Oman based Mamun to invest $1 million in Shariah compliant and digital asset startups

Oman based Mamun to invest $1 million in Shariah compliant and digital asset startups

Oman based Mamun Ventures announced that it will be investing $1 million in Shariah compliant startups and digital asset startups.

As per a LinkedIn post Mamun stated, “Exciting News!  Mamun is dedicating $1,000,000 USD to Invest in Sharia-Compliant Startups in MENA Region! We’re thrilled to announce that Mamun Ventures is allocating $1,000,000 USD in funding from our generous partners to fuel our mission of investing in innovative startups across the Middle East and North Africa (MENA) region.”

Startups in the MENA region, at early stages, pre-seed or seed stages are eligible.

Mamun notes that they are interesting in startups that have a marketplace angle and involve supply chain participants.

Mohammed Al-Tamami speaking to LaraontheBock stated, “We will also be investing in Shariah compliant digital assets, Web3 companies, crypto entities covering the entire Shariah compliant space.”

In December 2023, UAE and Singapore based Triterras, a fintech company focused on digital trade and supply chain finance, using Blockchain enabled trade finance platform Kratos, partnered with Oman based Mamun, fintech infrastructure provider to bolster trade finance in Oman.

In February of this year, Oman’s Ministry of Housing and Urban Planning (MoHUP) announced its roadmap for 2024 which will encompass 130 initiatives of which blockchain technology will play a part.  The Oman Ministry of Housing intends to launch a unified portal with one of its main components being blockchain.

Oman was also one of the first countries in the MENA region to launch crypto mining datacenters.

Oman Crowd Funding platform to develop secondary token market after receiving license

Oman Crowd Funding platform to develop secondary token market after receiving license

Oman based Mamun to develop secondary token crowd funding market after receiving license from Oman Capital Market Authority

Oman based Mamun, has been awarded a full crowd funding license by Oman’s Capital Market Authority, with plans to offer a crowd funding token based secondary market utilizing its recent partnership with Fasset token exchange platform.

The recent license is also a pre-approval for a PSP (Payment Service Provider) license by the Central Bank of Oman. As a fintech infrastructure-as-a-service provider, Mamun offers a proprietary technology platform that empowers telecommunication companies, banks, and large startups with the tools and capabilities necessary to roll out fintech services and products, including popular solutions like Foodics.

Excitingly, Mamun has recently announced a strategic partnership with Fasset, a renowned innovator in the field. This collaboration aims to co-create advanced products that further enhance Mamun’s holistic approach to fintech services. By combining their respective strengths and expertise, Mamun and Fasset strive to drive innovation, accessibility, and convenience in the financial industry.

“We are thrilled to have been granted the full crowdfunding license by the Capital Market Authority and the pre-approval for the PSP license from the Central Bank of Oman,” said Mohammed Al Tamami, Co-Founder  and Chief Commercial Officer at Mamun. “These licenses are a testament to our commitment to delivering state-of-the-art fintech infrastructure and comprehensive solutions. We are excited to expand our offerings and partner with industry leaders like Fasset to shape the future of finance.”

The global Tokenization Market size to grow from USD 2.3 billion in 2021 to USD 5.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0% during the forecast period, according to a new report by MarketsandMarkets published in May 2023. 

Digital asset exchange Fasset receives initial approval for full market license from Dubai’s VARA

Digital asset exchange Fasset receives initial approval for full market license from Dubai’s VARA

Unilaterally, Fasset, a digital asset exchange platform with a vision to offer affordable and frictionless gateway for people in emerging markets to own and grow their wealth in digital assets has announced  that it has been granted an Initial Approval for a Full Market Product (FMP) license by the Dubai’s Virtual Assets Regulatory Authority (VARA) in UAE.

As per the announcement, “Though the initial approval does not yet allow any virtual asset activity in or from Dubai, this initial stage indicates progress in obtaining full permission to operate in Dubai. This crucial step forward allows Fasset to lead the digital assets market, as one of the first exchanges to provide regulatory protection to consumers in Dubai, as the MENA region has been identified as the world’s fastest growing cryptocurrency market.”

Raafi Hossain, CEO and Co-Founder of Fasset stated, “This is an incredibly exciting time to be leading the way in democratizing access to digital assets. As the world turns to Dubai as the financial epicenter for growth, the opportunity to work with VARA embeds improved access to digital assets with the provision of heavily anticipated regulatory guardrails. We are grateful for the leadership and guidance of VARA team in helping us achieve the milestone of being one of the first exchanges to receive Initial Approval under the FMP license, and look forward to working with the VARA team to achieve full permission to offer our services to the world from Dubai.”

Fasset has sought regulatory permissions across the biggest markets in the Middle East, Asia and Africa, where digital asset-based rails are vital.

Currently Fasset is participating as a sponsor and speaker at the Dubai Fintech Summit. Mohammad Raafi Hossain, participated in a panel discussion on Crypto and the evolving regulatory framework emphasizing the societal value of crypto.

Raafi emphasized that regulation should serve as a positive reinforcement tool for the main benefits of wealth creation and property rights ownership, rather than a reactive response to the negative aspects of the crypto industry. Secondly, he highlighted the need for an international philosophy and ethos around crypto regulation that takes into account the desires and needs of the market with regards to asset ownership and enablement.

Fasset has also signed two MOUs, one with Minted which will provide increased access to tokenized precious metals across developing markets including Turkey, Indonesia and UAE and another one with Oman Mamun which will focus on building innovative new solutions for Oman based on real world assets. The collaboration with Mamun will increase access to investment opportunities and enhance liquidity for physical assets, all within a secure and compliant framework.

62 percent of Oman crypto owners plan to increase crypto holding in 2023

62 percent of Oman crypto owners plan to increase crypto holding in 2023

About 65,000 Oman residents own cryptocurrencies, equivalent to 1.9 percent of the population. In a recent survey carried out by Oman based Souq Analyst, the largest investment community in Oman, it was found that 90% of crypto owners’ are between the ages of 18 and 44. Only 8% are over the age of 45.

The survey results also noted that the majority owners are highly educated, with 66% of them holding a bachelor’s degree or higher.

Souq Analyst offers stock market news and analysis, investing ideas, earnings calls, charts and portfolio analysis to its community members. In addition the community offers country specific insights on finance, cryptocurrencies, crowd funding & investing as well as access community events, workshop and webinars.

According to the survey an impressive 97.9% of Omani adults have heard about cryptocurrency, indicating an increasing level of awareness. 55% of respondents report owning cryptocurrency and Bitcoin is the most popular followed by Ethereum, Ripple, Tether and other alternative coins.

Mohammed Al-Tamami Co-founder & Chief Commercial officer of Mamun and Founder of Souq Analyst, told LaraontheBlock, “Firstly and foremost data like this is generally useful to everyone. It also offers insights into some unique trends that you didn’t consider say adoption of a certain token or cryptocurrency take XRP ownership in Oman is noticeable according to results in our survey mentioned in the report.”

Over 12% of respondents reported owning more than 10,000 OMR worth of crypto assets equivalent to $26,000. In addition, 62 percent of the respondents plan to increase their cryptocurrency holding in 2023. 

According to the survey, 62% of cryptocurrency owners invest long-term, while 25% use digital assets for learning and education, and 23% trade daily.

Al Tamami founded Souq analyst to be a provider of quality reports on the industry because it’s useful for their own activities in the space including their fund.

The survey is interesting in that it shows that cryptocurrency holders are still bullish on crypto in Oman.