Hayvn ousted CEO is incognito with speculations about possible embezzlement

Hayvn ousted CEO is incognito with speculations about possible embezzlement

UAE based HAYVN which is a digital asset focused financial institution, providing trading, asset Management, custody, and payments previously regulated and active in Abu Dhabi, has fallen under a great wall of scrutiny and a black cloud both with regards of the activities of its previous CEO as well its current status as a regulated entity in the UAE.

In less than a week, Hayvn not only announced the so called resignation of its CEO Christopher Flinos and the request to make its status inactive in Abu Dhabi ADGM ( Abu Dhabi Global Market), but it also insinuated that the CEO had carried out a huge misconduct. In an email statement made by the PR agency of Hayvn, Fully Vested, to UNLOCK Blockchain, the agency noted, “The CEO stepped down from the management of the business, following a request from the Board of Directors due to the CEO’s conduct.”

Sources close to LaraontheBlock have noted that there has been speculation moving around with regards to possible embezzlement. This is further reconfirmed by the fact that Christopher Flinos is nowhere to be found. His phone is off, he does not respond to LinkedIn or other messages, and he himself has not made any statement to clear his name or explain his actions and that of the board of Hayvn.

LaraontheBlock reached out to the FSRA (Financial Services and Regulatory Authority) at ADGM with two questions. The first question, as a regulatory authority what actions have or will be taken towards Hayvn given the current cloud of speculation around it and the activities of its prior CEO?

The second question, can ADGM confirm that institutional clients in the UAE have not been effected financially or otherwise from the actions taken by the prior CEO and Hayvn as a crypto custodian and if effected will there be restitution?

The response which came from FSRA attributed to Mr. Emmanuel Givanakis. CEO of the Financial Services Regulatory Authority at ADGM stated, “As the financial regulator of ADGM, the Financial Services Regulatory Authority (FSRA) is bound by the highest levels of confidentiality and therefore is not positioned to discuss individual firms. The FSRA is committed to supervising all regulated entities so they maintain high standards to address risks related to their activities. ADGM stands as a transparent jurisdiction and has relevant public information on registered and licensed entities by its independent regulatory authorities in ADGM available on the public register.”

As per its license, AC Limited (Hayvn) is not permitted to deal with Retail Clients and is restricted to USD 1 million in total assets (Fiat and Accepted Virtual Assets) for a maximum of 100 clients.

When the same questions were posed to Ahmed W Ismail Co-Founder, Board Member & Operating Committee Member of HAYVN, he replied with this statement, “I can confirm that there has been a change of management at HAYVN. The CEO stepped down from the management of the business, following a request from the Board of Directors. Client funds are safe and there will be no disruption to the service of any clients. We continue to be a globally regulated business through our entities in Australia, Cayman and Lithuania.”

Hayvn was granted a license in ADGM in December 2021, allowing it to offer deals for investments, and virtual asset custody. In October 2023 Hayvn announced that had processed over 22 000 cryptocurrency transactions to date in 2023.

While back in August 2023 Swedish and UAE based Gayo aviation, a luxury travel company that offers aircraft management, consulting services, aircraft purchase and sales and flight deck services announced they were now offering crypto payments utilizing UAE HAYVN Pay.

In May Hayvn also announced that it had recorded returns of 19 percent increase on its crypto index fund since its launch in January 2023. The index fund  included the top 20 digital assets by market capitalization with a maximum weighting of 10% for any asset to increase diversification. It is a broad based index strategy with monthly rebalancing.

In short Hayvn was busy partnering and launching products.  It partnered with WooCommernce to offer a plug-in allowing merchants to create an additional revenue stream by accepting cryptocurrency payments from customers globally. It also partnered with crypto hardware manufacturer, Ledger to provide safe and robust off-ramping rails to users of Ledger’s Ledger Live service, as well as strategic partnership with Akurateco, a cutting-edge white-label payment software vendor operating worldwide to broaden crypto payments, and finally the most recent partnership with Malta based Apcopay, a Single Layer – Payments Orchestration Platform which they noted was crucial to HAYVN Pay’s global expansion strategy, providing an alternative payment avenue for businesses.

This flurry of activity while to many looks like reflections of growth and expansion could also have been a cover up for activities that led to the current situation Hayvn is in today.

Could the rushed technology upgrade implemented just before Flinos’s resignation which created widespread disruptions for Hayvn Pay Clients been part and one of the issues realted to the misconduct of the CEO?

These questions and many more should become clearer as the Abu Dhabi Global Market regulator investigates, and as Hayvn’s new leadership takes form.

