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.”

Web3 sustainability venture studio jointly launched by UAE Inacta ventures and The Hashgraph Association

Web3 sustainability venture studio jointly launched by UAE Inacta ventures and The Hashgraph Association

The Hashgraph Association, a Swiss-based association and leader at the forefront of digital enablement on the Hedera network, today announces the launch of a groundbreaking Sustainability Venture Studio for Enterprises, in collaboration with Inacta Ventures, a renowned Swiss and UAE Web3 venture builder. 

Under “The Green Block” Iinitiative, a global think tank and launchpad for sustainability projects launched during COP28 in UAE, the joint Sustainability Venture Studio aims at empowering sustainable projects around the globe, leveraging the Hedera Guardian as the balance sheet of the planet that enables fair carbon markets with industry leading trust and transparency. 

The Hedera Guardian is an open-source platform that uses the Hedera distributed ledger technology (DLT) network to enable digital sustainability policies and requirements-based dMRV (Digital Measurement, Reporting, and Verification) tokenization for carbon credits and reduces fraud in the ESG market. 

The $50 million Sustainability Venture Studio will focus on enabling auditable climate finance transactions that are easily verifiable, publicly transparent, and accurate. This global co-investment sustainability program will span over the next five years, with The Hashgraph Association investing $25 million, contributing to 50%, while the remaining $25m co-investment reserved for enterprises interested in developing sustainability use cases on the Hedera Guardian.

By combining resources and specialist expertise in sustainability and Web3, this unique partnership is set to revolutionize the way sustainability projects are funded and executed around the world, ensuring a long-term positive environmental, social, and governance (ESG) impact.

Kamal Youssefi, President of The Hashgraph Association stated, “With The Green Block Sustainability Venture Studio, we are creating standards for reporting sustainability assets to ensure credibility and accuracy using the Hedera Guardian platform as the balance sheet of the planet, while leveraging the Hedera network as the world’s most greenest distributed ledger network.” 

He added, “We look forward to further growing the global ESG ecosystem that is being built on the Hedera Guardian, introducing certainty, credibility, and comparability of data.”

Ralf Glabischnig, Founder of Inacta Ventures, noted, “We are thrilled to integrate the Sustainability Venture Studio into The Green Block Initiative. This collaboration with The Hashgraph Association will accelerate the development and implementation of sustainable projects in The Green Block ecosystem worldwide.”

Hedera, known and proven as the greenest DLT in the market, according to the UCL Centre for Blockchain Technologies research paper, continues to uphold its promise of sustainability. This new venture studio focused entirely on sustainability use cases not only reflects its commitment through developing various projects but also paves the way for innovative solutions in the sustainability sector. 

Over the past months The Hashgraph Association has announced two major venture studios one in KSA, and one in Qatar. The venture studio in KSA is aimed for deep tech development, while the one in Qatar is for digital assets.

Bitget Wallet in MENA region witnesses a 23% increase in daily active users after token launch

Bitget Wallet in MENA region witnesses a 23% increase in daily active users after token launch

Bitget Crypto Exchange a global cryptocurrency exchange and Web3 company and Bitget MENA, crypto exchange, successfully launched the Bitget Wallet Token (BWB) on its Launchpad with the MENA region witnessing a 23% increase in BWB daily active users after the launch. Bitget Wallet is a Web3 multi-chain wallets that includes wallet, Swap, NFT Market, DApp Browser, and Launchpad features.

The sale of the BWB token took place between June 1st and June 6th and was listed on Bitget spot market on the 6th as well. Offered was a total supply of 1 billion BWB tokens and a launchpad pool specifically set aside for BGB and USDT holders.

The BWB launchpad achieved remarkable success, with the token price surging from $0.15 to $0.6. (Source https://coinmarketcap.com/currencies/bitget-wallet-token/)

As a leading token launch platform, Bitget Launchpad enables users to participate in fundraising for promising and emerging projects, offering tokens in return.

