KSA is looking for DLT, Ethereum, Hyperledger and DeFi talents with tokenization skills

KSA is looking for DLT, Ethereum, Hyperledger and DeFi talents with tokenization skills

The senior advisor of Saudi Central Bank  Anthony Butler  for blockchain, AI and digital assets recently posted  on LinkedIn new job positions opening up in Riyadh KSA.

The roles he mentioned included sSoftware engineers with hands-on experience working with DLT ( Distributed Ledger Technology) protocols and applications. According to Butler the role requires someone with experience implementing solutions using tech such as Ethereum, Hyperledger Besu, Hyperledger Fabric, and/or R3 Corda.”

He adds  these talents should particularly  be knowledgable of solutions involving tokenisation of real world assets. The job applicant should understand the functional and non-functional aspects of designing such solutions and be able to work with broader engineering teams to lead design and implementation. Understanding of DeFi and emerging areas, such as self-sovereign identity.

Also required are software engineers/full-stack developers at all levels of seniority. These applicants should be able to work independently on software development projects and potentially lead a team of other engineers by providing architectural and engineering guidance. Hands-on experience working with common front-end frameworks, architecture patterns, cloud-native design practices, and languages.

Finally Butler also mentions jobs for thos talented in AI ( Artificial Intelligence), machine learning (ML) and DS techniques and tools to solve complex classification, anomaly detection and prediction problems. Deep knowledge of common libraries such as PyTorch, TF, etc. and knowledge of tech and tools needed to implement AI at scale, such as vector databases (e.g. Pinecone), data pipeline tech (e.g. Airflow), orchestration tools (e.g. Langchain), MLOps tooling (e.g. Weights and Biases), etc. Will be working with SOTA and emerging areas, such as GenAI, so should be intellectually curious and self-driven to learn.

This comes as the Central Bank of Saudi Arabia moves forward with its CBDC ( Central Bank Digital Currency) national project as well as digital asset’s strategy.

Anthony Butler, the Chief Technology Officer for IBM MENA region who was based out of KSA, and is a blockchain, AI, metaverse expert joined Saudi Central Bank (SAMA) as a senior advisor in May 2023.

He announced the new position on LinkedIn saying, “I’m happy to share that I’m starting a new position as Senior Advisor at Saudi Central Bank – SAMA! As a senior advisor to SAMA I will be focused on  first of a kind applications of emerging technology, such as artificial intelligence, distributed ledger technologies, quantum, and advanced cryptography in support of payments innovations (such as CBDC, stable coins, and tokenization), transformation of Suptech/Regtech, green finance,  open finance, decentralized finance (DeFi), and cybersecurity.

Prior to that, The Saudi Central Bank ( SAMA) appointed Mohsen AlZahrani, as virtual assets and CBDC lead.

With the new job postings listed by Anthony Butler it seems the move towards digital assets, DeFi, and blockchain in the capital of KSA is moving forward at a faster pace.

Bybit officially receives MVP preparatory license from Dubai’s virtual asset regulator

Bybit officially receives MVP preparatory license from Dubai’s virtual asset regulator

After receiving is preliminary approval for a license, Bybit has jumped to the next stage with a minimum viable product preparatory license from Dubai’s virtual asset regulatory authority ( VARA).

VARA placed ByBit on its public registery.

This comes after global crypto exchange ByBit partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit’s pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre.

Again Bybit also supported crypto and blockchain ecosystem in the UAE with the University of Sharjah. Bybit contributed $272.000 equivalent to 1 million AED to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah.

In March 2023 Bybit was one of the global crypto exchanges to have received preliminary approval from VARA.

Crypto.com is close to receiving its operational license just as BitOasis did. Binance is still in the preparatory license phase. 

CoinW crypto exchange receives initial approval from Dubai’s virtual asset regulator

CoinW crypto exchange receives initial approval from Dubai’s virtual asset regulator

In a recent blog post by CoinW, a crypto exchange, the company unilaterally announced that it has received an initial approval from Dubai Virtual Asset regulatory Authority. According to CoinW this is a significant step in their global expansion which will lead to substantial investments in the UAE market and MENA region.