WeMade brings on Whampoa digital for its $100 million UAE Web3 Fund

WeMade brings on Whampoa digital for its $100 million UAE Web3 Fund

South Korean, Wemade brings onboard Whampoa Digital as an ecosystem partner for its $100 million Web3 Fund in UAE. Wemade will also partner with Whampoa Digital for its WEMIX Play center in Dubai International Financial Center Innovation Hub ( DIFC Innovation Hub).

Both parties will engage in mutual deal and project referrals, particularly in the Web3 industry, and potentially co-invest in promising projects. In addition, Whampoa Digital and Wemade will also leverage each other’s technical and operational know-how to develop blockchain infrastructure and solutions for the gaming and Web3 industries. The solutions developed will be applied and integrated with financial institutions supporting these industries to promote seamless adoption of digital assets globally.

Wemade operates WEMIX PLAY, an established global Web3 gaming platform with over 250,000 concurrent players. It has developed a suite of blockchain solutions and has an established track record in investing in gaming studios, notably in Lionheart Studio, Shift Up and MADNGINE, the developer behind the massively successful NIGHT CROWS mobile and PC game.

Wemade is also developing the WEMIX PLAY Center, a global Web3 gaming hub at the DIFC Innovation Hub. The US$100 million Wemade Web3 Fund is targeted at promising gaming studios and blockchain projects that intend to set up an office in the WEMIX PLAY Center.

Whampoa Digital is the technology investment arm of Whampoa Group, a privately-held investment company owned by several established families in Asia. It is an early investor in digital assets and Web3 ventures, working with Web2 and Web3 visionaries to propel innovation and drive mass adoption of blockchain technologies.

Whampoa Digital was also approved in Bahrain to set up a digital Bank and has committed to investing $50 million in the country.

Whampoa Group Senior Partner Aureole Foong said,“We are excited to be joining forces with Wemade, a powerhouse in the gaming space. This partnership will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space.”

“Through our partnership with Whampoa Digital, a leading investment firm in Singapore, we strive to share valuable insights related to blockchain technology, each party bringing their unique expertise to the partnership,” said Wemade CEO, Henry Chang. “We are committed to consistently expanding collaborations with outstanding global partners.”

UAE Triterras and Mamun partner to bolster trade finance in Oman

UAE Triterras and Mamun partner to bolster trade finance in Oman

UAE and Singapore based Triterras, a fintech company focused on digital trade and supply chain finance, using Blockchain enabled trade finance platform Kratos, has partnered with Oman based Mamun, fintech infrastructure provider to bolster trade finance in Oman.

This collaboration harnesses Triterras’ technological expertise and leverages Mamun’s experience in Oman’s financial services sector. The duo will initially target the Micro, Small and Medium-sized Enterprise (MSME) finance sector in Oman, with a specific emphasis on the food and beverage industry. The collaboration will also enable Triterras to offer the blockchain enabled KRATOSTM financing platform to banks in Oman on a white-label basis.

As part of the alliance, Triterras will introduce eDirect Debit, a direct debit payment technology developed by Mamun, in the UAE. eDirect Debit is designed to offer businesses a seamless and highly efficient payment solution, with the aim of enhancing the ease of handling transactions within the region.

“One of the key challenges for startups and micro businesses is a lack of capital and financing, which hinders growth and accessibility to markets. Our primary aim is to enable MSMEs with access to immediate and workable financial solutions to maintain business continuity and foster growth opportunities,” said Ashish Srivastava, Chief Commercial Officer at Triterras. “This collaboration strengthens our commitment to deliver cutting-edge finance solutions that meet the evolving needs of businesses in Oman, and the wider Middle East region. This 2-way agreement facilitates Triterras’ expansion in the MENA region.”

With Oman’s vibrant market in mind, this collaboration potentially makes a substantial impact on businesses looking for finance by simplifying access to financial resources. As with Triterras’ global mission, the collaboration will support MSMEs, enhancing financial inclusivity for businesses in Oman.

“We are excited to witness the expansion of our eDirect Debit technology into the UAE through our collaboration with Triterras,” said Mohammed Al Tamami, Co-Founder and Chief Commercial Officer, at Mamun.

UAE crypto custodian Changer waives fees at its launch

UAE crypto custodian Changer waives fees at its launch

On its launch day, UAE based Changer, a crypto custodian is waiving custody fees for its premium wallet clients. Changer is providing individuals globally with a reliable, convenient, and accessible wallet to safeguard and manage their digital assets.

This comes after Changer received its license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) allowing it to safe custody provisions, technology governance, and other system controls.

