UAE Haifin, trade finance fraud platform announces $40.8 billion worth of transactions

UAE Haifin, trade finance fraud platform announces $40.8 billion worth of transactions

Haifin, previously known as UAE Trade Connect, an AI blockchain platform to combat trade finance fraud among the banking sector and non-banking sector, has announced a record-breaking year with nearly $40.8 billion of transactions (150 billion AED).

According to Zul Javaid, CEO of Haifin in a LinkedIn post, “ We identified and prevented hundreds of millions of Dirhams of duplicate financing and fraud for our member involved in lending.”

UAE Trade Connect (UTC), Launched in 2021, was co-created by e& enterprise and the UAE banking industry and offers a technology solution to detect suspicious transactions and prevent fraud and duplication in real time. It uses technologies such as AI, Blockchain and machine learning.

Juvaid added, “Big shout out to our steering committee and wider consortium for their trust and commitment to de-risking the lending environment and increasing accessibility to finance for the UAE economy.”

The members of Haifin platform include UAE Banks Federation, Al Masraf, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Commercial Bank International, Commercial Bank of Dubai, Dubai Islamic Bank, First Abu Dhabi Bank (FAB), Habib Bank AG Zurich, Invest Bank, Mashreq Corporate & Investment Banking Group, National Bank of Fujairah, RAKBANK, Sharjah Islamic Bank, United Arab Bank, Beehive Fintech, CredibleX, DP World, and Finneva.

In December 2023, Beehive, a peer-to-peer lending platform, became the second non-banking entity to join Blockchain enabled UAE Trade Connect platform, Haifin. Priort to that, DP World Finance platform partnered with UAE trade Connect in November of the same year.

Zul Javaid expressed his interest in expanding Haifin offering to countries across the GCC and MENA regions, including KSA hiring Wissam Massud to lead their international expansion in 2023.

CoinMENA and Fuze partner with MasterCard to offer Crypto Credential solution in UAE

CoinMENA and Fuze partner with MasterCard to offer Crypto Credential solution in UAE

As the UAE and Kazakhstan now join North America, Europe, Latin America, and Asia Pacific with Mastercard’s Crypto Credential solution, UAE regulated CoinMENA and Fuze are the first crypto exchanges to be onboarded. The solution simplifies the consumer experience allowing crypto exchange users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses. Mastercard’s solution is marking its debut in the Eastern Europe, Middle East and Africa (EEMEA) region.

Mastercard Crypto Credential is facilitated through its partnerships with key exchanges and providers in the region. It also helps verify transactions among consumers and businesses using blockchain networks, providing the assurance that a user has met a set of verification standards and confirming that the recipient’s wallet supports the transferred asset. It brings greater trust and certainty to crypto transactions through the exchange of metadata and Travel Rule information.

This latest expansion will enable exchanges such as ATAIX Eurasia, Intebix, and in the UAE with CoinMENA, as well as Fuze.

“At Fuze, our collaboration with Mastercard on the Crypto Credential initiative underscores our dedication to advancing secure, efficient, and inclusive digital asset transactions across the EEMEA region,” said Mo Ali Yusuf, CEO, Fuze.“This partnership not only strengthens our commitment to supporting banks and fintechs in adopting crypto solutions but also marks a significant step in building trust and enhancing reliability within the evolving crypto landscape.”

“It is exciting to see Mastercard embracing blockchain technology and moving on-chain. Innovations like Mastercard Crypto Credential program are key to building trust and making digital assets more accessible and user-friendly, especially for joiners from traditional finance,” said Talal Tabba, CEO, CoinMENA.

Crypto Exchanges just have to verify their users with MasterCard

Using Crypto Credential is simple. The crypto exchange first verifies the user under the set of Mastercard Crypto Credential standards. At that point, the user obtains an alias to send and receive funds across all supported exchanges. When a user initiates a transfer, the solution confirms that the recipient’s alias is valid, and that the recipient’s wallet supports the digital asset and associated blockchain. If this is not the case, the sender is notified, and the transaction does not proceed, protecting all parties from potential loss of funds.