As per the post the initial approval from VARA means that CoinW will be able to operate its regional business in Dubai within the newly announced regulatory framework and serve as its foundation for operation in the region.

Sonia Shaw the Global Cooperation Director of CoinW based out of UAE, commented that the UAE is growing into an important global cryptocurrency hub, with Dubai being the first global economy to establish a dedicated regulatory authority for the virtual asset industry. It is foreseeable that the cryptocurrency business in the Middle East will thrive in the coming years.

She states, “CoinW is optimistic about the potential of this city and the future opportunities it offers. We look forward to working with VARA and other local authorities to further invest in Dubai and promote the development of the virtual asset industry in the Middle East.”

CoinW has been dedicated to compliant operation since its inauguration in 2017. To date, CoinW has obtained various crypto-related compliant licenses in multiple countries and regions, including the US MSB financial license, Canadian MAB license, Lithuanian financial regulatory license, SVGFSA license, and others. This preliminary approval from VARA marks another important milestone for CoinW in terms of regulatory compliance and accelerates its strategic positioning for global expansion.

Swiss Blockchain Web3 Infrastructure provider Buildrs opens office in UAE and onboards first project

Swiss Blockchain Web3 Infrastructure provider Buildrs opens office in UAE and onboards first project

Swiss based Buildrs, a blockchain, metaverse and Web3 infrastructure provider has announced that it has opened a location in the UAE and is embarking on its first project with its first customers.

Buildrs is specialized in the virtual economy, blockchain, and gamification. Buildrs mission is to accelerate the adoption of Web3. Virtual assets, digital ownership, co-creation, and transparency are at the core of the experiences we build.

The company develops a portfolio of products and use cases across various industries as real estate, hospitality, entertainment, and gaming. Buildrs empower them using the original platform, which covers all aspects of virtual assets, the virtual economy, and the Metaverse.

Viktor Andreas, Founder and CEO of Buildrs stated in a LinkedIN video, “ We are very excited to be here in Dubai and continue our journey providing Web3 infrastructure which we have started three years ago in Swtizerland. UAE has created one of the most innovative and best envionments for Web3 innovation. We are happy to announce that we are setting up our location in the UAE. We have met wonderful people, in Hub71 in Abu Dhabi, and Dubai and we believe this is one th best locations now and in the future to innovate to collaborate and create the future by leveraging Web3 technology, New project and onboarding new customers, engaged in Web3 ecosystem.. we are here to stay.”

In their LinkedIn post Buildrs states, “Our commitment to providing exceptional service and innovative solutions remains as strong as ever. Our team is working tirelessly to understand the unique needs and challenges of businesses in the UAE. We are collaborating with local partners, participating in regional events, and leveraging digital tools to ensure we are as present and active as possible.”

Prior to the move to the UAE, Buildrs had visited and participated in various events in the UAE. The company was impressed with UAE’s unwavering government support expecially initiatives like Hub71 and the crypto ecosystem in Dubai with Crypto Oasis.

The were also impressed with the favourable regulatory landscape and it is their visit that reinforced their belief in the potential of the UAE to becoming a center of Web3 innovation.

UAE Trade Finance provider partners with InvoiceMate for AI Blockchain invoice financing

UAE Trade Finance provider partners with InvoiceMate for AI Blockchain invoice financing

UAE Halliday Growth, a non-bank trade finance provider has partnered with Blockchain entity InvoiceMate to offer Blockchain AI powered invoice financing in the UAE. The agreement was signed during the World Token Summit 2023 held in Dubai UAE.

UAE based, InvoiceMate is a blockchain powered platform for trusted & efficient invoice processing, payments & financing.

Speaking to LaraontheBlock Muhammad Salman Anjum, Founder of InvoiceMate, stated, “For us at InvoiceMate, this partnership is very valuable as it brings diversification of experiences to a real venture.”

He adds, “Halliday Growth is an established brand with extensive experience in the UAE market. InvoiceMate is eager to share its tech competency to reach the common goal of financial inclusion for MSMEs in the region. Blockchain and AI powered InvoiceMate offers a sustainable solution for working capital problems of the businesses.  We are looking forward to serve UAE together.”

Prior to this InvoiceMate and Mentor Health in Pakistan partnered to introduce Health Invoice Financing.

