Blockchain CargoX to take over former IBM Tradelens customers in MENA

Blockchain CargoX to take over former IBM Tradelens customers in MENA

CargoX, the provider of the fastest-growing electronic trade document platform, and CEBS Worldwide, a global integrator of business solutions and a former TradeLens integrator, launched a partnership to help corporations continue the digitalization of their bills of lading and trade document workflows even those in the MENA region. 

Businesses that started using TradeLens for their eB/L have been scrambling to migrate their electronic trade document processing to a new platform since TradeLens unexpectedly announced the end of its service in December 2022. 

While TradeLens was able to onboard global carriers — CMA CGM, MSC Mediterranean Shipping Co., Hapag-Lloyd, Ocean Network Express and Zim Integrated Shipping Services — it announced in November 2022 it would shutter due to a lack of a path toward profitability. TradeLens was also piloting projects in Oman and KSA. 

Saudi Customs, in partnership with the Ministry of Communications and Information Technology, the General Authority of Ports, and Maersk International Company, one of the founders of Tradelens had announced in 2019 the successful Blockchain pilot and the importance of blockchain technology in the shipping industry.

In addition Oman’s Port of Salalah  took the first step and is collaborating with Oman Customs and TradeLens built on IBM Hyperledger Fabric Platform for shipping and logistics industry. 

The new partnership provides existing customers of the discontinued TradeLens platform with a proven, reliable and powerful alternative for creating, transferring, and processing electronic bills of lading and trade documents. CEBS and CargoX will provide former TradeLens users with a frictionless transition of their workflows on the TradeLens platform by integrating the platform features through CEBS’s framework interfaces.

CEBS will start migrating current TradeLens customers to their Supply Chain Finance platform and the CargoX Blockchain Document Transfer (BDT) Platform for electronic trade document exchange. This is accomplished by using CEBS’s middleware cloud and on-premise platform to help organizations effortlessly leverage different public blockchains in their enterprise applications, saving time and money.

This way, companies can become future-proof and fully blockchain platform agnostic. Companies can keep their everyday workflows and introduce CargoX’s optimized, tightly integrated blockchain document transfer features into their existing processes. 

Satish Swaroop, CEO of CEBS Worldwide said: “We are committed to digitalizing the supply chain network for all trading partners and ensuring all transactions and documents exchanged are secure, traceable, and immutable. We have good partnerships and teams working with the public and private sector to shape the future and usher in a new era of global trade that is both frictionless and compliant.” 

Stefan Kukman, CEO of CargoX said: “We are incredibly proud to welcome CEBS as our new partner. They are a true innovator in the market, binding together diverse solutions and platforms to build customer value. The digitalization of trade documentation is in full swing worldwide, and companies need all the support and advice they can get to implement the optimum solutions into their everyday workflows. “We see demand rising daily, and more than 104,000 companies registered on our platform prove that the CargoX Platform is becoming a standard item in the toolboxes of modern supply chain participants.” 

CargoX in 2022 announced that Egypt had extended its agreement with Blockchain CargoX to include air cargo in its efforts to accelerate digital transformation of Egypt’s trade flows with the world. At the time the NAFEZA CargoX blockchain document transfer gateway had seamlessly and safely transferred more than 1,100,000 actual trade and finance documents for more than 75,000 customers.

The public-private partnership Misr Technology Services (MTS),80% owned by the Egyptian government, authorized CargoX as its blockchain document transfer gateway service provider for the country’s official NAFEZA single-window trade platform in March 2021. 

FLUUS crypto payment startup founded by MENA crypto enthusiasts raises $600,000

FLUUS crypto payment startup founded by MENA crypto enthusiasts raises $600,000

Crypto payment startup FLUUS ( which means money in Arabic) founded by MENA crypto enthusiasts has raised $600,000 ahead of its beta launch. FHS Capital, Base 64 and a number of angel investors participated in the raise.

FLUUS is creating a fiat-crypto on- and off-ramp that will give consumers access to web3 services including token swapping and staking. Its payment solution is designed to eliminate friction and simplify the process of entering and exiting the crypto economy.