While the pilot will initially focus on facilitating peer-to-peer transactions, the potential applications of Crypto Credential are expansive, with future capabilities to include NFTs, ticketing, and other innovative payment solutions, depending on market and compliance requirements.

“As the cryptocurrency landscape continues to mature, we’ve been laser focused on developing innovative services and capabilities that help make crypto more accessible and secure, streamline the transaction process and enhance trust in the ecosystem. In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instill trust in blockchain technology while also transforming the way that people interact with digital assets,” said Gaurang Shah, Executive Vice President, Head of Core Payments, EEMEA, Mastercard

“As one of the leading cryptocurrency exchanges in Kazakhstan, licensed by the AIFC, ATAIX Eurasia is focused on building a legal and accessible cryptocurrency infrastructure in the Eurasian and, eventually, global financial markets,” said Аrutyun Poghosyan, CEO ATAIX Eurasia. “That is why we are incredibly excited to join Mastercard’s interregional partnership to implement the crucial and timely Mastercard Crypto Credential technology. We look forward to strengthening our collaboration with Mastercard even further.”

CoinMENA and Ripple partnership

CoinMENA, was also recently selected list Ripple’s new RLUSD stablecoin on its platform. CoinMENA is the only crypto broker to be chosen by Ripple to list its stablecoin in the MENA region.

UAE M2 crypto exchange to offer crypto lending in 2025

UAE M2 crypto exchange to offer crypto lending in 2025

UAE licensed crypto exchange M2, has announced that it will be introducing new products and services including crypto lending in 2025.

The press release noted that M2 has refocused its treasury division to serve high-net-worth individuals (HNWIs), family offices, and institutional clients with bespoke offerings. The company has also expanded its structured products team, recruiting specialists to enhance its capabilities.

In terms of the upcoming product line of services, M2 will be offering what is called enterprise earn, a white-label solution that enables enterprises to deliver market-leading yields directly to their customers—unlocking new value and revenue streams for businesses.

It will also be offering a crypto lending product that it will launch this month in January 2025. The solution will allow users to borrow stablecoins against their crypto assets, preserving ownership while enhancing liquidity.

Finally the crypto exchange will be offering its M2 Card which it will launch in Q1 of 2025. The Crypto debit card enables users to seamlessly manage and spend their digital assets based on personal preferences.

In October 2024, Stefan Kimmel, the CEO of M2, regulated crypto exchange out of Abu Dhabi UAE, moved on to a board position and was replaced by Saadeddine Zaher. As per the announcement, Stefan will remain an integral part of the M2 family as he joins the Board of Directors and takes on a new role within the broader Group, where he will focus on the development of digital asset projects.

Phoenix Group UAE crypto entity Founder steps down

Phoenix Group UAE crypto entity Founder steps down

Phoenix Group, a cryptocurrency, blockchain, and Web 3 company and the first UAE home-grown cryptocurrency firm to be listed on the Abu Dhabi Securities Exchange, announced that is former CEO and co-founder, Seyed Mohammad Alizadehfard (Bijan), has stepped down and been replaced by Munaf Ali, a co-founder as well who previously held the position of Group Managing Director.

As per the press release, Seyed Mohammad Alizadehfard (Bijan), will step down to focus on expanding and managing his investment fund, Cypher Capital but will continue to be involved with Phoenix Group as a major shareholder and as a trusted key advisor to Phoenix.

Munaf Ali who has been well versed in the crypto, digital asset and blockchain field, will focus his efforts on cultivating strong relationships with institutional players to capitalize on the opportunities that lie ahead in the evolving cryptocurrency and blockchain landscape. Phoenix is already working with leading investment banks and crypto advisers on possible dual listing opportunities in favourable international jurisdictions for 2025.

“I want to extend my deepest thanks to Bijan for being my co-founder and for his successful stewardship in guiding Phoenix Group from a private company to our listing on the ADX. We have worked together since we founded Phoenix and grown it into a listed billion-dollar company. Our strong relationship will continue, a CEO could not wish for a better advisor who will continue to bring opportunities to our door.”