UAE Ministry of Education utilizes Blockchain UAE Pass app to attest certificates automatically

UAE Ministry of Education utilizes Blockchain UAE Pass app to attest certificates automatically

UAE Ministry of Education (MoE) has launched the blockchain enabled “automated attestation” service to make it easier for university graduates to get their certificates verified quickly.

All attested university certificates will be provided through the blockchain-powered UAE Pass app, in cooperation with the Telecommunications and Digital Government Regulatory Authority (TDRA), enabling students to access their attested certificates in a faster and more reliable manner.

During the first phase, six licensed universities, comprising almost 11,000 students, will benefit from the new service.

According to WAM news agency the  announcement was made during a press conference attended by Dr. Ahmad Belhoul Al Falasi, Minister of Education; Dr. Mohammed Al Mualla, Under-Secretary for Academic Affairs of Higher Education at Ministry of Education, and representatives from UAE-based media outlets.

Certificates issued by UAE-based higher education institutions (HEIs) can now be attested in less than an hour. The service will facilitate graduates’ transition to the workforce or help them complete their education locally or abroad.

Dr. Al Falasi noted the “automated attestation” service is a proactive digital service that aims to make the attestation process faster and simpler for students. It ensures that the final outcome meets the quality standards set by the UAE Digital Government Strategy. This initiative aligns with the Ministry’s goal to improve the higher education system, which plays a crucial role in creating a knowledgeable society with global competence.

He said, “We, at the Ministry of Education, seek to harness cutting-edge technological solutions to boost the efficiency of our services, to help students contribute to the UAE’s comprehensive and sustainable development. We will keep using technology to enhance different parts of the education system, establishing the UAE as a top educational destination for students and the home to excellent educational institutions.”

The six licensed Universities included in first phase are  the United Arab Emirates University; Mohammed Bin Rashid University Of Medicine and Health Sciences; Khalifa University of Science and Technology; the University of Sharjah; Zayed University; and the American University of Sharjah. In the second and third phases, the service will be made available to all licensed HEIs in the country by 2024.

Digital assets infrastructure provider one of 15 startups accepted into Abu Dhabi Hub71 2023 cohort

Digital assets infrastructure provider one of 15 startups accepted into Abu Dhabi Hub71 2023 cohort

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

As per the website of Fuze Finance, the company was purpose built for the Middle East because the company believes the Middle East will be the epicentre of digital asset innovation.

The MENA market, is seeing rapid growth in digital assets. Digital asset transactions of over $566 billion from June 2021 to June 20 22, 48% more than the year prior.

Fuze was among 15 startups chosen because it is aligned to Abu Dhabi’s strategic ambitions, including  healthtech, fintech and edtech firms. The addition of the latest cohort has increased the size of Hub71’s ecosystem to more than 240 startups.

In the latest cohort, 67 per cent of the selected startups are headquartered outside the UAE, reinforcing the increasing the status of Abu Dhabi as a global innovation and business hub.

The 15 startups originate from the UAE, US, New Zealand, Egypt, the Netherlands, and the UK.

The full list of startups joining Hub71 include: 

Cypherleak is a cost-effective risk monitoring solution that allows companies to gain visibility on their leaked data and provides attack surface management, vulnerability scanning, and risk scoring solutions.

Elmawkaa is a marketplace for building materials. An automated process provides contractors and engineers access to competitive and accurate quotations for their materials from vetted suppliers in a few minutes.

Exsurgo uses neuroscience and data analytics to develop treatments for neurological conditions without using pharmaceutical drugs.

Fuze is a full-stack digital assets infrastructure platform, enabling MENA businesses to integrate embedded experiences for their customers in a regulatory and compliant way.

Inovat is a digital VAT refund solution that allows travellers to save more than 20 per cent in tax refunds on shopping without the need to complete any paperwork or stand in airport queues.

LivLyt is democratising access to the latest tech devices through subscriptions, which provides a more affordable, flexible, and convenient solution than alternative options.

Mashvisor is a platform that combines all services needed for real estate investing, cutting three months’ worth of research down to only 15 minutes.

