Saudi Digital advisor discusses embracing DeFi at Ethereum Riyadh 2023

Saudi Digital advisor discusses embracing DeFi at Ethereum Riyadh 2023


The Ethereum Riyadh 2023 conference held on October 11th brought together an array of blockchain experts and entities, including Saudi Digital advisor for a Saudi governmental entity, who gave a presentation on embracing DeFi for business excellence. As per the press release, Abdulelah Aloshayni, digital transformation advisor at a Saudi Governmental entity provided a clear understanding of DeFi and discussed potential applications for large companies and government organizations.

This is no surprise given the work that for example SAMA ( Saudi Central Bank) is doing on CBDC, virtual assets and DeFi. Saudi Central Bank had hired Mohsen Al Zahrani to lead their digital assets and CBDC projects.

Abdulelah Aloshayni gave a presentation on “Embrace DeFi for Business Excellence.” He provided a clear understanding of DeFi and discussed potential applications for large companies and government organizations.

ETH Riyadh 2023 conference successfully took place at the CODE Lab of King Saud University at Riyadh, the capital city of Saudi Arabia. ETH Riyadh 2023, Web3 technology summit, was dedicated to the Ethereum ecosystem and blockchain technology, aiming to gather developers and builders from Riyadh, Saudi Arabia, and other regions in the Middle East.

ETH Riyadh emphasized a strong technical focus and aimed to provide insights from industry experts, fostering discussions on blockchain and Web3 cutting-edge technologies.

The ETH Riyadh organizing committee was composed of Tharawat Technology, Studio1727, ChainIDE, Coffee with Crypto, and Mask Network. The event received guidance and support from the Saudi Ministry of Communications and Information Technology, the Saudi Internet Association, and the KACST Digital Entrepreneurship Center. It was generously sponsored by Ankr (Title Sponsor), with presenting sponsorship from Chiliz, as well as support from Zilliqa, Adaverse, SAO Network, Onekey, Matrix World, and more than ten other Web3 projects.

Over 150 participants attended the event.  The ETH Riyadh 2023 conference kicked off with a keynote address by Tim Beiko, a representative of the Ethereum Foundation, who presented “Ethereum Governance Overview.” Tim Beiko outlined various ways to engage in Ethereum technology development and contributions, along with collaboration opportunities.

In the first roundtable discussion, Anton Agafonov, Product Lead at Zilliqa, Arpit Sharma, Managing Partner for the Middle East, India, and East Asia at the Near Foundation, and Aqeel Mohammad from the Ethereum Foundation discussed “L1/L2: Web3 Infrastructures and Innovations  from various perspectives, sharing their insights on Web3 infrastructure and innovation.

Xiao Wu, the founder of ChainIDE, then spoke on “The Road to Mass Adoption: Web3 Ecosystem in East Asia x Middle East Africa Region.” He shared insights into the development of Web3 ecosystems in East Asia and the Middle East and Africa regions, discussed the digital economy’s opportunities, and analyzed attempts and cases of large-scale applications in different regions.

While Dr. Waleed Aloriny, Chairman of the Saudi Internet Association, delivered a welcome address and moderated a special roundtable discussion on “Opportunities of Web3 Technology in Saudi.” Yasser Alobaidan, CEO of Tharawat Technology, Xiao Wu, Founder of ChainIDE, Stanley Wu, CTO of Ankr, and Alex Dreyfus, CEO of Chiliz, participated in the discussion. Representatives from various sectors engaged in lively discussions on Saudi’s entrepreneurial environment, policy regulations, Web3 development, digital economic opportunities, and international cooperation. Web3 entrepreneurs present recognized Saudi Arabia as a significant opportunity and expressed their desire to deepen their business and collaborations in the region.

ETH Riyadh 2023 marked a significant milestone as the first dedicated Web3 developer and blockchain technology summit in the Saudi Arabian region, particularly in Riyadh. This event represents a major advancement in the Web3 developer ecosystem of Saudi Arabia. ETH Riyadh has contributed to the flourishing of the local blockchain developer community, providing a platform for learning and networking for local developers and entrepreneurs.

The event has not only attracted local participants but also garnered attention from experts and investors from around the world. It serves as a crucial role in driving the development of blockchain technology in Saudi Arabia, offering a pivotal opportunity for exploring and shaping the future of the blockchain field. Furthermore, it plays a role in promoting digital innovation and economic growth in Saudi Arabia.

Xiao Wu, Founder of ChainIDE and a member of the ETH Riyadh organizing committee, expressed, “ETH Riyadh is the first summit in the Saudi region that focuses on blockchain technology and Web3 developers. It serves as a superhub for the local technology community and ecosystem development. Saudi Arabia is currently experiencing a pivotal period of rapid growth in the digital economy, and blockchain and Web3 technologies are integral components of the next generation of digital economies. We look forward to ETH Riyadh 2024, expecting to attract more builders in blockchain technology and facilitate increased collaboration and exchange among developers in the East Asia and Middle East and Africa regions.”