Changer’s launch of custody services for the safe storage of virtual assets comes in line with an increasing demand for independent custody and fund administration of digital assets from asset managers and asset owners, as this market continues to evolve.

Changer’s premium wallet and offerings are unique to the market being the only regionally built, independent custody provider. Changer’s premium wallet brings to the market a transparent, subscription-style monthly service for users based on the assets held under custody.

As Changer ramps up its operations, it is currently waiving custody fees for early adopters, which is planned to come into effect in Q1 2024.

Cryptocurrency investors from all over the world can easily open an account via the user-friendly Changer mobile application that can be downloaded from the App Store, Google Play Store, or Huawei App Gallery, and once verified, can use it to store their digital assets.

Changer is planning to introduce additional services in early Q1 2024 which will allow its users to convert their virtual assets into fiat currencies and hold those in escrow (client-money account) arrangements with a strategic bank partner which is yet to be disclosed.

Nadeem Ladki, Senior Executive Officer of Changer, commented on the launch: “We are happy to witness the successful and global launch of Changer.ae, as the region’s first locally built, independent virtual asset custody provider catering to individuals. For widespread adoption of digital assets, users need a safe, trusted counterpart; and we are committed to investing in the infrastructure and abiding by the regulations necessary to provide that peace of mind to our global users to be a leader in this space. We are proud to launch Changer.ae in the UAE, as the Nation has a well-balanced approach to digital asset adoption and financial regulation, thus making it a great market for our premium crypto custodian service platform. The UAE is a key driver of innovation and economic growth, encouraging more investors to enter the market, accelerate growth, enable collaboration, and continue to shape the future of finance”.

Egyptian ADCB bank appoints blockchain expert to lead digital transformation

Egyptian ADCB bank appoints blockchain expert to lead digital transformation

Egypt’s Abu Dhabi Commercial Bank Egypt (ADCB) appoints blockchain expert, Ahmed Adel Mansour as the Head of Digital Transformation and Banking Services Development. The appointment is  part of its new phase that coincides with the launch of its five-year strategy until 2028. The strategy aims to create a qualitative shift in digital development and banking services, with the vision of being the best bank for its customers.

Mansour, who holds a PhD in financial technology and blockchain, has more than 23 years of banking experience, and a strong background in technology, transformation strategies, innovation, and business growth. He has held many positions of success, the most recent of which was the General Secretary and Assistant Chairman of the Board of Directors for Strategy at the Egyptian Post Authority. He also held several strategic positions in high-level bodies.

Abu Dhabi Commercial Bank Egypt (ADCB) has announced the appointment of Ahmed Adel Mansour as the Head of Digital Transformation and Banking Services Development, as part of its new phase that coincides with the launch of its five-year strategy until 2028. The strategy aims to create a qualitative shift in digital development and banking services, with the vision of being the best bank for its customers.

Mansour has more than 23 years of banking experience, and a strong background in technology, transformation strategies, innovation, and business growth. He has held many positions of success, the most recent of which was the General Secretary and Assistant Chairman of the Board of Directors for Strategy at the Egyptian Post Authority. He also held several strategic positions in high-level bodies. Dr. Mansour has extensive experience in financial management, technology infrastructure, and digital program implementation. He holds a doctorate in financial technology and blockchain.

Mansour will oversee the sectors of digital transformation, banking operations, technology, and information systems, in a new step to continue the significant growth that ADCB has achieved in a short period, thanks to the efforts of the existing team of experts and the introduction of a new integrated vision for developing and digitizing banking operations and services, to achieve customer satisfaction, enhance their banking experience, and provide innovative solutions that meet their needs and exceed their expectations.

ADCB was one of the first banks in the UAE to join Blockchain enabled UAE Trade Connect to deal with fraud in invoices.

Token2049 launches inaugural crypto event in Dubai UAE

Token2049 launches inaugural crypto event in Dubai UAE

Token2049, global Web3 conference launches inaugural crypto event Dubai UAE on April 18-19 2024. The first round of the event’s speaker lineup has been made public. Speaker names include Paolo Ardoino, CEO of Tether; Sandeep Nailwal, Co-Founder of Polygon; Arthur Hayes, Co-Founder of BitMEX; Roger Ver, angel investor and founder of Bitcoin.com; Sergey Nazarov, Co-Founder of Chainlink; and Daniel Alegre, CEO of Yuga Labs, amongst 50 other industry leaders.

Alex Fiskum, Co-Founder of TOKEN2049 said, “Following the success of our latest iteration of TOKEN2049 in Singapore, we’re immensely proud and excited to bring the world’s premier crypto event to an entirely new region. Traction for the event so far has been phenomenal with thousands of registrations already, setting the stage for what will no doubt be a completely sold-out event. Today is the first of many exciting announcements to come in the lead-up to the event in April 2024.”