MediJobs is a platform that enables highly skilled healthcare professionals to connect with an exclusive network of top-tier practices hiring in their area.

Ovasave is a tech platform that leverages innovative solutions to provide women access to seamless, integrated, digitally enabled fertility and egg-freezing services across a vetted network.

Rabbit Mart is a grocery service with tech-enabled, hyper-local fulfillment centres.

SubsBase is a subscription management platform that empowers businesses with recurring payments to manage customers’ lifecycles seamlessly and efficiently.

Synapse Analytics is a data science, machine learning, and artificial intelligence company that offers services and products to help organisations better use and monetise their data.

The Editing is a compact gene editing system that uses endogenous proteins to cure life-threatening genetic disorders.

Qureos is a platform that makes mentorship, portfolio building, and matching jobs simple for graduates transitioning to the workplace.

Zest Equity is a platform for all venture investors that democratises access to venture transactions across emerging markets.

Substantial rise in applications from startups

Hub71 received a 70 per cent increase in applications to join the startup community compared to the previous cohort, including a significant increase in high-quality early-stage startups looking at setting up in Abu Dhabi.

Ahmad Ali Alwan, deputy CEO of Hub71, said,“Each startup has undergone a rigorous selection process, having been selected based on their unique capabilities and potential to grow as a global tech company out of Abu Dhabi. Our first cohort of 2023 is comprised of companies that have showcased a competitive edge in building differentiated tech platforms and products. By attracting and scaling startups with solutions that make a difference in people’s lives, we aim to make an impact on Abu Dhabi’s economy and society and continue bolstering its position as a leading global innovation hub.”

Dubai Virtual Assets Regulatory Authority publishes fee’s schedule for various activities

Dubai Virtual Assets Regulatory Authority publishes fee’s schedule for various activities

The Dubai Virtual Assets Regulatory Authority [VARA] has announced a schedule of fees covering the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications, and the submission of whitepapers for VARA review.

All proprietary traders will require a no-objection certificate to carry out the activity of proprietary trading in or from the Emirate of Dubai. VARA shall confirm its evaluation of a firm’s activity through the firm’s commercial licensor and firms assessed as carrying out the activity of proprietary trading will be required to pay an annual NOC fee of AED 1,000. For the avoidance of doubt, there is no additional fee payable in relation to the requirement for mandatory registration applicable to large proprietary traders (under Regulation IV.A.7).

Licensed firms wishing to amend details of their VARA licence will be charged a licence update fee of AED 500 per request. Licensed firms seeking to withdraw from Dubai and wind down their Virtual Asset operations will be charged a licence withdrawal fee of AED 10,000.

Issuers of Virtual Assets seeking VARA review under VARA’s Virtual Asset Issuance Rulebook will have to pay a whitepaper submission fee of AED 5,000. Firms will then be notified of the subsequent fee (of up to AED 50,000) to be charged for completion of a detailed review. The maximum amount payable for submission and review is therefore AED 55,000.

Submission of amendments to whitepapers (and the detailed review of such amendments) will also be subject to fees of AED 5,000 (for submission) and a further fee for completing a detailed review (of up to AED 50,000). The maximum amount payable for submission and review of an amendment is therefore AED 55,000.

Where legal opinions or memorandums are submitted to VARA for review and consideration of the regulatory perimeter applicable to a firm’s virtual asset activity, a legal review fee of up to AED 4,000 may be charged for a written confirmation to be provided by VARA.

UAE’s Abu Dhabi University hosts 5ire Web3 Blokchain hackathon

UAE’s Abu Dhabi University hosts 5ire Web3 Blokchain hackathon

UAE Abu Dhabi University’s department of computer science and IT has hosted the first 5ire Web3 Blockchain hackathon in collaboration with 5ire and MetaDecrypt. Over 50 teams representing nine universities acros shte UAE participated in a bid to further enhance students’ knowledge of blockchain technology and innovation and to strengthen blockchain education, research and entrepreneurship.

ADU’s faculty members and 5ire trainers introduced students and academics to Web3 and blockchain technology, fostering innovation in the next generation of developers through the utilisation of several technologies such as Metamask, NFT, 5irechain, Ethereum and IPFS. In addition, participants from all coding and programming levels received expert guidance, valuable resources and networking opportunities to ignite their critical thinking and problem-solving skills.