“Taking on the role of CEO at Phoenix Group represents an incredible opportunity to lead this forward-thinking company during a time of unprecedented growth,” continued Munaf. “My extensive experience and background in banking and finance equips me to navigate the complexities of our industry as the worlds of traditional and digital assets move closer together, allowing us to position Phoenix Group for success. Looking ahead, we are exploring dual listing opportunities including on NASDAQ in 2025 as we continue to build our global presence.”

Seyed Mohammad Alizadehfard, the outgoing CEO and co-founder, will continue to play a vital role in the company as a valued advisor and shareholder. “While I transition from the CEO role, I am dedicated to supporting Munaf and the team as we embark on the next stage of Phoenix’s journey. My knowledge and expertise in cryptocurrency, combined with Munaf’s institutional background, will ensure that Phoenix Group remains at the forefront of our industry both here in UAE and on the global stage” he stated.

UAE Ministry of Interior and the FSRA regulatory arm of ADGM partner to fight virtual asset crimes

UAE Ministry of Interior and the FSRA regulatory arm of ADGM partner to fight virtual asset crimes

The Financial Services Regulatory Authority of ADGM (FSRA) and the UAE Ministry of Interior, have partnered to coordinate and combat financial crimes in the virtual asset, crypto realm.

As per the press release, the agreement aims to facilitate the exchange of information, strengthen risk mitigation frameworks, and support the national strategy to safeguard the financial system against evolving threats in the digital asset landscape.

Commenting on the importance of proactive cooperation in combating financial crime, Emmanuel Givanakis, CEO of the Financial Services Regulatory Authority, said, “The FSRA is focused on collaboration with UAE authorities to proactively fight against financial crime. Financial crime is constantly evolving, and it is crucial that regulators stay ahead of potential threats. Our goal is to build long lasting partnerships across the UAE to ensure prevention of financial crime in financial services including the use of virtual assets. We aim to protect the financial ecosystem and lead regulatory efforts in line with international best practices and federal laws. We also seek to raise awareness internally and locally to ensure proper understanding of financial crime risks and assist actively in the efforts conducted on a national level”.

This MoU establishes a framework for cooperation between the FSRA and the Ministry of Interior, supporting the exchange of information and coordination on matters related to financial crime and virtual assets. It also aims to bolster the security and efficacy of the UAE’s financial system while enabling knowledge-sharing initiatives, joint training programs, and strengthened investigative efforts.

This agreement comes at a time when Chainalysis recently reported that In 2024, crypto platforms experienced a 21% increase in stolen funds compared to last year, totaling an estimated $2.2 billion. This marks the fifth year on record with losses exceeding $1 billion.

Private key compromises were the leading method of theft, representing approximately 43.8% of stolen crypto.

Telecom operator stc Bahrain partners with ZetaChain blockchain

Telecom operator stc Bahrain partners with ZetaChain blockchain

stc Bahrain, Bahrain telecom operator and digital service provider has partnered with ZetaChain, the first Universal Blockchain, as part of its Web3 Launchpad Program under the Pearling Path initiative.

As per the press release, this collaboration underscores stc Bahrain’s commitment to advancing cutting-edge technologies and driving blockchain innovation across the Middle East and beyond.

ZetaChain’s Universal Blockchain provides native access to all major blockchains, including native Bitcoin, enabling developers to create Universal Apps that seamlessly operate across these ecosystems from one unified interface. Its design eliminates the need for bridges or middleware, offering a secure, scalable, and simple framework for cross-chain applications.

As part of this collaboration, stc Bahrain will operate a validator on ZetaChain’s mainnet. This moves the network’s security and scalability while enabling developers to build and deploy Universal Apps, natively accessible from all major blockchains, including the Bitcoin network.

“This partnership with ZetaChain represents a major step forward in enabling secure access to fully interoperable Web3 applications,” said Saad Odeh, Chief Wholesale Officer at stc Bahrain. “ZetaChain’s Universal Blockchain simplifies the Web3 user experience across all chains, including Bitcoin, while aligning with our commitment to advancing blockchain technology in the region.”

