Blockchain deposit token payment platform Fluent to set up operations in UAE

Blockchain deposit token payment platform Fluent to set up operations in UAE

USA based Fluent Finance, a blockchain enabled fintech infrastructure company responsible for developing the connections from core banking to public layers, bridging Web2 to Web3 utilizing the Fluent Protocol, has joined UAE’s Ministry of Economy NextGEN FDI program as Fluent plans to launch its operations in Abu Dhabi and expand its workforce in the UAE to 125 people in the next five years.

Fluent is working to issue deposit tokens which are stable-valued, regulatory-compliant digital assets interoperable with core banking systems. With Fluent, banks may issue fiat-equivalent tokens directly to public blockchains based on outstanding customer deposits and central bank-issued CBDCs.

Fluent will use its new UAE headquarters to deploy and scale its proprietary Fluent Economic Bridge, which can be used by importers and exporters to settle transactions via stablecoins or, increasingly, deposit tokens.

They are already piloting the platform in Kenya, and now hope to develop a digital trade corridor with the UAE.

Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said Fluent’s participation in the NextGen FDI initiative underlines the UAE’s status as a hub for global trade and a supportive ecosystem for new technologies such as blockchain: “The UAE has become a prominent advocate for the modernization of the multilateral trading system, as well as a supportive place for the development of the tools and applications that can deliver it. I am optimistic about the possibilities of the Fluent Economic Bridge, and the potential for digital currencies to improve the efficiency and accessibility of global supply chains. In the build-up to the World Trade Organisation’s 13th Ministerial Conference in Abu Dhabi in February next year, encouraging platforms such as those developed by Fluent will offer an important proof point for the UAE’s leadership on trade technology.”

Bradley Allgood, Fluent Finance’s Chief Executive Officer, said the UAE was the obvious place in which to launch Fluent Economic Bridge. “The UAE offers exactly the kind of supportive, enabling environment that Web3 companies such as Fluent require. The combination of thoughtful regulation, forward-looking vision and advanced technology ambitions means we have the right foundations on which to develop our product and grow our organization. Importantly, this is also an important trade crossroads, which provides a multitude of opportunities to deploy our platform. We genuinely believe that, with the right support, we can transform Fluent Economic Bridge into the next unicorn.”

UAE Blockchain enabled Silal food traceability platform acquires major food distributor

UAE Blockchain enabled Silal food traceability platform acquires major food distributor

Blockchain enabled Silal traceability agriculture and food safety platform, backed by Abu Dhabi’s ADQ has acquired a majority stake in SAFCO Group, a leading food and beverage distributor in the UAE.

Prior to this, UAE’s ADQ, Silal, announced the launch its blockchain powered platform to trace the lifecycle of food from farm to fork. As per the news using the new traceability service is as simple as scanning the QR code of a Silal Fresh product through the Silal App.

Today, the acquisition of SAFCO integrates with Silal’s strategic growth ambitions and significantly strengthens its presence in the hospitality, restaurant and catering segment, leveraging SAFCO’s 30-year track record in importing, distributing and exporting a wide array of premium food and non-food products across the UAE, Middle East and Africa. The acquisition integrates with Silal’s strategic objectives and growth ambitions.

SAFCO’s acquisition is a pivotal step in enhancing Silal’s capacity to meet the market’s demand for a wide range of high-quality products and will accelerate the company’s efforts to enhance its food distribution.

UAE HAYVN crypto trading platform processes 22,000 crypto transactions in 2023

UAE HAYVN crypto trading platform processes 22,000 crypto transactions in 2023

UAE based HAYVN Pay an AC Holding Limited Dubai, offering,  digital asset-focused financial institution delivering Trading, Custody, Asset Management and Research services has processed over 22 000 cryptocurrency transactions to date in 2023.

As per HAYVN linkedIn post, “The market demands a payment platform that is accessible, regulated, affordable and efficient.”

The post adds, “HAYVN Pay is a regulation and technology-led business. We currently meet and exceed the requirements of several payment regulators and will continue to lead the integration of cryptocurrency into the traditional payments ecosystem.”

Prior to this announcement, HAYVN announced that it had received obtained initial approval from the Virtual Assets Regulatory Authority (VARA) in Dubai. HAYVN will now undertake the in-depth process of applying for a Virtual Asset Service Provider License, in accordance with VARA requirements.

The initial approval affirms HAYVN’s commitment to strengthening its presence throughout the by ensuring firm commitment to regulatory compliance in the region, which remains a core territory for HAYVN.

At the time CEO of HAYVN, Christopher Flinos stated, “We are delighted to have met the requirements for our initial approval from VARA and look forward to being part of VARA’s regulatory framework. VARA regulation solidifies our position as the trusted cryptocurrency provider regionally. This is a core market of ours, and our regulatory strength here further supports our broader GCC business. We are proud to be a regulation-led firm, committed to upholding the highest standards of regulatory compliance, as we continue to expand our presence and contribute to the growth of the digital asset ecosystem here in the UAE.”