Qatar Financial Centre Authority signs MOU with Asian Institute of Digital Finance for Web3 and digital assets projects

Qatar Financial Centre Authority signs MOU with Asian Institute of Digital Finance for Web3 and digital assets projects

The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC have signed an MOU with the Asian Institute of Digital Finance (AIDF), a research institute of the National University of Singapore (NUS), to embark on projects encompassing ESG, Fintech, digital assets, Web3 and other emerging technologies.

In addition to these efforts, both partners will actively facilitate the exchange of knowledge and insights to further their common goals and objectives.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, expressed his optimism about this partnership, stating, “We are excited to join forces with the Asian Institute of Digital Finance at the National University of Singapore to explore and capitalize on the numerous opportunities in the ever-evolving digital landscape. This partnership reflects our commitment to innovation and our belief in the power of collaboration to drive positive change. We see this collaboration as a significant step, not only in the direction of constructing a more inclusive financial sector but also in forging a path towards a more sustainable future.”

Likewise, Associate Professor Huang Ke Wei, Executive Director, NUS Asian Institute of Digital Finance expressed their enthusiasm for the collaboration, saying, “The NUS Asian Institute of Digital Finance empowers the future of finance through digital innovation and academic excellence, and provides thought leadership through a holistic blend of education, research, and business incubation. Our vision is to catalyse the evolution of the digital economy by fostering innovation and imparting knowledge. This collaboration with QFC marks a significant step towards fostering cross-regional knowledge exchange, setting the stage for a brighter, interconnected digital future.” The partnership between the QFC and NUS AIDF underscores their shared commitment to innovation and sustainability and catalysing positive global transformation by leveraging technology.

QFC has been moving forward with its digital asset strategy and framework.

21shares announces approval of Saudi Shariah scholars for its Bitcoin ETP

21shares announces approval of Saudi Shariah scholars for its Bitcoin ETP

21Shares, issuer of digital asset ETPs, continues its international expansion with Shariah approval of its 21Shares Bitcoin ETP (ABTC) and 21Shares BOLD ETP (BOLD) from leading Saudi scholars.

Having launched the world’s first crypto backed ETP in 2018, the company continues to lead the market with the expansion of its products and a catalogue of listings on major global exchanges.

Amidst sustained interest from Saudi investors, the recent Shariah compliance of the BOLD ETP is significant in that the product is at the forefront to become Saudi Arabia’s first hybrid product. Rebalanced monthly, BOLD has a 25:75 Bitcoin to gold ratio, offering investors exposure to the traditional value of gold with the promising return rates of Bitcoin.

In the context of inflationary pressures, and heightened geopolitical risk, the products represent important risk and return diversifiers within both private and institutional portfolios.

According to the press release, “ As regional financial centers compete to provide the latest financial services products, 21Shares’ announcement is an important step in the company’s Saudi market entry. Under Vision 2030 Saudi Arabia is working to transform its financial services industry highlighted by increased digitalization across the economy and the widespread adoption of Blockchain.”

Ahead of the upcoming Future Investment Initiative, co-founder and CEO Hany Rashwan commented “Saudi Arabia presents exciting new market expansion opportunities for us. This milestone reflects our unwavering commitment to operating within the highest regulatory standards and providing a secure and transparent platform for our clients. Our tailored crypto investment solutions will resonate with Saudi investors. We look forward to partnering with local financial institutions, fostering trust, and contributing to the Kingdom’s thriving fintech ecosystem.”

Prior to this 21Shares Bitcoin ETP was listed on Nasdaq Dubai exchange to target major regions in 2022. Following its roadmap, the investment firm offers 46+ products launched almost over 12 exchanges in 7 different countries.

SandBox metaverse expands operations in Saudi with SandSoft collaboration

SandBox metaverse expands operations in Saudi with SandSoft collaboration

The Sandbox metaverse has announced further expansion into Saudi Arabia through a partnership with SandSoft, a Saudi based game developer, publishers, and investor powered by AAA talent.

Sandsoft will be a key partner in The Sandbox’s expansion into Saudi Arabia and the Middle East and will also be a driver in attracting local talent in the video game sector and growing education and job opportunities within the region.

The collaboration aims at building a team of Web3 gaming experts to create partnerships with local public and private industry actors, entertainment, IPs & Brands and celebrities to explore opportunities in gamified social experiences in The Sandbox, and to empower local creative talent by educating and onboarding developers and artists into its ecosystem.