As part of the event, students attended a workshop focused on Web3 and blockchain technologies, as well as entrepreneurship. Following the workshop, the students worked together and were encouraged to apply their creativity to competitive and groundbreaking ideas that utilised Web3 and blockchain technologies as well as developing innovative solutions for real-world challenges. 

Professor Mourad Elhadef, Computer Science and IT Professor at Abu Dhabi University (ADU), said: “We are delighted to host the first 5ire Blockchain Hackathon in partnership with our strategic partner 5ire. Together, we aim to boost critical thinking and empower the next generation of Web3 and Blockchain developers. This hackathon serves as a dynamic platform where creativity meets sustainability, showcasing how technology can drive positive change in alignment with the UAE’s strategic vision for sustainability. We are inspired by the pioneering and creative ideas we have witnessed from the bright tech-savvy leaders of the future.”

Dr. Murad Al Rajab, Assistant Professor of Computer Science at Abu Dhabi University, said:”Web3 and Blockchain stand at the forefront of innovation, offering unprecedented opportunities for sustainability. By harnessing the power of these transformative technologies, we can forge a path towards a greener and more sustainable future. The recent hackathon, organised by Abu Dhabi University and 5ire.org, showcased how Web3 and Blockchain can revolutionise areas like supply chain transparency, renewable energy trading, and beyond, driving us closer to a world where technology becomes a catalyst for sustainable development.”

Pratik Gauri, Founder and CEO of 5ireChain, said: “We firmly believe in empowering the next generation of Web3 pioneers, and it is not just a vision, but a commitment we hold. By fostering local talent in the UAE and embracing decentralised learning, we strive to equip children and youth with the necessary tools to construct a transformative future.”

The competition concluded with an award ceremony, where the winners were recognised for their outstanding innovative ideas. The top three winners were recognised from different universities within the UAE where ADU came in second place. The winning teams’ projects focused on Cryptocurrency and Sustainability.

Blockchain Hashgraph Association to support startups in UAE with Hashgraph Ventures

Blockchain Hashgraph Association to support startups in UAE with Hashgraph Ventures

As the Blockchain ecosystem grows in the MENA region, Blockchain Hashgraph Association, an independent non-profit organization focused on building a vibrant innovative ecosystem for startups, enterprises, and government institutions leveraging the capabilities of Hedera Hashgraph  will be expanding into the UAE and launching Hashgraph Ventures out of Abu Dhabi’s ADGM ( Abu Dhabi Global Market) with several important large enterprise collaborations within the UAE. 

In an article in Khaleej Times, Kamal Youssefi, president of the board of The Hashgraph Association, emphasized UAE’s appeal for blockchain companies, citing its innovative regulatory framework, strong talent base and diverse community. He states in the article,  “I have just returned from the governing council meetings held at Google’s campus in San Francisco, and there was a consensus that the UAE’s innovative regulatory framework, strong talent base and diverse community make it an attractive destination for blockchain companies.”

Youssefi adds, “Dubai has become an important hub to support our activities in the region and grow Hedera Hashgraph ecosystem adoption in the Middle East.”

Hedera’s governing council members are Google, Dell, IBM, Boeing, Chainlink Labs, Deutsche Telekom, EDF (Électricité de France), LG Electronics, Ubisoft, University College London, with Middle East entities such as Zain Telecom.

Moreover in 2022, the Dubai International Financial Centre (DIFC) Courts launched Tejouri, a global digital vault, on the Hedera Hashgraph network. The platform enabled the upload and secure storing of documents ranging from insurance contracts, title deeds, Wills, and financial certificates, to images and multimedia files and can be utilized by all individuals globally.

According to Youssefi, given that Hedera Hashgraph has been built from the ground up with enterprise and government use cases I mind, and given UAE’s ambitious blockchain plans, he sees Hedera Hashgraph as a perfect fit for the UAE.

This optimism extends to the entire MENA region. Youssefi states, “We’re extremely bullish on the continued growth of DeFi, gaming, trade finance, and other projects that can lower the costs and expand accessibility for millions of underserved people in the MENA region.”