Saudi Central Bank hosts 24 Fintech conference in KSA

Saudi Central Bank hosts 24 Fintech conference in KSA

The Saudi Central Bank, Saudi Capital Market, and Financial sector Development Programme (FSDP) will be hosting 24 Fintech conference and exhibition in Riyadh KSA. The co organizer Fintech Saudi and Tahaluf aim to elevate Riyadh’s fintech ambitions. The event will be held at Riyadh Front exhibition and Conference center from September 3-5 2024.

Tahaluf, the strategic collaborative venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP), and the Events Investment Fund (EIF), created 24 Fintech to showcase a collective commitment towards unlocking business and networking opportunities, embracing change, and leading innovation. The three-day event will combine an exhibition and summit – featuring 175 hours of expert-led content – with a host of satellite events, including industry gatherings and brand activations, running throughout the week, from September 1-6.

With the goal of establishing the Kingdom as a tech-driven global financial powerhouse, and Riyadh as an international fintech hub, Tahaluf has set ambitious objectives for 24 Fintech. The event aims to become the most influential, and impactful fintech business event, platform, and community anywhere in Asia, Europe, Middle East and North Africa.

Bolstered by an international summit that will unite regulators, financial services professionals, policy makers, investors, technologists, and academics, 24 Fintech will provide a platform for global industry stakeholders to shape, foster, and spur a collaborative fintech transformation.

Initial Tahaluf estimations project the inaugural 24 Fintech will attract upwards of 25,000 attendees, 300 exhibitors, 200 investors and 80 fintech startups. The show will host more than 200 expert speakers to address pressing finance industry issues as the show looks to navigate the immense technological changes impacting operations, from infrastructure provision to client servicing. Targeted attendees include central bank governors, regulators, policy makers, financial and non-financial institutions, big tech providers, investors and venture capitalists, academics, researchers, as well as professional and industry associations.

“Our vision is to drive forward finance by bringing together essential stakeholders and propelling practical, worldwide transformation in alignment with the economic development agenda laid out in Saudi Arabia’s Vision 2030,” said Annabelle Mander, Senior Vice President of Tahaluf.

The inaugural edition of 24 Fintech will feature four stages hosting three days of programming including keynotes, panel discussions, and industry announcements, with dedicated areas for investment and startups, technology, and academia. Across the various stages, experts will probe a host of themes including governance, regulations, interoperability, investment and reimagining the financial services landscape.

In addition to the main and feature stages, the show will host special initiatives – including the Regulators’ Village, a dedicated zone connecting regulators and fintech who aspire to set up in the Kingdom. The inaugural 24 Fintech will also offer a dedicated investor program with an exclusive stage and lounge, as well as Venturescape, pre-show initiative that will bring together 200+ global investors and 100+ fintech for a series of workshops, mentorship and pitch practice.

A specific startup zone will spotlight 80 of the top global fintech companies, across all major fintech verticals including, but not limited to, payments, lending, insurtech, regtech, capital markets, compliance and open banking. Aspiring startups can take advantage of tailored mentorship and matchmaking sessions as well as a 24 Fintech pitch competition. The top startups will battle it out in timed pitch heats, culminating in a grand finale with more than SAR 900,000 (US$250,000+) in equity free awards.

Blockchain enabled fan network Fanera, relocates to Saudi after agreement with Saudi Ministry of Investment

Blockchain enabled fan network Fanera, relocates to Saudi after agreement with Saudi Ministry of Investment

 Fanera, a Web3 AI Blockchain enabled social network dedicated for sports fans, has announced their commercial agreement with Saudi Arabia’s Ministry of Investment as they relocate their headquarters to Riyadh KSA.

Fanera which utilized advanced technologies such as AI, Blockchain, machine learning allows fans to connect with each other and engage with their favorite teams while earning rewards for their loyalty. In Saudi Arabia, Fanera is set to transform the football experience.

As per the press release, “Fanera by leveraging blockchain and NFTs, will provide fans with unique opportunities to trade their content, ensuring authenticity and creating new revenue streams. This aligns perfectly with Saudi Arabia’s vision for technological leadership and innovation.”

Fanera also offers Clubs, brands, and sponsors a new way to connect with fans and promote their brands.

Fanera was featured as one of the top 20 sports tech startups in 2020 globally and has over 450 thousand users in the MENA region with 1 million daily views. The Kingdom’s commitment to hosting the 2034 World Cup underscores its dedication to becoming a global hub for sports and entertainment. By expanding in KSA, Fanera aims to align with these ambitions and bring an unparalleled fan engagement platform to the heart of the Middle East.