Bitget wallet launched the Bitget Onchain layer, a blueprint for its future endeavors into Web3 positioning itself as both the on-chain extension and decentralized future of the Bitget ecosystem.

Bitget Wallet token BWB not only serves as the official native token of the Bitget Wallet, but it also plays a role in Bitget Onchain Layer. Powering the Bitget Onchain Layer is a $10 million BWB Ecosystem Fund that seeks to incubate and grow partnered projects building on the Bitget Onchain Layer.

The BWB token also empowers users allowing token holders to participate in decision-making processes. Users can also stake BWB tokens to earn rewards, further enhancing their overall yield.

In the future the token will be used for paying gas fees across multiple chains with the release of the Account Abstraction (AA) wallet.

Holders of BWB token will also gain access to Bitget Wallet’s Launchpad, Launchpool and Airdrop events. In addition, holding BWB will also qualify users for airdrops from projects building on the Bitget Onchain Layer, providing continuous value and benefits for holders of the token.

In early May 2024, Bitget Wallet reported on its 30-day growth which witnessed a 300 % growth in the MENA region. Countries in the MENA region such as Egypt and Saudi Arabia are among the top 15 countries for Bitget wallet downloads globally.

Sam Spiers, Regional Director Bitget MENA, “We are pleased with the success of the launch of BWB token on the Bitget exchange launchpad. The enthusiasm for the token is not surprising. Bitget crypto exchange token BGB is one of the top 5 CEX tokens in terms of market capitalization. The scope of BWB is vast as it will run the Bitget Wallet ecosystem which encompasses 25M users and counting.”

Alvin Kan, CCO of Bitget Wallet adds, “As our ecosystem continues to develop, the BWB token will play increasingly significant roles in empowerment and application within the Budget On Chain Layer, thus broadening its value discovery and recognition as ecosystem construction progresses.”

In March 2023, Bitget invested an additional $30 million into Bitget Wallet (previously known as BitKeep), thereby securing a controlling stake and catalyzing a comprehensive brand upgrade.

Bitget, has adopted a dual token system consisting of CEX token (BGB) and its Bitget Wallet token (BWB) allowing Bitget to extend its foundational ecosystem on-chain and off-chain to develop a solid Web3 future whose complementary roles within the Bitget ecosystem offer unique advantages for all stakeholders.

This improved dual token system also diversifies risk and offers flexibility. Each token can address risks specific to its platform. For instance, BGB can manage exchange-related risks, while BWB can focus on wallet-specific security and functionality. This creates a resilient system where any of the two platforms can always support the ecosystem by acting as a buffer against systemic risks.

As the next bull run approaches, Bitget Wallet (BWB) is being eyed as a potential 100X gem, with market analysts predicting the listing price could range between $0.50 and $1.00.

80% of UAE freelancers prefer payments to be in stablecoins

80% of UAE freelancers prefer payments to be in stablecoins

Zero Hash, a global crypto and stablecoin infrastructure provider, in partnership with Lightspark, commissioned a study and surveyed 2,500 freelancers and contractors from the US, Brazil, Argentina, Mexico and UAE with 80% of UAE freelancers saying they would prefer to receive payments in stablecoins. The survey findings also noted that 69% of those surveyed agree that receiving crypto or stablecoin payments would allow them to work with clients globally, with 95% of them wanting to receive a portion of their income in crypto or stablecoins.

According to the survey the main challenges facing freelancers is slow payments, currency volatility, payment delays and high fees. 48% of those surveyed noted that it takes too long to get paid, with 75% desiring payment within 24 hours.

Moreover, 49% felt the fees charged by payment platforms are too high, and 30% cited currency volatility as an issue.

Cryptocurrencies and stablecoins emerge as viable solutions to these challenges. A significant 93% of freelancers express interest in receiving at least a portion of their income in cryptocurrency or stablecoins.

According to 58% of freelancers and gig workers surveyed the current local banking and payment systems don’t work for them.