“We’re excited to collaborate with Sandsoft in bringing new creators to contribute towards the open Metaverse and develop together a virtual neighborhood on our map. This partnership will allow brands and creators across Saudi Arabia and the Middle East to discover the creative opportunities The Sandbox provides,” said Sebastien Borget, COO and co-founder of The Sandbox. “It will also enrich The Sandbox’s global ecosystem with Saudi Arabia’s rich culture and history.”

“The Sandbox has great potential for game developers, creatives, brands and consumers from the Middle East and North Africa,” said David Fernandez, CEO of Sandsoft. “We’re pleased to announce this collaboration, which will drive opportunities for vibrant and diverse communities in Saudi Arabia and beyond, expanding on Sandsoft’s existing initiatives to nurture talent in the local gaming ecosystem.”

With a diverse global team of more than 60 people, Sandsoft is on a trajectory to become a leading mobile-first gaming powerhouse. Sandsoft’s ‘Press Start’ internship program aims to provide opportunities for talented young people in Saudi Arabia to enhance their game development skills under the supervision of leading games industry figures including VP Studio Yahsir Qureshi (formerly of EA, Zynga) and CTO Ahmed Sharif (previously at Meta, Sony, EA).

U.S. based DTCC to acquire Abu Dhabi digital asset infrastructure provider Securrency

U.S. based DTCC to acquire Abu Dhabi digital asset infrastructure provider Securrency

The Depository Trust & Clearing Corporation, an American post-trade financial services company providing clearing and settlement services to the financial markets known as DTCC, has signed a definitive agreement to acquire Abu Dhabi based Securrency Inc. (“Securrency”), a leading developer of institutional-grade, digital asset infrastructure invested in by Mubadala sovereign Fund.

Securrency will become a fully-owned subsidiary of DTCC and will operate under the name DTCC Digital Assets. Nadine Chakar, CEO of Securrency, will join DTCC as Managing Director, Global Head of DTCC Digital Assets, reporting to Lynn Bishop, DTCC Managing Director and Chief Information Officer. Chakar will also join the DTCC Management Committee. In addition, Dan Doney, CTO and founder of Securrency, John Hensel, COO and co-founder, and other members of the Securrency leadership team, as well as roughly 100 Securrency staff of full-time employees or contractors, will become DTCC employees.

Securrency is a blockchain-based financial and regulatory technology developer that raised $30 million in 2021 from State Street, US Bank, WisdomTree Investments and others. It has worked with WisdomTree to help the asset manager launch “blockchain-enabled” funds that keep a secondary record of share ownership on the Stellar or Ethereum blockchains.

Frank La Salla, President, CEO and Director, DTCC, said, “Securrency is an important strategic acquisition that will give us the technology to drive market-wide transformation by enabling end-to-end digital lifecycle processing for tokenized assets, digital currencies and other financial instruments. By bringing together DTCC’s commitment to providing market stability and our unparalleled network of financial market participants with the sophistication of the Securrency technology, we will be in a leading position to unlock the value of digital assets and help guide the industry through its digital transformation journey. We believe this next generation of financial market infrastructure will further reduce settlement times, facilitate market transparency and risk management, enhance regulatory oversight and controls, and unlock efficiency and innovation to create an improved investor experience.”

By combining DTCC’s digital capabilities and Securrency’s technology, DTCC will fast-track development of its enterprise digital asset platform to unlock the power of institutional DeFi. DTCC will leverage the technology over time to embed digital assets within its existing products and services, develop new, regulatory-compliant blockchain-based offerings and explore use cases with the industry, including buyside asset managers, broker-dealers and custodians, to collaborate on new DTCC blockchain-based solutions.

In addition, DTCC will lead the industry’s development of a robust, global digital infrastructure by licensing the Securrency technology and offering professional services. Firms will be able to leverage the technology to transform and evolve their operating models and to create innovative, new digital asset services alone or in collaboration with other market participants – similar to how WisdomTree licenses Securrency’s software as part of the infrastructure for its WisdomTree Prime™ offering that provides tokenized assets and funds via digital wallets for retail investors and consumers.

Chakar said, “As we join forces with DTCC, we are excited to bring together DTCC’s infrastructure capabilities with Securrency’s technology to embrace a future where the digitization of capital markets is at the forefront of innovation. These capabilities will allow DTCC to partner with the industry to build a resilient and scalable infrastructure critical to the mass adoption of digital assets. Together, we will unlock opportunities to reimagine compliance, liquidity, efficiency and interoperability in trading real-world assets on the blockchain.”

DTCC also plans to provide global leadership to foster industry-wide collaboration to help avoid fragmentation with different digital technologies and standards. Securrency’s technology can address this issue by acting as a DLT-agnostic harmonization layer that promotes interoperability, liquidity, transparency and security.