The gamified experience on Fanera rewards users for their interactions, enhancing competition and fostering a vibrant community of football enthusiasts.

“Expanding into Saudi Arabia is a strategic move that aligns with our mission to revolutionize football fan engagement globally. By integrating Web 3.0 technologies, we are not just enhancing the fan experience but also setting new standards in the industry. We are excited to contribute to the Kingdom’s vision of becoming a global sports hub,” said Mo Kilany, CEO of Fanera.

Saudi Arabia processes 3 million tons of municipal waste using blockchain

Saudi Arabia processes 3 million tons of municipal waste using blockchain

Saudi Investment Recycling Company (SIRC) and MVW Lechtenberg Projektentwicklungs- und Beteiligungsgesellschaft GmbH in collaboration with Empower a Norwegian blockchain solutions provider for recycling plastic, has announced the launch of a transformative plastic waste management project in Saudi Arabia.

The goal of the project is to process approximately 3 million tons of municipal solid waste per year to produce refuse-derived fuels (RDF) in six governorates. The estimated CO2 emissions reduction when the project is fully implemented would be approximately 1,791,300 tons per year.

Saudi Investment Recycling Company (SIRC), the executive arm for waste management in Saudi Arabia, a key player in the initiative, is a wholly-owned subsidiary of the Public Investment Fund (PIF) in the kingdom. The new plastic waste management project is expected to reduce carbon emissions by approximately 1,791,300 tonnes per year. This will contribute to achieving the Kingdom’s environmental sustainability goals toward a greener future, aiming to mitigate pollution and protect natural resources.

It also aligns with the nation’s endeavors to achieve sustainable development goals through well-designed plans and processes in all its sectors, including the National Environment Strategy.


Empower’s blockchain technology will play a crucial role in this project, ensuring transparent tracking and management of plastic waste from collection to recycling and RDF conversion. This system will allow real-time monitoring of waste management activities, providing valuable data for stakeholders including municipalities, governments, and environmental organizations.

A key innovation in this project is the integration of Plastic Credits and RDF systems. Plastic Credits incentivise responsible waste disposal by providing financial rewards for verified plastic waste collection and recycling activities. These credits can be traded or sold to entities aiming to neutralise their plastic footprints or comply with environmental regulations, thereby fostering a more circular economy.

Plastic Credits will help close the financial gap between the cost of collecting and processing plastic waste and the market price for recyclable materials and RDF. By providing a sustainable revenue stream, these credits will ensure the long-term financial viability of this waste management initiative, making it more attractive to investors and stakeholders.

The verification of these credits will be based on the GPx traceability standard developed by GPN Corporation, as a member of the International Green Purchasing Network (IGPN). This standard ensures high levels of transparency, traceability, and accountability, which are crucial for building trust and securing participation from various stakeholders.

In January, Saudi Arabia’s Ministry of Environment, Water and Agriculture unveiled a plan to recycle up to 95 percent of the country’s waste, a move it claims will contribute SR120 billion ($31.99 billion) to the gross domestic product, according to the Saudi Press Agency.

Cardano accelerator invests in Saudi Arabia’s Nuqtah NFT platform

Cardano accelerator invests in Saudi Arabia’s Nuqtah NFT platform

Adaverse a Cardano ecosystem accelerator and venture capital fund focusing on Web3 solutions, has strategically invested in Nuqtah, Saudi Arabia’s blockchain infrastructure builder and NFT management solution.

As per the blog post, this investment marks a significant milestone in both companies’ journeys, aligning with Saudi Arabia’s Vision 2030 to foster a digital economy and an innovation-driven future.

In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. ASFA ventures is a ventures capital builder that focuses on technology ventures, Web3 technologies. It has already invested in Saudi projects such as AqarToken, and Tokenha. In the meantime, Adaverse has funded 40+ startups across Africa, Asia and beyond.

Adaverse has welcomed Nuqtah to join distinctive initiatives among its diverse portfolio of over 54 startups.

Launched in 2021, Nuqtah has swiftly become a leader in Saudi Arabia’s blockchain and digital asset sector, earning the distinction as the Kingdom’s first licensed platform for creating, trading, and managing NFTs. Nuqtah aims to transform the digital landscape by equipping creators, businesses, and government entities with blockchain technology, thus accelerating Web3 adoption throughout the Middle East.