Globally 65% of freelancers say that they have lost money or left money on the table because they couldn’t accept work across borders due to a non-compatible currency that could not be easily exchanged. 69% agree or strongly agree that receiving crypto or stablecoin payouts would allow them to work with clients globally.

Interestingly 93% would like to receive a portion of their income in crypto or stablecoins, with 80% of UAE and Argentinian respondents preferring stablecoin payouts.

Edward Woodford, Founder and CEO of Zero Hash, commented, “We have long held the belief that fiat, crypto and stables cannot individually solve all of the world’s payment’s requirements by themselves. We believe Zero Hash will play a pivotal role in the future of payments with our ability to connect fiat, crypto and stables in one unified platform. This will enable freelancers and gig workers to move seamlessly between these rails for different use cases and needs”

Christian Catalini, Co-Founder and Chief Strategy Officer at Lightspark, says, “We live in an increasingly connected world, but our payment infrastructure has not kept pace with the requirements that entrepreneurial and hard-working freelancers are looking for today. This survey shows that change is wanted and needed – we are pleased to be working with Zero Hash to provide solutions for their customers, and freelancers, everywhere!”

Zero Hash, in partnership with Lightspark, leveraged Centiment (the survey platform trusted by Fortune 100 companies) to survey 2,500 freelancers and gig workers in the US, Brazil, Argentina, Mexico and UAE. The survey participants comprised 500 freelancers & gig workers across each jurisdiction. The majority of participants were full-time self-employed 66%, and 34% were part-time self-employed. 65% knew about cryptocurrencies, and 42% used freelance/gig platforms like Fiverr, Upwork, or Catch for at least 50% of their sourced work.

The survey comes at an interesting time given the recent announcement by UAE central Bank  approved the issuance of a regulation for licensing and overseeing stablecoins and a series of policies aimed at supporting the banking, insurance, and financial services sectors.

Saudi’s Central Bank joins CBDC project, Mbridge

Saudi’s Central Bank joins CBDC project, Mbridge

As the BIS (Bank for International Settlements) announced that it had reached a minimum viable product stage, Saleh Algrayan, AI Advisor at Bank for International Settlements and an employee of Saudi Central Bank, announced that Saudi Central Bank had now joined mBridge. Saudi Arabia’s Central Bank becomes the second Arab central bank to join after the UAE Central Bank.

Saleh Algrayan noted on LinkedIn, “I am immensely proud to announce that the Saudi Central Bank – SAMA has joined Project mBridge as a full participant, coinciding with the project reaching its minimum viable product (MVP) stage! As a dedicated SAMA employee and Advisor at the Bank for International Settlements – BIS Innovation Hub (BISIH) – Hong Kong Centre, I am honoured to be part of this revolutionary journey.”

He adds, “Project mBridge, leveraging advanced distributed ledger technology (DLT), aims to transform cross-border payments by addressing high costs, slow speeds, and operational complexities. This collaborative effort, starting in 2021 with partners like the Bank of Thailand, UAE Central Bank, Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority, now includes over 26 observers.”

He added, that SAMA’s participation marks a significant step forward, demonstrating the kingdom’s leadership in global financial innovation. He concluded, “We are paving the way for efficient, cost-effective, and instant cross-border transactions, addressing financial inclusion and making payments universally accessible.”

The Saudi Central Bank had previously participated in a CBDC project with the UAE under the name of ABER.

The announcement followed BIS press release where it invited private sector participants to propose value-added solutions that can be connected to the mBridge MVP platform.

The press release noted, “Project mBridge is the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members. More central banks and commercial banks can join the platform through the mBridge MVP legal framework and perform real transactions on it. Project expands international cooperation with a new full member and observers.”

The project aims to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlement.

Project mBridge was the result of extensive collaboration starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority. The Saudi Central Bank is joining mBridge as a full participant. There are also now more than 26 observing members.