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launched in 2021 as a Launchpad, incubator, crowd funding, and advisory platform for Web3 metaverse, gaming, entertainment and impact and sustainable projects has announced the launch of AYA, ( means miracle in Arabic) dedicated to empowering innovators to tackle climate challenges.

“MENA is at the forefront of climate change, with temperatures expected to rise by 2.5 degrees by 2050. The UAE is emerging as a global leader in sustainability and Web3, attracting builders, investors, and climate warriors,” says Prakash Somosundram, our CEO.

With a focus on areas like reforestation, mangrove conservation, and sustainable agriculture, AYA aims to bridge the climate financing gap, offering a platform for high-impact startups to access innovative technologies, raise funds, and leverage tokenized carbon credits.

At the beginning of 2023, Enjinstarter appointed Vasseh Ahmed as the new Managing Director to lead the Web3 efforts in the MENA region. Vasseh spoke with LaraontheBlock discussing Enjinstarter’s plans to help companies reach their Web3 ambitions while positioning Enjinstarter as the go to provider for impact and sustainability projects.

In the interview Ahmed states, “Web3 has a major role to play in addressing the climate crisis. Carbon credits, in particular, can benefit from Web3’s underlying technology to increase transparency and accessibility. We want to support projects that are looking for ways to shift incentives away from exploitation and toward preservation and regeneration.”

In May 2023 EnjinStarter MENA, a web3 Launchpad and incubator, became the first Launchpad globally to receive initial approval by Dubai’s virtual asset regulatory authority.

UAE based Solarix Ventures is seeking to invest in Web3 technology entities and will be participatiog at the Abu Dhabi Family office Summit on the 23rd of November 2023.

UAE Public Prosecution discusses money laundering crimes using virtual assets

UAE Public Prosecution discusses money laundering crimes using virtual assets

The UAE Public Prosecution is launching a forum entitled  “Financial Crimes Foresight Forum” on 11th October 2023, to discuss money laundering crimes using Virtual Assets. The event will be organized in anticipation of the upcoming International Summit on Metaverse Governance and Emerging Technology, scheduled to commence early next year in 2024.

The forum aims to study and analyze trends in financial crimes and explore proactive preventive measures based on modern and future global trends. It also seeks to explore the future of financial crimes in all its forms and delve into in-depth research to present them as topics for the upcoming International Summit on Metaverse Governance and Emerging Technology.

The forum presents an opportunity for exchanging experiences and enhancing awareness and commitment to combating various forms of financial crimes, especially those based on virtual assets. Experts will discuss the evolution of financial crimes related to virtual assets to shed light on achieving a balance between technological advancements and financial security guarantees. Moreover, it aims to develop scenarios for future information security challenges in the financial and banking sectors and the cyber risks they may face.

The forum will host a select group of speakers from the UAE Public Prosecution, the Securities and Commodities Authority, the Cyber Security Council, the Executive Office for Anti-Money Laundering and Counter-Terrorism Financing, the UAE Financial Information Unit, the Dubai Police General Headquarters, the Economic Security Center of Dubai, the Dubai Public Prosecution, and the Virtual Asset Regulatory Authority of Dubai.

Qatar public consultations for its digital assets and investment tokens legislation

Qatar public consultations for its digital assets and investment tokens legislation

As expected The Qatar Financial Centre (“QFC”) Regulatory Authority (“Regulatory Authority”) and the Qatar Financial Centre Authority (“QFC Authority”) have published a consultation paper for their digital assets framework which seeks to regulate investment tokens.

QFC is seeking feedback for the proposed digital assets legislation at a date no later than January 2nd 2024 which means the final legislation will not be available until the first or second quarter of 2024. This comes at the heels of QFC’s launch of its digital assets Lab which will be launched on October 29th.

Aditya Kumar Sinha,  Head Fintech & Digital Innovation at Qatar Financial Centre (QFC) Authority · states on LinkediN, “ The Qatar Financial Centre Regulatory Authority (QFCRA) and the Qatar Financial Centre (QFC) Authority have jointly released a Consultation Paper, and we’re seeking your insights and feedback on our proposals to introduce a QFC Digital Assets Framework. This comprehensive framework is being developed in phases, with phase one dedicated to establishing legislation for a QFC tokenization framework. To make this vision a reality, the QFC Regulatory Authority and QFC Authority have meticulously prepared a range of draft legislative instruments.”

As part of the digital assets legislation is rulebook for Investment Tokens. These rules define the treatment of investment tokens representing specified products, making their activity subject to authorization and supervision, and amendments to existing rules to accommodate investment tokens.”