“We are thrilled about Adaverse’s strategic investment in Nuqtah, a testament to our shared vision of pioneering the Web3 revolution in the MENA region. This collaboration not only underscores Nuqtah’s commitment to spearheading the adoption of blockchain technology but also serves as a catalyst, attracting local and international attention to our burgeoning digital ecosystem. Each of our investors and partners, including Adaverse, stands as a resounding endorsement of the vast potential that Web3 and blockchain hold for the MENA region. Nuqtah takes immense pride in the confidence Adaverse has placed in us, as we continue to build and innovate in the region.” — Nuqtah founder and CEO Salwa Radwi

Nuqtah: From NFT to Consumer Workflow Solutions

Nuqtah has rapidly expanded its suite of offerings from NFT marketplace to comprehensive consumer workflow enhancements. Nuqtah’s platform offers a Workflow Solutions Platform designed to streamline both creative processes and engagement strategies from the planning stage to execution. Its standout feature, the Digital Collectibles Solution, facilitates the creation of NFTs to boost customer loyalty, complemented by a Consumer Engagement and Loyalty Platform that incentivizes interactions with digital collectibles.

Additionally, Nuqtah offers a Customizable Offering Tool, allowing businesses to personalize products and services for their target audience, and Brand Loyalty Enhancement Solutions that use blockchain to increase customer satisfaction. Serving a broad spectrum of industries, including the creative and retail sectors, Nuqtah’s solutions are tailored for businesses eager to incorporate blockchain into their operations, improve customer engagement, or innovate their digital assets and loyalty programs.

How Nuqtah NFT-ed Its Way from Idea to Industry Leader

Nuqtah emerged as a dynamic marketplace with the mission to energize the creator economy, quickly evolving to embrace the potential for greater impact through enabling businesses with blockchain technology. Founded by Salwa Radwi in Jeddah, Saudi Arabia, Nuqtah has rapidly transformed into a leader in blockchain technology for businesses enabling SMEs to provide innovative solutions to boost consumer engagement. Driven by Radwi’s passion for NFTs and the fusion of art and technology, Nuqtah filled a crucial gap in the local market, becoming the MENA region’s first blockchain provider. It’s more than a marketplace; it’s a community at the intersection of art, heritage, and innovation, designed to empower Saudi youth and creatives. Since 2021, Nuqtah has led the Saudi NFT scene, achieving milestones that underscore its role as a pioneer and aligning with the transformative vision of Saudi Arabia’s Vision 2030.

NFTS FOR CONTENT CREATION

Beyond the art and collectibles market, NFTs are revolutionizing content creation, entertainment, real estate, and even identity verification, proving their value in ensuring authenticity and ownership in the digital realm. The global NFT market, continuing its exponential growth trajectory, is expected to expand further as these tokens find new applications in digital rights management, gaming, and decentralized finance (DeFi), among others.

Vincent Li, founding partner at Adaverse, remarked, “Our investment in Nuqtah, as we broaden our presence in the MENA region, marks a pivotal moment for innovation in digital solutions. Nuqtah’s launch couldn’t be more timely, setting the stage for future advancements in the blockchain and NFT user landscape. Their vision mirrors our commitment to pioneering the digital economy, highlighting the transformative power of blockchain to open new opportunities. Together, we’re crafting the path forward in the digital world.”

In May 2024 Adaverse strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.

IMF: Bahrain, Saudi Arabia and UAE are in advanced CBDC stages

IMF: Bahrain, Saudi Arabia and UAE are in advanced CBDC stages

In a recent IMF blog, the International Monetary Fund noted that almost two-thirds of countries in the Middle East and Central Asia are exploring adopting a central bank digital currency with Bahrain, Saudi Arabia and UAE in the more advanced proof of concept stages. The countries in MENA and Central Asia are studying CBDCs as a way to promote financial inclusion and improve the efficiency of cross-border payments.

The IMF Blog notes however that CBDCs require careful consideration, with each weighing their own unique set of circumstances.

Many of the 19 countries currently exploring a CBDC are at the research stage. Bahrain, Georgia, Saudi Arabia, and the United Arab Emirates have moved to the more advanced “proof-of-concept” stage. Kazakhstan is the most advanced after two pilot programs for the digital tenge.

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As per the blog, Central Bank Digital Currencies for cross border payments are an important priority for oil exporters and the Gulf Cooperation Council countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. That’s because cross-border payments tend to have frictions like varying data formats and operating rules across regions and complex compliance checks. CBDCs that address these inefficiencies could significantly cut transaction costs. 