Funds raised from the seed round will be used to further develop products and roll out FLUUS’ services, bringing crypto-fiat payments to a global audience.

“We are excited to have the support of FHS Capital and Encryptus.io, two highly reputable investment firms,” said Tey El-Rjula, co-founder and CEO of FLUUS. “Their experience and resources will be invaluable as we continue to grow and scale our business to provide financial technology solutions to onboard the next billion into web3.”

Dr. Fady and Mr. Hesham Hannah-Shmouni, Managing Partners at FHS Capital, stated,“Our investment in FLUUS fits perfectly with our vision for empowering exceptional founders and technologies in the web3 space, enabling customers and partners across key industry verticals to benefit from using blockchain technology.”

More than $1 million in cryptocurrency has already been successfully off-ramped in a private trial of FLUUS’ payment gateway. Funds were used to provide aid in Ukraine with the support of an international NGO. The next development phase will see the beta version of FLUUS’ payment solution opened to a broader market segment.

A number of major partnerships are already in place that will see FLUUS’ payment solution rolled out to millions of web users. These include matchmaking platform Dua.com and the GD10 Ventures ecosystem. The FLUUS payment widget can be easily embedded into third party websites and applications, providing crypto-fiat changing on demand.

FLUUS at present features two flagship products, FLUUS Pay: A regulated and compliant crypto ramping service delivered in collaboration with fintech operators and money transfer networks, and FLUUS Auth: An SDK that allows developers to easily integrate secure and user-friendly sign-up and web3 onboarding into their own applications.

FLUUS was founded in March 2022 with the goal of building solutions that will enhance global access to web3, particularly in emerging markets.  To the FLUUS founders, interoperability between financial systems is vital. This is especially important in emerging markets. With FLUUS, users can seamlessly on and off ramp digital currencies using their most convenient payment methods including cash and mobile money. 

As a pioneer in digital payment solutions, FLUUS Pay with its public beta launch expected to handle 62.82% of all crypto ramping in Lebanon by Q4 2023. In January 2023, 30% of all ramping in Lebanon was already done through FLUUS Pay, highlighting the platform’s success in providing a user-friendly, secure, and efficient way to buy and sell cryptocurrencies.

Saudi’s IR4LAB’s uses blockchain for charity food distribution in Ramadan

Saudi’s IR4LAB’s uses blockchain for charity food distribution in Ramadan

Saudi Arabian Blockchain and AI development startup IR4LAB,  is tracking food packages distributed to families during the holy month of Ramadan as part of charity donations. 

The Blockchain solution leverages DocCerts,  which has been utilized to issue a unique authenticity card for each package and assigned a unique ID and QR code to it.

Recipients can scan or enter the ID to obtain real-time details about the package delivered, including its source and contents. Once the package is verified, an entry is added to the transaction history, allowing confirmation of receipt in real-time and eliminating the need for time-consuming reporting back to the donors.

In addition, the system has an approval workflow feature, which is especially useful for transactions that involve multiple stakeholders. This is often the case with charity initiatives that involve various organizations, including government entities, private corporations, and non-profit organizations.

Charity initiatives are crucial for strengthening the social fabric, fostering local and international cooperation, and improving the lives of many communities worldwide. However, they are susceptible to fraud and misuse, which can erode donor trust. Therefore, a traceability system based on Blockchain technology can be instrumental in mitigating these risks and enhancing transparency and trust.

Majd Jamal Alafifi, Co-Founder and CEO of IR4LAB, stated, “This is an excellent example of utilizing technology such as Blockchain for social good, and we are delighted to have successfully completed this unique initiative in the region.”

Mohamed EL KANDRI, Co-Founder and CTO of IR4LAB, added, “We are proud to use our solutions to help our communities in a meaningful way, and we believe that new technologies can accomplish even more in line with the sustainable development goals, not only in the region but also worldwide.”

During Saudi’s leading tech event LEAP 2023, in February  IR4LAB, and SGS (Saudi Ground Services), jointly announced the implementation of DocCerts Blockchain management solution for all training related digital documents and ground service equipment licenses issued by SGS at 28 Saudi Arabian airports where SGS provides ground services.