“stc Bahrain’s leadership in telecom and its award-winning Web3 Launchpad program makes them an ideal partner for ZetaChain,” said Jonathan Covey, Core Contributor at ZetaChain. “Their role as a validator will strengthen our ecosystem in the Middle East and unlock new Universal Apps that operate natively across Bitcoin and any blockchain from a single platform.”

This partnership affirms the company’s commitment to creating an interoperable and accessible Web3 ecosystem and bringing unique blockchain solutions and new technologies to the region, in alignment with Bahrain’s Vision 2030. With ZetaChain’s growing ecosystem including over 4 million unique wallets, 154 million transactions, and 300+ dApp integrations, stc Bahrain is enabling developers and enterprises to deliver seamless cross-chain functionality, advancing the adoption of blockchain technologies across the Middle East and beyond.

In August of Stc Bahrain announced the launch of “Intersect the Network” on Avalanche Blockchain. The initiative aimed to advance Web3 innovation, promote digital transformation for decentralized applications (dapps). In April 2024, stc Bahrain announced its partnership with Avalanche Blockchain to build Web3 in the MENA region.

Earlier the telecom operator placed operating nodes on Core Chain Bitcoin Layer 1 blockchain. Stc Bahrain also partnered with Core Chain DAO as part of its Web3 launchpad initiative.

Tokenized Gold now in UAE with Fasset and Own Foundation

Tokenized Gold now in UAE with Fasset and Own Foundation

Fasset, a UAE regulated digital asset platform focused on enhancing financial inclusion in high-growth markets, has introduced ORO, the first application built on its Ethereum Layer 2 network, Own, in partnership with The Own Foundation. Through tokenization, ORO users will be able to invest in smaller, more affordable increments of gold ($GOLD), leveraging blockchain’s transparency, security, and yield-generation features, all with minimal fees and no storage costs. The offering will be launched in early 2025.

Gold, long regarded as a reliable store of value, has gained renewed significance as a hedge against inflation and economic uncertainty. Since 2008, high-growth markets such as India have doubled their central bank gold reserves, underscoring the asset’s appeal. However, traditional gold ownership remains costly and inaccessible for many, often involving high entry thresholds and complex storage requirements. ORO addresses these challenges by leveraging blockchain to offer secure, fractionalized ownership with minimal fees and no physical storage needs.

“ORO is a showcase of how Own’s infrastructure can deliver meaningful financial solutions, particularly for markets underserved by traditional systems,” said Mohammad Raafi Hossain, Co-Founder of Fasset and Own. “By combining blockchain’s transparency with gold’s enduring value and an innovative yield product, ORO redefines what’s possible for a trusted asset.”

Each ORO token represents one ounce of 99.99% fine gold securely stored with blue-chip custodians and fully insured. Tokens can be redeemed for physical gold starting at $85 increments or exchanged for USDC for added liquidity. Moreover, ORO offers a highly competitive financial opportunity by combining gold’s historical appreciation—averaging around 8% annually—with a 3-4% APY earned through staking $GOLD on the platform. This potential total yield of approximately 12% significantly outpaces traditional savings accounts, which typically offer returns of just 3-4%, and provides a better alternative to conventional gold investments.

Joining the waitlist ensures early access to product updates, beta testing opportunities, and potential rewards ahead of ORO’s full 2025 launch.

ORO was founded by Usman Saleem, a member of the ARY family, renowned for their century-long expertise and leadership in the gold industry in the UAE and beyond. Building on this heritage, Saleem launched ORO to expand access to gold investments, combining trusted industry knowledge with blockchain-powered financial solutions.