These digital currencies can advance financial inclusion by fostering competition in the payments market and allowing for transactions to be settled more directly and with less intermediation, in turn lowering the cost of financial services and making them more accessible.

The IMF blog also notes that unlike commercial banks, central banks can also help keep costs lower as they aren’t concerned with making a profit. Similarly, the resulting increased competition in the payments market from a CBDC could also encourage upgrading technology platforms and the efficiency of payment services, helping financial services reach more people.

Countries in the Caucasus and Central Asia, Middle East and North Africa oil importers, and low-income countries are especially interested in this potential benefit.

The blog notes that CBDCs may have risks given that CBDCs might compete with bank deposits. It could weigh on bank profits and lending and have implications for financial stability. However, lenders in the region generally have adequate capital levels, profit margins, and liquidity buffers, and their relatively high concentration may limit strains on deposits. Large banks are especially dominant in Gulf Cooperation Council countries.

For monetary policy, CBDCs could strengthen the pass-through into deposit rates by increasing competition among banks. A CBDC could also strengthen the bank lending channel of monetary policy. However, as our paper underscores, the impact would likely be country-specific and is difficult to estimate because CBDC uptake is limited so far.

Policymakers can mitigate potential risks with design features to limit competition with bank deposits, such as using carefully calibrated restrictions on CBDC balances and transactions, could also help.

Design features are an important consideration. The IMF survey shows that selecting appropriate features for CBDC implementation is a key challenge for regional policymakers. Achieving the policy objectives of promoting financial inclusion and payment system efficiency will depend on relevant design choices.

For instance, designing CBDCs to work offline could promote financial inclusion in areas with spotty mobile service, such as in low-income countries and fragile and conflict-affected states. Similarly, using CBDCs for cross-border transfers could help lower the cost of sending remittances and speed up transfer times.

According to the blog, introducing digital currencies will be a long and complicated process that central banks must approach with care. Policymakers need to determine if a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, risks for the financial system, and operational risks for the central bank.

The Blog post comes a week after KSA announced that it had joined Mbridge CBDC project, and Qatar’s announcement that it had started to work on a CBDC pilot. The UAE is also moving forward with its CBDC project.

SettleMint and Saudi IsDB implement blockchain solution for subsidy distribution

SettleMint and Saudi IsDB implement blockchain solution for subsidy distribution

SettleMint announced on its website, that the Islamic Research and Training Institute, the research arm of the Islamic Development Bank Group (IsDB), have embarked on a journey to build blockchain based Sharia compliant financial products.

SettleMint has more than 60 Enterprise blockchain implementations worldwide. It offers a full-fledged Blockchain-Platform-as-a-Service solution.

The first project will be concerned with Sharia compliant subsidy distribution aimed at creating an efficient and transparent system for Sharia-compliant subsidy distribution for its 57 member countries globally, encompassing 1.7 billion people.

According to SettleMint IsDB used the SettleMint blockchain platform for the tokenization of fiat currency to distribute the subsidies in a peer-to-peer manner allowing full transparency and control

Matthew Van Niekerk, Co-Founder and CEO of Settlemint stated, “One of the core values of SettleMint has always been to change the world for the better, and by using the blockchain technology to further financial inclusion and development of the 57 member countries, fits our ambitions to the letter.”

Using blockchain for subsidy distribution allows for full control of spend by subsidy purpose at any time, ensuring IsDB that the aid is being spent as intended. The entire contractual process for Islamic institutions was automated, alleviating the additional administrative and legal complexities and redundancies associated with Sharia-compliant financial products.

SettleMint partnered with Ateon, a Riyadh-based solution provider and systems integrator in the Fintech space.

IsDB automated the entire process of sharia-compliant subsidy distribution, resulting in full transparency and eliminated administrative complexity.

The IsDB said such features would allow for instantaneous clearing and settlement of transactions and asset exchanges, while helping eliminate counterparty risk.

IsDB and SettleMint along with Ateon first started working on the feasibility of the project back in 2017.

IsDB and SettleMint have also worked together to develop and showcase the innovative Smart Stabilization System, a patent pending algorithm designed to enhance stability in financial markets. This solution is being developed by IsDBI and implemented by SettleMint, the Blockchain Transformation company.

Co-Founder, Matthew Van Niekerk, together with Dr. Hilal Houssain, Ph.D., Associate Manager of the Knowledge Solutions Team at the Islamic Development Bank Institute (IsDBI), delivered a key session at ISDB’s 50th anniversary!