Set to be held at Madinat Jumeirah, TOKEN2049 crypto event in Dubai will see entrepreneurs, investors, developers, industry leaders, and global media gather to discuss the most prevalent topics across crypto and Web3. Throughout TOKEN2049 Week, taking place 15-21 April 2024, attendees will participate in a wide range of side events, workshops, and exclusive networking opportunities.

TOKEN2049 Dubai has also revealed the names of a handful of the title sponsors confirmed thus far. The list includes a number of industry-leading cryptocurrency exchanges and marketplaces such as BingX, CoinW, Zeebu, the Web3 powered neobank, tailormade for telecom settlements; M2, an Abu Dhabi based crypto investment platform, TRON, decentralizing the web and and DWF Labs – a global digital asset market maker and multi-stage Web3 investment firm.

TOKEN2049 Dubai will welcome exhibitors from around the world to showcase their projects at the conference. Building on the success of TOKEN2049 Singapore, which took place in September 2023 and brought together over 300 exhibitors and more than 10,000 attendees, with 80 percent coming from overseas, TOKEN2049 is set to break records in the MENA region and further cement its position as the leading global Web3 event series.

Decentralized exchange gets a push in the UAE

Decentralized exchange gets a push in the UAE

UAE based Finschia Foundation, an independent non-profit organization, based in Abu Dhabi, UAE, established in March 2023 to expand public blockchain and Web3 technologies, and NEOPIN, DeFi multichain platform have partnered to provide decentralized exchange services.

Finschia and NEOPIN will collaborate to develop the Finschia Network Swap (hereinafter referred to as FNSwap). NEOPIN is currently developing FNSwap, which will be the first Automated Market Maker (AMM) Decentralized Exchange in the Finschia ecosystem.

NEOPIN has been building blockchain expertise and technology since 2017, participating as a node validator for various global blockchains, including Ethereum, Tron, Cardano, and Cosmos. In 2022, the company launched the CeDeFi protocol NEOPIN to provide a secure and convenient environment for using the DeFi protocol.

This year, the company was selected as an innovation program company by the Abu Dhabi Investment Office (ADIO) in the UAE to attract direct and indirect investment, and is working with the Abu Dhabi Global Market (ADGM), a special financial zone in the UAE, to create the world’s first DeFi regulation as a public-private partnership.

As per the news, FNSwap is envisioned as a community-first, community-owned centered and fair platform, offering various range of DeFi products and incentives. These include token swapping, earning fees and rewards by depositing tokens into through token deposits in pools, gaining incentives incentive acquisition through token staking, and token transfers with EVM-based chains via bridge.

FNSwap is set to launch in the near future, providing users with a stable and convenient platform to access DEX services within the Finschia ecosystem.  Later it will be expanded by creating an environment where various Finschia dApp services can easily list tokens and users can trade conveniently.

According to the news, the Foundation will continuously provide necessary technical support and integration for the development of a diverse array of ‘money legos’, starting with supporting the basic token swap services. This support aims to facilitate the onboarding of DeFi services, propelling the platform towards becoming the №1 DeFi platform in Asia.

R3 latest council member of Emirates NBD digital asset Lab

R3 latest council member of Emirates NBD digital asset Lab

UAE Emirates NBD bank chooses R3, the blockchain and DLT infrastructure provider as latest council member of its digital asset Lab. R3 will join PwC, a professional services firm, and Fireblocks, a digital asset transfer and direct custody technology platform, as the founding council members of the Lab.

R3’s Corda offers distributed application and tokenization platforms powering regulated digital finance. Only Corda offers a permissioned ledger, asset modelling capabilities and a multi-party workflow engine in one interoperable and scalable distributed platform.

By adding R3, Emirates NBD is strengthening the new collaborative ecosystem by leveraging R3’s regulated markets expertise to drive transformative advancements in digital assets, currencies and banking services. The new membership marks a pivotal step in Emirates NBD’s journey towards redefining the future of banking, using R3’s technology to enhance security, efficiency and customer-centricity.

Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, commented: “We are pleased to welcome R3, a technology pioneer, to the Digital Asset Lab. The platform is significant to Emirates NBD’s innovation strategy as it serves as a testing ground for new financial technologies and digital assets. As a digital banking leader, the Lab demonstrates Emirates NBD’s commitment to stay at the forefront of innovation in a rapidly evolving financial landscape.”