“Own’s commitment to creating meaningful financial opportunities in regions like Asia and the Middle East makes it the perfect platform for ORO,” said Saleem. “Together with Own, ORO is unlocking the full potential of gold by introducing innovative use cases for an asset trusted for millennia. By bringing gold on-chain, we make it inflation-resistant, DeFi-compatible, and staking-ready.“

Own is managed through The Own Foundation, which is powering Fasset’s mission to expand access to decentralized finance globally, lower costs, and enhance scalability while ensuring compliance in key markets. Founders Mohammad Raafi Hossain and Daniel Ahmed created Own to address challenges like inflation, remittance costs, and limited financial access.

Crypto.com appoints UAE National as president of its UAE Operation

Crypto.com appoints UAE National as president of its UAE Operation

Crypto.com has announced the appointment of Mohammed Al Hakim, a UAE national, as president of its UAE operation for the company’s growth and diversity in the region.

Al-Hakim will head up business development, strategic partnerships, and financial innovation to Crypto.com. According to the press release, he has been key in driving over $800 million in foreign investments into Dubai. Al-Hakim has raised millions in sponsorships for UAE government initiatives and launched programs aimed at empowering Emirati professionals.

Kris Marszalek, CEO of Crypto.com, expressed confidence in Al-Hakim’s leadership, stating that his expertise will be pivotal in advancing the company’s goals in the UAE. “The UAE is a critical market for us, and Mohammed’s leadership and experience will help us build strong relationships and achieve sustainable growth in this key region,” said Marszalek.

Al Hakim shared his enthusiasm for joining Crypto.com, emphasizing, “The UAE’s leadership in fostering a forward-thinking regulatory framework has set the stage for exponential growth, and I look forward to contributing to Crypto.com’s mission by driving innovation and delivering exceptional value to our users across the UAE and GCC.”

“We have a number of growth initiatives and exciting product launches in the pipeline for 2025 in the UAE and wider GCC region and we’re delighted to have Mohammed onboard to spearhead these,” said Eric Anziani, President and Chief Operating Officer of Crypto.com.

Al Hakim is also a member of the Mohammed Bin Rashid Center for Leadership Development’s 7th cohort. This program is focused on developing future leaders, reflecting his dedication to innovation and leadership in the UAE and GCC.

He worked as a Director for the Corporate Management and Loyalty and Incentives Programs at the UAE’s Ministry of Human Resources and Emiratisation.

The UAE is now one of the top global hubs for digital assets, ranking third in the MENA region with over $30 billion in cryptocurrency transactions from July 2023 to June 2024.

This announcement follows Crypto.com’s recent acquisition of Orion Principals Limited in Abu Dhabi and the launch of its AED Wallet, which allows users in the UAE to easily deposit and withdraw in local currency. Additionally, Crypto.com partnered with Mastercard to offer a prepaid debit card to eligible users in the GCC.

Few weeks ago, Bahrain’s Crown Prince and Prime Minister, His Royal Highness Prince Salman bin Hamad Al Khalifa, met with the President and Chief Operating Officer of Crypto.com, Eric Anziani, at Gudaibiya Palace where he presented His Royal Highness with the company’s new Mastercard prototype and is regarded as the first of its kind in the Middle East.

In September 2024, Crypto.com, 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.

Crypto.com had already received a crypto exchange license from Dubai’s virtual asset regulator in UAE, and considers this license as part of its expansion plans in the GCC region.

CoinMENA the first and only Crypto exchange in MENA to list Ripple stablecoin

CoinMENA the first and only Crypto exchange in MENA to list Ripple stablecoin

CoinMENA, a regulated crypto broker with licenses in the UAE and Bahrain, is one of the selected crypto exchanges globally to be listing Ripple’s new RLUSD stablecoin on its platform. CoinMENA is the only crypto broker to be chosen by Ripple to list its stablecoin in the MENA region.

Ripple which today launches its Ripple USD (RLUSD) on global exchanges has chosen CoinMENA, Uphold, MoonPay, Archax, Bitso, Bullish, Bitstamp, with Mercado Bitcoin, Reserve, Zero Hash and others expected in the coming weeks.

