

Leading the initiative is Mr. Jason Sarria-Solis as the President – Emerging & New Business in charge of the stablecoin business. With over 20 years of experience in the technology and fintech industry, Mr. Jason brings a wealth of knowledge and a proven track record of driving business growth and innovation. He has led multiple projects spanning from founding and scaling a successful telecom startup in the UK to leading digital banking, embedded finance, and blockchain projects in Asia.

Commenting on his appointment, Mr. Jason Sarria-Solis expressed his enthusiasm, stating, “I am thrilled to join WadzPay at such a pivotal moment in the company’s journey. The stablecoin market presents immense opportunities for disruption and advancement in the payments, remittance, and on-chain settlement space, and I look forward to leading our team in delivering innovative solutions that meet the needs of our users and drive the company’s growth.”

WadzPay remains committed to its mission of revolutionizing the virtual asset financial services landscape with blockchain technology, and the expansion into the stablecoin business marks a significant milestone in this journey. With a focus on technological excellence, customer satisfaction, and strategic partnerships, the company is poised to emerge as a key player in the financial services ecosystem.

Oman Sovereign fund launches $180 million tech fund with UAE ADQ

Oman Sovereign fund launches $180 million tech fund with UAE ADQ

Oman Investment Authority represented by ITHCA Group which invests in IT sectors such as cybersecurity, blockchain and data analytics has launched a $180 million technology fund, the Jasoor tech Fund, with Abu Dhabi’s ADQ an Abu Dhabi investment and holding company.

The Jasoor tech fund is focused on small to medium sized startups in sectors such as fintech, edtech, healthtech, cleantech, food agriculture and logistics.

This commitment is part of broader framework agreement signed between both parties in 2022.  The Fund aims to bolster the digital economy in the Sultanate as well as the wider MENA region by supporting high-growth technology companies. Its core focus will be on innovative technology companies established in the Sultanate, in addition to technology startups in other countries in the region. It will undertake investments high-growth technology companies at various stages of development that have established business models. 

In 2022, ADQ and OIA identified investment opportunities worth over USD 8 billion in key sectors of Oman’s economy. The partnership aims to contribute to increased economic cooperation and trade between both nations. ADQ has also made investments in blockchain startups.

His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ:stated, “Building on ADQ’s strategic partnership with OIA established in 2022, the launch of Jasoor Fund reinforces our commitment to make investments that unlock the potential of key sectors of the economy, while creating lasting value for stakeholders. Together, we will continue to advance trade and promote investments that will contribute to the growth of both economies.”

His Excellency Abdulsalam Al Murshidi, President of the Oman Investment Authority added, “The establishment of a technology-focused fund with ADQ marks a pivotal moment for Oman’s technology sector. Through this strategic partnership and the significant commitment by ADQ which underpins it, we are setting the stage for a new era of innovation and growth that will propel both nations into a future powered by digital transformation and technological advancement.”

Said Abdullah Al Mandhari, Chief Executive Officer of ITHCA Group also noted, “The establishment of the Jasoor Fund aligns with our venture capital investment strategy, focusing on funding contemporary, emerging and cutting-edge technological projects, while also providing Omani youth with opportunities to develop their ventures and expand globally.

Qatar Fintech Hub prepares for Digital asset hackathon

Qatar Fintech Hub prepares for Digital asset hackathon

In a linkedin post, Henk Jan Hoogendoorn, Chief of Financial Services Sector at Qatar Financial Centre Authority, noted that discussions were heating up with regards to the upcoming digital assets, takaful and Insurtech hackathon. He also mentioned discussions on the launch of a new wave of accelerator and incubator programs as well as a Fintech survey 2024.

He noted, “Qatar FinTech Hub on a roll. We discussed upcoming #hackathon with the focus on Digital Assets and takafel insurtech. As well as the launch of new wave of accelerator #incubator programs and Fintech survey 2024.”

Those present in the discussions included Qatar Development Bank and Qatar Financial Centre (QFC) Authority Qatar Central Bank.

This is part and parcel of the efforts Qatar is making on both the Blockchain and digital assets front, especially after launching the digital assets lab earlier this year.

Among the themes being focused on in Qatar is tokenization of real estate, securities and other financial instruments.

Recently Bahrain Central Bank graduated the first fractional tokenization platform for Islamic Sukuk, called INABLR.

UAE Dunes Fintech enters crypto space with acquisition of Be Mobile Africa

UAE Dunes Fintech enters crypto space with acquisition of Be Mobile Africa

UAE based Dunes Fintech platform signed an MOU to acquire a portion of Be Mobile Africa which offers a banking and cryptocurrency infrastructure.

As per the announcement, the acquisition, slated for completion by the end of the second quarter of 2024, marks a significant milestone for Dunes, positioning the company as a trailblazer in the latest generation of Fintech companies.

Dunes is seeking to launch a platform, seamlessly integrating cryptocurrency and traditional banking services. This groundbreaking initiative signals Dunes’ unwavering commitment to redefining the digital banking landscape in the UAE and beyond.

As part of the agreement, Be Mobile Africa will sell significant technology assets, including key components related to its banking and cryptocurrency infrastructures. Notably, this includes the Be Network, a game-changing infrastructure facilitating real-time settlement of fiat and cryptocurrency transactions 24/7. Be Mobile Africa will retain banking services for the African continent, continuing with its focus on fostering financial inclusion initiatives across the continent.

“The strategic sale of non-financial assets injects vital financial resources into Be Mobile Africa. These resources will be used to double down on key African markets, in line with the company’s mission of banking the unbanked and underbanked in Africa.” emphasized Dr Cédric Jeannot, Co-founder and CEO of Be Mobile Africa.

A senior Dunes Financial executive expressed enthusiastic anticipation about the acquisitions, stating, “We are thrilled to embark on this journey of innovation and progress. The acquisition aligns with our vision of creating a bridge between crypto and fiat, opening up new possibilities for regulated entities and individuals. We are committed to providing a secure and compliant platform redefining how people interact with financial services.”