Jordan on FATF grey list because of virtual assets risks

Jordan on FATF grey list because of virtual assets risks

On February 24th 2023 FAFT released its latest grey and black list. For those who are on the grey list it means that these jurisdictions are under increased monitoring and are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

As per the recent announcement by FATF, “When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.”

Of the Arab countries on the grey list, was Jordan. It was on the list because of risks in virtual assets. As per FATF one of the reasons for it being on the list was because it needed to address strategic deficiencies including “completing and disseminating the money laundering and terrorist financing risk assessments of legal persons and virtual assets.”

It was interesting to see the term virtual assets in relation to Jordan because Jordan has not been on the list in terms of countries with high crypto ownership or transactions. Other countries such as Egypt, Morocco, and Lebanon are much more active in crypto. yet FATF chose to include the risks of virtual assets as one of the reasons it was one the grey list. 

According to Triple A crypto ownership report, the percentage of Jordanians who own crypto is just 1.5 percent equivalent to 170,000 people as of January 2023 an increase from 1.25 percent in 2022.

Concurrently, the IMF after its technical report on Jordan’s Central Bank feasibility for the launch of retail CBDC after a three month mission, recently released its report. IMF gave Jordan’s existing payment market a positive review calling it well integrated.

Nonetheless, The IMF stated that an rCBDC would enhance financial inclusion by providing services to residents without smartphones and could also improve the domestic payment system by making its infrastructure available to PSPs and lowering the cost of cross-border transfers.

The IMF however warned to avoid disintermediation in the Jordanian financial system, as it could contribute to instability in times of stress. The IMF found that an rCBDC could increase cybersecurity risks as an attractive target. “Sound legal underpinnings for an rCBDC should also be created,” the report said. 

In its report the IMF noted, “RCBDC may offer some benefits, but it does not necessarily address pain points. On the other hand, a cross-border rCBDC could add value, particularly if the authorities coordinate with other countries in the region.”

Jordan’s Central Bank had announced in February 2022 that it was researching a CBDC. Cointelegraph article noted that a central bank proposal to introduce crypto trading met with resistance in the parliament.

Whatever the case, Jordan being on FATF grey list because of virtual assets risks is another reminder of the need to regulate crypto assets.

WEMADE blockchain metaverse gaming developer to grow gaming industry in Saudi Arabia

WEMADE blockchain metaverse gaming developer to grow gaming industry in Saudi Arabia

WEMADE, the South Korean game developer shifting to blockchain NFTs, DeFi and metaverse has signed a Memorandum of Understanding (MOU) with KSA based Nine66, a Savvy Games Group (“Savvy”) company, to drive the development of the gaming industry in Saudi Arabia.

Savvy’s long-term objective is to drive the long-term growth and development of the games and e-sports sectors in Saudi Arabia. The group consists of five independent entities covering areas such as game development, e-sports, investments and more.

KSA based Nine66 is committed to building and investing in the thriving gaming ecosystem in Saudi Arabia. Nine66 is driving growth and success in the region’s gaming industry through a range of initiatives and partnerships, such as publishing, incubator and accelerator programs, training and events, as well as supporting virtual and real-life game development communities.

Saudi Arabia is a strong foothold in the Middle East’s gaming market, with over 80% of its 36 million population identifying as gamers. The partnership between WEMADE and Nine66 will support the local gaming ecosystem through training and educating Saudi game developers. 

Additionally, the partnership will explore various programs aimed at knowledge transfer, sponsorship of regional events, and expanding networks in the region to help grow the Saudi gaming industry and create new opportunities for developers and gamers alike.

WEMADE recently launched its new flagship game MIR M Global on January 31, which currently tops the ranks of video games in RPG category in multiple Middle Eastern countries including Saudi Arabia. 

Furthermore, in January 2023, WEMADE announced the establishment of a subsidiary in Abu Dhabi in the UAE, another gaming hub and plans to open another branch in MENA region and work with local projects and companies.