David Rutter, Chief Executive Officer at R3, noted, “R3 is delighted to be partnering with Emirates NBD by participating in its new Digital Asset Lab. The region continues to go from strength to strength in global financial innovation, and the creation of the Lab marks another significant milestone in the growth of its burgeoning FinTech sector.”

The Digital Asset Lab launched in May 2023 at the Dubai FinTech Summit, with the goal of enabling and accelerating digital asset and financial services innovation in the UAE.

R3 has been expanding aggressively in the MENA region in the past months.

Regulated Digital asset Insurance now in UAE

Regulated Digital asset Insurance now in UAE

OneDegree a Hong Kong based digital asset insurance provider has expanded its offering to the UAE through a local partnership with a 33 year old insurance company.

Both UAE local entity and OneDegree will insure digital asset firms in the UAE using its OneInFinity product offering.

As per Alvin Kwock Yin Iun speaking to the post, “ OneDegree is also in the process of setting up a new entity in Dubai and bringing on new hires in the city, according to Kwock. The move comes after the UAE’s economy minister Abdulla bin Touq Al Marri met with OneDegree during his visit to Hong Kong for the Belt and Road Summit in September. At this time he expressed interest in bringing OneDegree’s digital asset expertise to the UAE and more broadly to the Middle East and North Africa region.”

OneDegree and Dubai Insurance Company will offer several types of insurance required by the Virtual Assets Regulatory Authority’s (VARA) new cryptocurrency regulatory regime in Dubai, including commercial crime insurance, professional indemnity insurance, and directors and officers insurance.

OneInfinity by OneDegree, took part in the Dubai Future Blockchain Summit 2023. Alvin Kwock, co-founder of OneInfinity, was one of the panel speaker of the discussion on “Crypto Trading & Digital Asset – Redefining Custody in Web3 World”, where he stressed the importance of using a qualified custodian and highlighted the growing interest of banks in the crypto world.

Seven-year-old OneDegree launched its digital-asset insurance service OneInfinity in November 2021, which offers insurance to digital-asset businesses such as cryptocurrency exchanges, custodians and wallet providers.

Prior to this OneDegree Hong Kong Limited entered into a three-year strategic partnership with Munich Re to launch OneInfinity, a digital asset insurance product, making OneDegree the first licensed insurer in Asia to collaborate with a global leading reinsurer in offering digital asset insurance.

Cactus Custody™,  the qualified institutional digital assets custodian service provider of Matrixport, upgraded its USD 50 million insurance for its customers with protection now extended to include crime coverage, specifically for warm wallets.

The insurance is issued by OneInfinity by OneDegree, the first and only direct insurer for digital assets in Asia. In addition to enjoying additional insurance coverage, clients have the assurance of the group having passed and met the due diligence standards to be insured by one of the world’s largest crypto insurers.

non-banking entity joins Blockchain UAE Trade Connect platform

non-banking entity joins Blockchain UAE Trade Connect platform

Beehive, a peer to peer lending platform, has become the second non-banking entity to join Blockchain enabled UAE Trade Connect platform. DP World Finance platform partnered with UAE trade Connect in November.

Beehive is regulated by the Dubai Financial Services Authority (DFSA). It has rapidly grown into a leading disruptor in the fintech industry, providing an alternative finance solution for small- and medium-sized enterprises (SMEs) in the ever-growing lending ecosystem.

Beehive recently signed off with UAE Trade Connect (UTC) as its newest member and second non-bank entity to join its consortium. This strategic alliance is set to enhance trade finance operations and fortify the fight against fraud in the UAE. Beehive will leverage UTC’s platform to detect fraudulent and suspicious invoices and mitigate duplicate financing risks against bank invoices, leading to more flow of working capital finance for its customers.

Craig Moore, CEO and Founder of Beehive, said: “By joining the UTC platform, Beehive underscores its dedication to transparency and security in financial processes. We aim to revolutionize peer-to-peer lending alongside other UTC members by infusing greater transparency into the lending ecosystem.”

Zul Javaid, CEO of UTC, commented: “FinTech’s have emerged as a welcome addition in the GCC region enriching the financial landscape by providing innovative alternatives to traditional lending processes. With Beehive in our consortium this means that their working capital lending will be presented to our system daily, in real time, and will serve to de-risk their invoices as well as those of our member banks.”

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.

This highly scalable advanced platform is completely cloud-native and incorporates cutting-edge technologies such as Distributed Ledger Technology (DLT), and Artificial Intelligence (AI). The consortium currently houses 14 members which includes banks and NBFI’s while additional financial intuitions are piloting the platform.

Invest Bank became the 13th bank to join UAE Trade Connect which is paving the way for a secure, efficient and technologically advanced trade finance landscape in October.