The project aims to tackle some of the key inefficiencies in cross-border payments, including high costs, low speed and operational complexities. It also addresses financial inclusion concerns, particularly in jurisdictions where correspondent banking (which connects countries to the global financial system) has been in retreat, causing additional costs and delays. Multi-CBDC arrangements that connect different jurisdictions in a single common technical infrastructure offer significant potential to improve the current system and allow cross-border payments to be immediate, cheap and universally accessible with final settlement.

A platform based on a new blockchain – the mBridge Ledger – was built to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions. In 2022, a pilot with real-value transactions was conducted. Since then, the mBridge project team has been exploring whether the prototype platform could evolve to become an MVP – a stage now reached.

Four-founding participant central banks and monetary authorities have each deployed a validating node, while commercial banks have conducted more real-value transactions in preparation for the MVP release. In tandem, the project steering committee has created a bespoke governance and legal framework, including a rulebook, tailored to match the platform’s unique decentralized nature.

The MVP platform is enabled to undertake real-value transactions (subject to jurisdictional preparedness) and is also compatible with the Ethereum Virtual Machine. This allows it to be a testbed for add-on technology solutions, new use cases and interoperability with other platforms.

It is noteworthy that Qatar Central Bank recently launched its CBDC project for settling large payments with local and international banks.

Crystal blockchain analytics firm sets up office in UAE

Crystal blockchain analytics firm sets up office in UAE

Crystal a blockchain analytics, compliance and risk monitoring firm, has opened their new office at the Dubai World Trade Centre, emphasizing the firm’s commitment to supporting the more than 1,400 Virtual Asset Service Providers (VASPs) in the region.

As per the press release, Crystal, which currently works with notable Dubai-based virtual asset firms, will leverage its new space to expand its operations and deliver high-touch service to the fast-growing crypto industry in Dubai and the Middle East.

Navin Gupta, CEO of Crystal, a previous executive at Ripple, who will be based in the new Dubai office, shared his vision for the new office: “UAE with its progressive regulations is poised to become the Crypto Capital of the world. With our blockchain intelligence expertise, we want to empower licensed firms to keep themselves and their customers safe. Hence, we have chosen DWTC as our home for the region and I have decided to be based in the UAE. Proximity with our customers enables us to undertake R&D and bring new and region-specific products to market.“

Currently, Crystal works with government regulators, crypto institutions, and law enforcement across the EU, APAC, Middle East and US regions. Crystal plans to work closely with licensed entities in the UAE abiding by VARA regulations, to enhance their market compliance infrastructure and promote a secure, regulated digital asset marketplace.

As the digital asset space evolves, regulation remains a central theme, especially in areas like anti-money laundering (AML), counter-terrorist financing, and the stability of financial markets. Recent global shifts towards enhancing regulatory frameworks emphasizes the overarching interest in a harmonized approach to oversight. This initiative marks a significant step forward in aligning international standards with regional oversight capabilities, setting a precedent for future regulatory developments in the virtual assets space.

Qatar tests CBDC for settlement of large payments

Qatar tests CBDC for settlement of large payments

 The Qatar Central Bank (QCB) has announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC) and the commencement of testing of CBDC for settlement of large payments with local banks. According to the press release, this initiative will serve as a proactive step to keep pace with the rapid global developments in this field.

Qatar Central Bank confirms that, after successfully completing the comprehensive study conducted in this field, it will proceed with testing and developing selected applications for the CBDC to settle large payments with a group of local and international banks in a trial environment designed according to the latest advanced technologies.

The project will focus on the applications of the CBDC to increase access to capital markets for operating banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions.

This project, which will enter its first experimental phase extending to October 2024, aims to achieve a set of primary objectives, including leveraging artificial intelligence technologies, distributed ledger technology (DLT), and emerging technologies and establish a strong foundation to enhance liquidity by expanding participation in financial market facilities, considering the aspects related to information security during project implementation.