The announcement comes at a time when KSA will be hosting for the first time the Web3 Delight Summit in Riyadh KSA on March 6th 2023 at the Riyadh International Convention and Exhibition Center.

The event, which aims to engage, empower, and support a proactive, customised, collaborative, and secure advanced economy, will be attended by over 3,000 people in person and online from more than 40 countries.

Web3 Blockchain crypto accelerator and incubator launched in UAE’s DMCC

Web3 Blockchain crypto accelerator and incubator launched in UAE’s DMCC

UAE DMCC, currently home to 550 Blockchain and crypto entities, and global Web3 incubator TDEFi have partnered to launch an accelerator program for Web3 and Blockchain companies in DMCC crypto center.

The accelerator program will offer mentorship and sessions on crypto and scaling businesses. The program will be over a month long and will run for a minimum of two editions over the next 12 months. 

At the end of each cohort, TDeFi will also select a handful of start-ups to be part of its in-depth incubation program, providing them with access to additional TDeFi advisory services and its growing ecosystem.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Supporting Web3 and blockchain businesses is a key priority for DMCC as we build on the success that the Crypto Centre has seen since its launch. By providing everything crypto businesses and entrepreneurs need to thrive, we have emphatically positioned Dubai as a leading hub for crypto. This latest partnership with TDeFi adds yet another string to our bow and will help emerging crypto businesses bring their ideas to light in Dubai.”

Gaurav Dubey, CEO, TDeFi, added: “Our extensive program comprises various modules that will support entrepreneurs and businesses operating within the crypto space, from ideation to scaling their start-ups. Through its Crypto Centre, DMCC has established a leading ecosystem of Web3 and blockchain businesses, and so there is no better place for us to operate our latest accelerator program. Through this new partnership, we are looking forward to unlocking some truly game-changing projects in the Web3 space.”

UAE Blockchain gaming studio secures $5 million to develop its GameFi solutions

UAE Blockchain gaming studio secures $5 million to develop its GameFi solutions

UAE based Blockchain gaming entity, iBLOXX,Studio has secured a $5 million investment in a recent funding round led by PrimeXM. The capital will be utilized to expand the company’s GameFi division. The investment brings the gaming division’s post-money valuation to 30 million USD.

The funds will be primarily used to develop iBLOXX Studios, the group´s Web3 gaming arm. iBLOXX Studios is focused on building blockchain games using Unreal Engine and Unity, developing GameFi economy health- and monitoring solutions, as well as creating trading-related blockchain applications. With this funding, iBLOXX Studios will be able to accelerate the development of its gaming offerings and expand its reach in the blockchain gaming market.

“PrimeXM, who is amongst the world’s leading providers for foreign exchange and cryptocurrency trading solutions, caters to some of the industry’s largest players, such as Saxo Bank, IG, Equity.com, SwissQuote or OKCoin. Their decision to invest in iBLOXX is a testament to their unwavering confidence in our company’s potential for growth.” said Domenik Maier, CEO of iBLOXX.

iBLOXX recceived its license from Dubai DMCC in December 2021. 

Web3 technologies in gaming represents one of the fastest-growing segments of the nearly $200 billion global gaming industry. Currently standing at $1.8 billion, revenues generated by the gaming industry in the MENA region are expected to reach $5 billion by 2025. 

Oman indecisive over CBDC but adamant that crypto is an asset not a currency

Oman indecisive over CBDC but adamant that crypto is an asset not a currency

During a discussion panel at the Youth Center in Muscat Oman, the Oman Central Bank governor Tahir Bin Salim Al Amri stated that the Central Bank of Oman along with many other central banks globally do not recognize crypto as currencies. He stated, “It is not a means of payment it is a commodity or an asset of some sort that is being traded mainly for capital gains.”

He also noted that while the Central Bank of Oman is keeping an open mind while maintaining caution because of the risky nature of crypto assets.