The Regulatory Authority and the QFC Authority has developed a QFC digital assets framework designed to achieve the following objectives,  develop a legal and regulatory framework for digital assets through the establishment of a tokenization framework in the QFC that will provide legal certainty and a trusted technology environment for digital assets;  provide legal recognition of digital assets and address issues such as ownership of the underlying assets, custody arrangements, the transfer of ownership, trading and exchange of digital assets, smart contracts, among other relevant matters.

It also seeks to develop a trusted technology infrastructure that embeds the standards necessary to ensure trust and confidence among consumers and support for the framework from high quality service providers; and develop a framework that delivers certainty and promotes trust and confidence in digital assets, the market, and the service providers.

QFC authority as mentioned based their proposed framework on benchmarks in Lichtenstein, Switzerland, the European Union, the Monetary Authority of Singapore, various states, and offshore financial Center frameworks in the GCC and other benchmark regulatory jurisdictions.

Henk Jan HoogendoornHenk Chief Financial Sector Officer at Qatar Financial Centre (QFC) Authority added in a post on LinkedIn, Our ambition is to have a solid Digital Asset Framework where real Asset can be tokenized with trusted tokenization partner and supervised by Qatar Financial Centre (QFC) Authority and Qatar Financial Centre Regulatory Authority (QFCRA) .”

As per the documents the proposed digital assets framework is being developed on a phased basis with phase one focusing on the establishment of legislation to provide for a QFC tokenization framework.

In terms of investment tokens, they are tokens that represent underlying’s that are Specified Products under the QFC Financial Services Regulations (“FSR”). They provide for any person who carries out an activity in relation to such a token to be conducting a regulated activity, requiring authorization and supervision by the Regulatory Authority.

So what is the Investment Tokens Rules 2023? It introduces enabling provisions for tokenizing rights (described as investment tokens), in specified products under the QFC Financial Services Regulations (“FSR”) and certain derivatives and Islamic financial contracts declared to be specified products in Regulatory Rules.

Stablecoins, CBDCs, and crypto are not under the regulatory guidelines and as such are prohibited. As per the legislation framework, “

As noted a cryptocurrency token that is used as an alternative to fiat currencies but is not issued or backed by any governmental authority and does not represent any ‘off-chain’ property, is an example of an excluded token. This includes tokens commonly referred to as fully backed stablecoins, as these are regarded as substitutes for currency but are not themselves fiat currency or monetary instruments.”

Yet regulated token services include token validators, token generation services, token custody services, operation of a token exchange, and token transfer services fall under the activities within the digital asset framework.

In addition the proposed amendments to the Special Company Regulations enable Special Companies to conduct the additional activity of issuing certificates, receipts, or other instruments, which would include tokenized instruments. This amendment is proposed on the basis that parties conducting a transaction in digital assets from the QFC (i.e., by way of example, a sukuk or bond Token issuance) may use a Special Company for this purpose.

This comes after QFC has commenced working with blockchain, DLT, and consultancies to develop their digital asset and DLT framework infrastructure.

This week Dubai’s DIFC (Dubai International Financial Center) also released its digital assets consultation paper.

Bahrain based The Family Office launches Blockchain fintech hub

Bahrain based The Family Office launches Blockchain fintech hub

Bahrain based The Family Office, the leading wealth manager in the GCC, has launched its new Fintech Lab at its headquarters in Bahrain, covering cutting edge technologies including AI, Blockchain, Machine Learning and more.

It will unveil state-of-the-art digital products and services, solidifying its position as a trusted partner in wealth management.

The Fintech Lab is a dedicated space where experts, emerging talents, and visionaries collaborate to develop and implement groundbreaking solutions.

The lab will catalyze the creation of cutting-edge digital products that empower investors to make informed financial decisions with ease and convenience. It will serve as a hub for collaboration with industry-leading experts, harnessing the full potential of emerging technologies such as artificial intelligence, blockchain, and machine learning.

The lab was inaugurated in the presence of Rasheed Al Maraj, Governor of the Central Bank of Bahrain (CBB).

“We have consistently pushed the limits of excellence in wealth management. The new Fintech Lab is a significant milestone in our ongoing mission to provide investors with innovative solutions and advance their overall financial journey,” said Abdulmohsin Al Omran, Founder and CEO at The Family Office.

Deus X Capital launches with $1billion in assets and an office in UAE

Deus X Capital launches with $1billion in assets and an office in UAE

Deus X Capital with offices in the UAE has launched with $1 billion in assets according to an article published in CoinDesk. As per the article the family office backed investment firm launched on October 2nd with Tim Grant as CEO.

Tim Grant previously headed EMEA at Mike Novogratz’s Galaxy Digital. Before that he was CEO of SIX digital exchange

Deus X capital will deploy capital, in private equity, venture capital and fund allocation opportunities in the digital asset, blockchain, fintech and institutional capital markets sectors.