In line with the Third Financial Sector Strategy, the Fintech Strategy, and Qatar National Vision 2030, and based on Qatar Central Bank’s ongoing efforts to regulate and develop the financial sector in the country, Qatar Central Bank announced the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC), QCB said in a press release.

This project reflects Qatar Central Bank’s full commitment to contributing to digital transformation within the financial sector, noting in this context that the start of the CBDC project represents an important milestone and a strategic step towards building a digital economy in the country.

It was also noted that the results of this experiment will be the cornerstone towards identifying the different use cases that the Qatar Central Bank will adopt in the future, which will contribute to enhancing the efficiency of the current systems and instant settlement.

In April 2023 Qatar Financial Centre Authority and Blockchain solution provider R3 signed an MOU to develop and grow Qatar’s fintech industry using technologies such as DLT (Distributed Ledger Technology). Soon after, QFC announced one of the biggest digital assets initiatives in the country and the GCC region, the Qatar Innovation Dome for digital assets. The digital assets lab will develop tokenization platforms and ecosystems for everything that has value whether tangible assets or intangible assets including real estate assets, securities, Sukuk, bonds and others in the future utilizing DLT ( distributed ledger technologies), blockchain, and smart contracts.

In May 2024 The Hashgraph Association (THA), the Swiss-based organization at the forefront of global digital enablement, signed a strategic partnership with the Qatar Financial Centre to launch a Digital Assets Venture Studio, a platform to support local Qatari and international portfolio companies in the development of regulatory-compliant decentralized finance (DeFi) solutions and digital assets built on the Hedera Distributed Ledger Technology (DLT) network.


The $50 million digital assets venture studio will focus on investments in Hedera-powered Web3 startups and enterprises building bankable DeFi solutions. The program will span over the next five years (2024-2028) with The Hashgraph Association investing $10million (20%).

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Cristiano Ronaldo and Binance launch Road to Saudi Arabia NFT collection

Cristiano Ronaldo and Binance launch Road to Saudi Arabia NFT collection

Cristiano Ronaldo has released his fourth NFT ( Non Fungible token) collection under the theme Road to Saudi Arabia. The NFT collection is in partnership with Binance. The exclusive NFT collection will be available only on the Binance NFT Marketplace.

As per Binance blog the campaign will run betwee May 29th and July 15th 2024, with the sales period ending on June 18th 2024.

The collection showcases seven unique NFTs, each representing a significant location in Cristiano Ronaldo’s decorated career — Madeira, Lisbon, Manchester, Madrid, Turin, Saudi Arabia and Portugal. Collectors can collect and earn utilities and rewards based on the number of unique NFTs they own from the collection.

The Road to Saudi Arabia” collection is as follows:

Madeira (2,800 Normal NFTs), Lisbon (2,300 Normal NFTs), & Manchester (1,700 Normal NFTs)

2024-06-06 14:00 (UTC) – 2024-06-18 23:59:59 (UTC)

Madrid (1,200 Normal NFTs), Turin (800 Normal NFTs), & Saudi Arabia (700 Normal NFTs)

2024-06-14 14:00 (UTC) – 2024-06-18 23:59:59 (UTC)

Portugal (7 Super Super Rare NFTs)

Note that while the number of Normal NFTs for each location differs, the price will be the same: 35 USDT (35 USD).

A total of four different rarity levels are available — Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N), and each rarity level will come with its own utility and benefits for NFT holders, as per the table below.

Dubai courts introduce transparent digital system for enforcing judgements

Dubai courts introduce transparent digital system for enforcing judgements

Dubai Courts has announced today the launch of “Tanfeeth+” program. This program sets a groundbreaking standard for digital integration and efficiency in providing judgment enforcement services by establishing a seamless, transparent, and integrated ecosystem that benefits all parties involved.