This month the Oman Capital Authority announced that it would be launching its virtual asset framework. Commenting on this the governor Al Amri stated that they were part of the creation of the framework.  He also noted that the Central Bank of Oman was in the process of developing its CBDC ( Central Bank Digital Currency), with a final decision expected to be announced at the end of 2023.

The proposed new regulatory framework is envisaged to cover activities such as crypto assets, tokens, crypto exchanges, and initial coin offerings, among others. The regulation for virtual assets in Oman is important, as it will provide a clear and secure framework for the growth of the virtual assets industry. The move towards digitalization and the adoption of virtual assets aligns with the Sultanate’s Vision 2040 of a digitally transformed economy and financial sector, while attracting foreign investments into Oman.

UAE based Hex Trust, crypto custodian receives first MVP operational license from VARA

UAE based Hex Trust, crypto custodian receives first MVP operational license from VARA

UAE – Hex Trust is the first entity to have received an MVP Operational license from VARA. This is the third licensing stage within the VARA framework, before the FMP Operational license. This means that Hex Trust can now operate under VARA supervision and monitoring. (for more information, please see review www.vara.ae)

Mohamed Reda El Sheikh, Head of Compliance MENA &MLRO at Hex Trust, a certified Blockchain Cryptocurrency Auditor, announced this in a LinkedIn post. In the post, El Sheikh stated, “The day has finally arrived. Hex Trust is the first entity to be granted the MVP operational license, and I am the first compliance officer “MLRO” to operate under the first specialized cryptocurrency regulator in the world “VARA”. Getting this done is a team effort, and without the support of my superstar colleagues at Hex Trust, I would not have been able to accomplish it.

LaraontheBlock spoke with El Sheikh to learn more. El Sheikh explained, “We have received a Minimum Viable Product (MVP) Operational license, which allows us to offer services only to institutional clients”. As a result, we will soon start onboarding institutional clients for our crypto custody and staking services. These will be the only two services we offer to cryptocurrency institutional clients.”  

He adds, “As a regulated custodian, we must legally and technologically segregate Clients’ assets under custody.” 

In November 2022 Hex Trust received its MVP preparatory license and after adhering to all the requirements and reporting policies required from VARA are now fully operational. 

El Sheikh adds, “The license application journey was a learning experience for Hex Trust” and “the regulator was supportive throughout the process.” 

UAE Cypher Capital seeking $100 million for crypto venture fund

UAE Cypher Capital seeking $100 million for crypto venture fund

As per a recent article in Bloomberg, UAE Cypher Capital an early-strategy venture firm focused on investing in Web3 infrastructure, is seeking to raise $100 million for a crypto venture fund. Cypher Capital’s Chairman Bill Qian, the former head of Binance Labs, stated that he is seeking over $100 million in funding for a crypto venture fund. 

Bill Qian joined Cypher Capital in September 2022 as the new Chairman of its Board of Directors. Bill brings to Cypher Capital more than 15 years of invaluable industry expertise in managing and investing over $20 billion.

As per the article Cypher Capital is prioritizing projects that will bring about 5 billion more internet and social users to the web3. Bill Qian planned to approach Asian tech moguls for funding but did not name them.

Qian, plans to invest in web3-focused start-ups. The next edition is determined by the laxity of the internet that advocates say will be more decentralized and dependent on blockchain technology.

Cypher Capital has ten employees and recently invited Elaine Liu, a veteran of Tencent, to support its expansion in the UAE. In November, the company set up an office space for crypto and blockchain startups at Dubai Marina as part of an effort to find future deals.

He also declined to disclose whether the fund received any commitments but said the digital asset’s recovery this year, which has seen Bitcoin rise around 50%, has helped raise capital just got easier.

In June 2022, Cypher Capital  invested in Blockchain gaming platform, MetaOne. UAE Cypher Capital, Huobi Ventures, LD Capital and GSR Capital have invested 2 million USD in MetaOne, a SAAS ( Software as a Service) platform that is working to onboard games and guilds onto blockchain gaming.

In November 2022, Rekt Studios, a Dubai-based startup  secured $1.5 million in funding from Cypher Capital, to bolster the development of the ‘Unseen’ ecosystem.