According to information on the website Stuart Connolly has been appointed chief investment officer.

In a statement to CoinDesk Tim Grant stated, “The existing financial system is expensive, unwieldy and works for the few, not the many. We are committed to investing in and building the most innovative digital asset, fintech and capital markets businesses.”

The firm’s existing investments include stakes in publicly listed companies such as crypto financial services firm Galaxy and asset manager Hilbert Group (HILB). It also has allocations to a number of hedge funds.

As per Deus X Capital website it invests globally and has a presence in Malta, London and the UAE.

Emirates airlines to track sustainable aviation fuel using Shell backed Blockchain platform

Emirates airlines to track sustainable aviation fuel using Shell backed Blockchain platform

UAE Emirates Airlines has signed an agreement with Shell Aviation to supply 300,000 gallons of blended sustainable aviation fuel and will track this using Blockchain enabled platform Avelia at its international hub in Dubai.

Avelia is a blockchain powered book-and-claim solution that provides users with fully traceable environmental attributes of SAF to help decarbonize their air travel.

Avelia is powered by Shell Aviation and Accenture, with support from Energy Web together with American Express Global business travel. Through Avelia, Emirates will purchase the physical SAF and associated environmental attributes to help decarbonize its Scope 1 related emissions, while Scope 3 environmental attributes associated to the same physical SAF will be purchased by Shell Corporate Travel to help decarbonize its related business travel.

According to the news, the first SAF delivery under the agreement is expected to commence before the end of the year, making it the first time that SAF is supplied through the DXB airport fuelling system, the airline said in a statement.

SAF can be blended with conventional jet fuel at a ratio of up to 50%, creating an aviation fuel that is significantly lower in lifecycle carbon emissions. In its neat form, SAF can reduce lifecycle emissions by up to 80% compared to conventional jet fuel.

Emirates President Tim Clark said: “We are proud to work in partnership with Shell to make a SAF supply available for Emirates in Dubai for the first time, and to utilize the Blockchain Avelia platform that provides business travellers the flexibility to align their sustainability targets and reduce their environmental footprint when travelling.”

Chu Yong-Yi, Vice President of Shell Corporate Travel said: “Emirates and Shell have a long-standing commercial relationship, and it is fantastic to build on this to now work together on decarbonisation. This agreement marks a step forward for the aviation industry in the UAE. Enabling SAF to be supplied at DXB for the first time is an important milestone, and a perfect example of how the different parts of the aviation value chain have a role to play in unlocking progress on SAF. We hope that this can act as a springboard for more action on SAF across the aviation industry in the UAE and region, delivering another step forward for our net zero emissions journey.”

In May this year, Emirates airline announced a $200 million sustainability R&D fund aimed to reduce the impact of fossil fuels in aviation, with Clark saying “with the current pathways available to airlines in terms of emissions reduction, our industry won’t be able to hit net zero targets in the prescribed timeline”.

Blockchain data security provider Zorrosign partners with UAE Vision Tech

Blockchain data security provider Zorrosign partners with UAE Vision Tech

Blockchain data security solutions provider, ZorroSign, Inc., has partnered with UAE Vision Tech Solutions. This partnership will unite ZorroSign’s data security platform and blockchain technologies with Vison Tech Solution’s IT infrastructure and services across the GCC region.

Initially as a reseller, Vision Tech Solutions will bring ZorroSign to new companies and new markets as the partnership deepens with integrated capabilities and technology alignment.

“We are thrilled to partner with Rajab and his team at Vision Tech,” said Shamsh Hadi, CEO and co-founder of ZorroSign. “Their customer service focus and top quality IT services map well to ZorroSign’s values and data security strengths. We are eager to see what our combined technology solutions can achieve for companies in the UAE, the larger Middle East and North Africa region, and later into Europe.”

ZorroSign was founded with a commitment to advancing technology while advancing sustainability, and ZorroSign’s goal is to help customers adopt sustainable practices and securely transform paper-based workflows into digital workflows. This conscientious approach to operations helps to decrease costs, lower resource consumption, reduce data errors, and increase productivity. Businesses, educational institutions, financial organizations, governments, IT firms, legal service providers, real estate companies, and others use ZorroSign to privately and securely manage their digital transactions.

“Vision Tech aspires to be a global leader in Information Technology, driving technological advancements and delivering sustainable solutions that improve the lives of people around the world,” added Rajab Virani, CEO at Vision Tech Solutions. “ZorroSign is an ideal technology partner for us—not only bringing a practical, scalable blockchain solution to data security and digital signatures, but doing so with an overarching commitment to sustainability.”

ZorroSign today has an extensive customer base for its data security and digital signature solutions built on blockchain in Gulf Cooperation Council (GCC) countries, India, Sri Lanka, the United States, and Canada. The technology company is aggressively expanding into European markets next and seeking new strategic alliances across the EU and UK in 2023.