The objective of the SSS is to help stabilize organized asset markets without compromising efficiency. This is done by managing the gap between supply and demand to reduce the volatility of the price while maintaining the role of the gap in equilibrating the market. The patent-pending Smart Stabilization System is unique in managing the pressure on price before the price changes. The System is forward-looking, while most other stabilization systems are backward-looking. Moreover, the SSS is self-financed, and investors’ rights are fully protected.

IsDBI and SettleMint are investigating the use of blockchain and smart contracts to provide autonomous and transparent execution of the SSS.

Dr. Sami Al-Suwailem, the Institute’s Acting Director General, welcomed the collaboration on this project as a milestone in the progress of the Islamic fintech industry. He said: “The world is moving fast on the digitalization of financial transactions. This requires a robust stabilization system in place to minimize the instability associated with fast movements of funds, as has been proven by the recent banking crisis. I am pleased that my colleagues are capitalizing on the patent-pending Stabilization System to develop a practical solution to assist our Member Countries in achieving digital transformation with minimum financial instability.”

Saudi BIM Ventures partners with SBI Holdings to create $100 million joint investment fund

Saudi BIM Ventures partners with SBI Holdings to create $100 million joint investment fund

BIM Ventures, the Saudi Venture Studio, which has invested in Saudi Web3 startups such as TakaDAO has signed a Memorandum of Understanding with SBI Holdings to establish a $100 million joint investment fund dedicated to nurting startups and investing in the Saudi market. The collaboration was facilitated in partnership with the Ministry of Investment of Saudi Arabia (MISA).

The MoU was officially signed during the Saudi Japan Vision 2030 Business Forum in the presence of their excellencies from Saudi Arabia; the Minister of Energy, HRH Abdulaziz bin Salman bin Abdulaziz, the Minister of Culture, HH Prince Badr bin Abdullah bin Farhan, the Minister of Investment, HE Eng. Khalid Al-Falih, the Minister of Communications and Information Technology, HE Eng. Abdullah Alswaha and from Japan, Ken Saito, the Minister of Economy, Trade and Industry. In addition to representatives from the Ministry of Investment and both companies.

SBI Holdings has set up in the region and has been investing in digital asset ventures and startups. SBI Holdings entered into a Memorandum of Understanding with Saudi Arabian Aramco, one of the leading energy and Chemicals Company, after SBI Holding established a digital asset venture in UAE with Standard Chartered.

In a statement to Argaam media, the company said this strategic partnership underscores the mutual commitment of Saudi Arabia and Japan to reinforce bilateral economic relations. The primary objective is to support innovative startups in the Saudi market by providing essential financial and logistical support to foster sustainable growth in this vital sector.

The fund is designed to assist startups by offering crucial funding during their establishment and growth phases. Additionally, it will provide expert guidance and mentoring to ensure the success of these emerging companies. The fund also aims to attract foreign investments into the Saudi market, creating a supportive and innovative investment environment.

Mohamed Amine Merah, Managing Partner and CEO of BIM Ventures, commented on the agreement, saying, “The partnership with SBI Holdings reflects our dedication to enhancing the entrepreneurial ecosystem in the Kingdom. We aim to provide opportunities for startups to achieve growth and innovation, fostering bilateral relationships between Saudi Arabia and Japan. Our primary goal is to work with the Ministry of Investment to attract local and international partnerships, thereby positively impacting the Kingdom’s economy.”

Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings added, “SBI Group positions the Middle East as a strategically important region and plans to strengthen deployment of management resources in this region. Together with MISA and BIM, SBI Group is honored to support venture companies in Saudi Arabia and contribute to the economic growth of the Kingdom by leveraging the global network and experience in venture investment accumulated since its establishment in 1999.”

KSA based Tokenizerly to tokenize real estate in Turkey

KSA based Tokenizerly to tokenize real estate in Turkey

KSA based Tokenizerly, a Blockchain enabled fintech startup in asset tokenization, has partnered with Funding Turkey, a leader in real estate marketing and development to revolutionize the fund and real estate market through blockchain technology. As per the agreement tokenizerly will integrate its advance tokenization platform with Funding Turkey’s extensive real estate portfolio, creating a new paradigm in property investment and ownership.

As per the press release, Tokenizerly will provide its state-of-the-art tokenization technology and technical expertise to tokenize Funding Turkey’s fund and real estate assets.

Both parties will work to obtain the necessary licenses for issuing security tokens for funding real estate units not only in Turkey but across Funding Turkey’s global operations.

Haiyan Alsaiyed stated, “We are thrilled to partner with Funding Turkey, a company that shares our vision for innovation in real estate investment. Our technology will enable investors to engage with fund and real estate like never before, making investments more fractional, accessible, and efficient.”