CoinMENA Founders, Dina Sam’an and Talal Tabbaa commented, “We are proud to be the first and only platform in MENA to list RLUSD, the latest stablecoin in the market. Demand for stablecoins is exploding in the region, driven by diverse and growing use cases, we are seeing from our user base. Stablecoins are by far the most popular use case in the crypto today, and this listing reflects our commitment to providing the latest crypto financial solutions that meet the evolving needs of our users.”

Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents—designed to ensure its stability, reliability, and liquidity. To maintain the highest standards of transparency, Ripple will publish monthly, third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm.

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” said Brad Garlinghouse, Ripple’s CEO. “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”

Key RLUSD partners include leading global exchanges, market makers, and payment providers, which will drive adoption and usage across the Americas, Asia-Pacific, UK, and Middle East regions.

RLUSD will be utilized for financial use cases and allows institutions to, facilitate instant settlement of cross-border payments, access liquidity for remittance and treasury operations, seamlessly integrate with decentralized finance (DeFi) protocols, and a reliably bridge between traditional fiat currencies and the crypto ecosystem, ensuring a seamless and efficient transition when entering (on-ramping) or exiting (off-ramping) the crypto space.

It will also be used to provide collateralization for trading tokenized real-world assets such as commodities, securities, and treasuries onchain.

Early next year, Ripple Payments will use RLUSD to facilitate global payments on behalf of its enterprise customers. Ripple Payments has served $70 billion in payments volume and counting, and has near-global coverage with 90+ payout markets, which represent more than 90% coverage of the daily FX market.

 RLUSD is available on both the XRP Ledger and Ethereum blockchains, offering flexibility and scalability for a broad range of financial use cases.

“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems. With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments. Joining the Advisory Board provides me an opportunity to counsel RLUSD as it embarks on its journey in the rapidly evolving financial landscape,” said Raghuram Rajan, former Governor of the Reserve Bank of India.

“I am excited to join Ripple’s advisory board at such a pivotal moment for digital finance,” said Kenneth Montgomery, former First Vice President and Chief Operating Officer at the Federal Reserve Bank of Boston. “Stablecoins are rapidly emerging as a cornerstone of the payments landscape, delivering the speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve. I look forward to collaborating with the Ripple team to support the global growth and adoption of RLUSD, unlocking new opportunities for financial inclusion and modernizing the future of payments.”

Hex Trust crypto platform launches fiat on and off ramping services in UAE

Hex Trust crypto platform launches fiat on and off ramping services in UAE

Hex Trust, a regulated provider of virtual assets custody, staking and market services has officially opened HT Markets MENA offering fiat on/off-ramp services in Dubai UAE through its secure, institutional-grade platform.

These services are immediately available for institutional clients and accredited investors with a minimum on-ramp threshold of AED 368,000 (equivalent to USD $100K).


Hex Trust established a Dubai office in June 2022. It currently holds three Virtual Asset Service Provider (VASP) licenses in Dubai, issued by the Virtual Asset Regulatory Authority (VARA). This includes a license to provide Virtual Asset Custodial Services, a second license for its VA Broker-Dealer and and a third for VA Management and Investment arm, HT Markets MENA FZE.

As per the announcement, these licenses allow Hex Trust to offer comprehensive Virtual Asset services covering Broker-Dealer and Management and Investment Services, which include regulated Staking Services.


“We are one of the first VA broker-dealers in the MENA region to offer an efficient and secure bridge between fiat and virtual assets. This unique offering caters to the huge appetite for on/off-ramp services in Dubai and is a significant achievement for HT Markets MENA.
We see enormous potential for virtual asset growth in Dubai given the progressive regulations, welcoming governments, and thriving crypto ecosystem. ” Filippo Buzzi, Hex Trust’s Regional Director MENA.


Hex Trust Markets offers safe access to the DeFi ecosystem, where clients can generate yield with native on-chain staking solutions and execute trades with the support of Hex Trust’s dedicated Markets team. It also brings secure access to crypto-fiat conversions through Hex Trust’s fully-licensed, institutional-grade custody platform. This enables investors in Dubai to seamlessly move their cryptocurrencies into fiat currencies, fostering a secure and compliant trading environment.