His Excellency Prof. Dr. Saif Ghanem Al Suwaidi, Director General of Dubai Courts, said, “This program is part of a comprehensive digital initiative to enhance the efficiency of the judicial enforcement ecosystem, aligning with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for Dubai to become the world’s fastest, the best and the fairest in judicial services.” His Excellency underscored Dubai Court’s thorough examination of the challenges facing judicial enforcement services and processes, leading to the adoption of Tanfeeth+.

Tanfeeth+ operates across five key impact pillars: Efficiency and Digitalization, Speed and Agility, Transparency and Information Sharing, Collaboration with Partners, and Legal Compliance. This program exemplifies Dubai Courts’ commitment to improving service levels, supporting government directives, and enhancing the judicial system’s efficiency, transparency, and justice.

His Excellency Judge Khalid Al Mansouri, Head of the Execution Court at Dubai Courts, emphasized that Tanfeeth+ reflects Dubai Courts’ vision to be pioneering and internationally distinguished, fostering efficient legislation implementation and offering advanced judicial services.

The strategic plan aims to achieve swift justice, enhance confidence in the judicial system, promote social and economic stability, and improve enforcement efficiency. It establishes a digitally integrated environment to streamline operations, improve service quality, and save time and effort.

Initiatives under Tanfeeth+ include:
• Digital Writ of Execution Seal: Facilitates the enforcement of court rulings, enabling the petitioner to initiate procedures without the need to visit service centres.
• Disclosure Platform: Allows the enforcement judge to directly inquire about the respondent’s assets and seize them for sale if necessary.
• Integration with MOI: Ensures the enforcement of liberty-restricting orders, travel bans, and asset seizures by integrating with the MOI’s programme.
• Digital Requests: Optimises execution procedures and automates administrative decisions.
• Sale Notification System: Notifies officials about confiscated items for timely sale.
• Automated Cancellation of Enforcement: Cancels enforcement procedures and lifts seizures once payments are completed.
• Automated Disbursement System: Automatically disburses amounts deposited in the enforcement file to the petitioner’s registered bank account.
• Virtual Bank Accounts: Enables direct deposits of seized assets into virtual accounts for automatic disbursement to each party.

UAE Blockchain venture capital firm partners with Landvault for AI metaverse innovations

UAE Blockchain venture capital firm partners with Landvault for AI metaverse innovations

 UAE Blockchain and technology venture capital firm , Masary Capital has partnered with Landvault, a tech company specializing in AI-powered immersive experiences and digital twins for Fortune 500 companies and government organizations.

Masary Capital is led by Mr. Khalil Abdulla of the Wafi Group conglomerate and features an esteemed board, including Meshal Abdullah Bin Hussain, Chief Information Officer at the UAE Ministry of Finance, along with many other industry experts.

Masary Capital aims to accelerate companies by serving as a bridge for innovative enterprises that align with the region’s strategic goals.

Landvault has a portfolio featuring collaborations with the Abu Dhabi Government, Yas Marina Circuit, various Dubai ministries, the Saudi Government, sovereign funds, and private enterprises across the MENA region. The company continues to lead technological advancements in immersive experiences and AI-powered digital twins.

These experiences are leveraged by government entities for a variety of purposes, including marketing, promotion, and internal analytics. They align with the Dubai Metaverse Strategy established by the government of Dubai in 2022, which aims to position Dubai as one of the world’s top 10 metaverse economies and a global hub for the metaverse community.

At a private event in April 2024, Landvault unveiled their new tech stack designed to build immersive experiences. This includes an AI creation tool that accelerates the production of digital environments, a publishing platform that deploys digital twins on the web in minutes, and a comprehensive analytics platform.

“Joining forces with Masary and Mr. Khalil is a great achievement for Landvault and will accelerate our go-to market and ability to drive change in the public and private sector of the MENA region. Having their backing is a great vote of confidence” says Sam Huber, CEO of Landvault.

“We are impressed with Landvault’s commitment to the region and their innovative technology. We’re excited to partner with them to accelerate the rollout of this technology across the region,” says Khalil Abdulla, CEO at Masary Capital.