Serkan Topktas remarked, “This partnership with Tokenizerly marks a significant milestone in our mission to embrace emerging technologies. By tokenizing our assets, we’re not just transforming the way people invest in fund and real estate but also ensuring a more secure and accessible market for investors worldwide.”

This is the second partnership Tokenizerly signs within the month of May. The first was with ParisAline, a global leader in invisible orthodontic treatments. The collaboration aims to revolutionize funding mechanisms in the healthcare sector through the use of advanced blockchain technologies.

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Singaporean Blockchain venture fund and Cardano accelerator, Adaverse, with offices in KSA, UAE, has strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.

The investment, part of a $10 million initiative to foster venture-building in the region, aligns with the economic upswing projected for the region’s digital economy.

The MENA digital freelance market is currently values at $4 billion and while expected to grow it faces inefficient payments systems which according to the press release affects 40 million self employed workers.

Sorbet’s vision is to onboard all creatives onto web3 by removing the technical barriers traditionally associated with dApps. The tool leverages blockchain technology to provide a seamless payment solution using stablecoins.

Rami Djebari, co-founder of Sorbet, expressed enthusiasm about the partnership: “Receiving support from an experienced partner like Adaverse will accelerate our development and enhance our market strategy. This collaboration is a milestone in breaking down financial barriers and enabling limitless growth opportunities for professionals in the region.”

Sorbet Beta will further refine the freelancing experience by integrating project management tools and streamlined payment processes. As per Sorbet website, it charges 2.5% when clients send money to freelancers.

Vincent Li, founding partner at Adaverse, commented on the investment stating, “Sorbet exemplifies the potential of blockchain to enrich and enhance economic systems. We are excited about the potential Sorbet holds for economic upliftment in line with Saudi Vision 2030.”

The Sorbet Beta, launching this May, will introduce essential features to improve the freelancing experience. This suite of work tools will focus on streamlining project management, simplifying payment processes, and facilitating better client interactions, all designed to help freelancers transition smoothly into a more connected and efficient digital workspace.

In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. Adaverse has also invested in Saudi Arabian Blockchain Insurtech startup TAKADAO, in addition to Nuqtah NFT marketplace.

Saudi tokenization startup to tokenize assets of ParisAline

Saudi tokenization startup to tokenize assets of ParisAline

ParisAline, a global leader in invisible orthodontic treatments, has partnered with Saudi Arabian tech startup, Tokenizerly. As per the press release the collaboration aims to revolutionize funding mechanisms in the healthcare sector through the use of advanced blockchain technologies.

Tokenizerly is a Saudi-based technology startup leading the way in innovative funding solutions using blockchain. Its platform offers comprehensive tools for asset tokenization, providing unprecedented advantages in terms of reach, efficiency, and transparency.

The agreement involves deploying Tokenizerly’s specialized tokenization technologies to enhance funding solutions across ParisAline and its associated group of promising medical companies. These include operations in hospitals, medical device manufacturing, medical tourism, as well as laboratories and educational institutions, operating on a global scale.

The Blockchain enabled Tokenizerly platform will allow ParisAline and its sister companies to raise capital efficiently by tokenizing their assets making the alternative investment in healthcare affordable, accessible, and tradable. This method offers a myriad of benefits which includes global Reach through access to a wider and more diversified investor base. It also offers efficiency & cost reduction, with quicker settlements and lower costs related to operations and intermediation.

In addition the platform provides simplified liquidity: and a secure and tamper-proof record of ownership that promotes integrity and availability to the public.

The CEO of ParisAline, Dr. Ahnaf Aljajah, expressed enthusiasm about the partnership, stating, “This collaboration with Tokenizerly marks a significant milestone in our journey to integrate more innovative and efficient funding solutions within the healthcare industry. By leveraging blockchain technology, we are setting new standards for investment and operational efficiency.”

Haiyan Alsaiyed, Founder and CEO of Tokenizerly, added, “We are thrilled to partner with ParisAline and its sister companies. This is a unique opportunity to bring our robust financial technology solutions to a sector that impacts lives globally. Our platform is designed to transform how companies secure funding and manage their assets.”

This agreement comes as the Saudi government works to support tech development in the Kingdom. Recently The Hashgraph Association (THA), the Swiss-based organization at the forefront of global Blockchain digital enablement, signed a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a “DeepTech Venture Studio” in Riyadh worth $250M USD over five years (2024-2028).