La Salla said, “We look forward to building on our past work to drive consensus around the standards, controls and frameworks necessary to support regulatory-compliant digital asset solutions and development of the right architecture and infrastructure to ensure widespread interoperability. We’re excited to welcome our new colleagues to the DTCC team and to begin collaborating as a group to strengthen market stability and resilience and drive greater efficiencies, productivity, risk mitigation and liquidity in the global financial markets.”

This announcement comes as John Hensel, Chief Operating Officer and Senior Executive Officer, MENA, Securrency told IBS intelligence, “The UAE is ramping up its efforts to become a global blockchain hub.” In his interview he commented on why they chose UAE out of all the other countries globally including, USA, Switzerland, Hong Kong and Singapore.

According to Hensel, SEC ( Securities and Exchange Commission) in the USA has portrayed a conservative approach to the regulation of digital assets, so exploring other regulatory jurisdictions they found that the UAE was a credible, well positioned young financial center that embraced technology with experienced regulatory experts from the USA, Australia, Singapore and others.

He explains, “ After being here for 6 years we have seen the landscape change and become more favorable for investors partnering under FSRA and who are benefiting from the protection of ADGM which will grow opportunities locally for us given we were first movers and have strong relations with sovereign wealth entities, broker dealers, fund managers as key stakeholders.”

Securrency entered the ADGM FSRA regulatory sandbox in 2017 and secured a Financial Services Permission (FSP) from ADGM’s Financial Services Regulatory Authority (FSRA) to deal in investments as a matched principal and provide custody for those investments in 2022. The license enabled Securrency Capital to provide trading of digital assets to a variety of clients, including retail clients.

Securrency had raised $30 million in its latest funding round. The funds were used to roll out the company’s expansion plans. The Series B funding round included existing investor WisdomTree Investment along with Abu Dhabi state fund Mubadala-backed Abu Dhabi Catalyst Partners, State Street and U.S. Bank. Prior to that in 202, The Abu Dhabi Investment Office (ADIO) had invested in Securrency, a US-based developer of blockchain-based financial and regulatory technology through its ventures fund.

The company also signed a strategic partnership with leading investment management and banking firm, Musharaka Capital in KSA, to develop a compliant platform for issuing digital securities in Saudi Arabia in 2020.

Saudi headquartered Blockchain insuretech startup TakaDAO raises $1.6 million

Saudi headquartered Blockchain insuretech startup TakaDAO raises $1.6 million

Saudi headquartered Blockchain Fintech startup, Takadao, has raised $1.6 million in pre seed round led by Draper Associates. Other investors include BIM, Core Vision ventures, Prince Sultan Bin Fahad bin Salman Al Saud.

Takadao builds community-owned financial services on the blockchain, with two flagship products in savings and loans (Takaturn) and cooperative life insurance. Takadao’s products are Shariah-compliant and target the Muslim population globally.

According to the Pew Research Centre: “Globally, the Muslim population is forecast to grow at about twice the rate of the non-Muslim population over the next two decades – an average annual growth rate of 1.5% for Muslims, compared with 0.7% for non-Muslims. If current trends continue, Muslims will make up 26.4% of the world’s total projected population of 8.3 billion in 2030, up from 23.4% of the estimated 2010 world population of 6.9 billion”.

Islamic finance grew 17% in 2021 to $4 trillion and is forecasted to keep growing in double digits for the next five years. Takadao extends the reach of Islamic finance by providing shariah-compliant loans and insurance through the blockchain, enabling global access even in countries where populations are largely unbanked.

Co-founder and COO, Sharene Lee, states: “Many of us, Muslims and otherwise, live in countries with unstable economies, weak currencies and high inflation. There is low access to the traditional banking system coupled with increasing distrust. Banks and insurance companies exist to increase shareholder value and this takes priority over consumer well-being. At Takadao, we build community-owned financial services whose shareholders are the users themselves. By vesting ownership with the end users, we ensure that their well-being is the primary focus. Furthermore, shareholder profits get redistributed among the end users. The only way we can do this is through the decentralized blockchain and cryptocurrencies.”

To this end, Takadao has two complementary products, Takaturn and Takasure. Takaturn is based on the ROSCA concept, commonly known as Jamaiyah in the Middle East, Ballot Committee in Pakistan, Tontine in parts of Africa, and chit fund in India. Takasure is a cooperative insurance product based on the Takaful model; it is still in development with an anticipated launch date of June 2024.

This marks the first investment for Tim Draper in a Saudi-based startup. Draper’s investment track record in Baidu, Skype, and Hotmail all precipitated significant changes in consumer behavior that have become the norm today, whether it’s email, search or voip. In recent times, Draper has backed Robinhood and Coinbase and significantly, he is an outspoken advocate of Bitcoin and decentralized finance.

On why he decided to invest, Draper said: “Takadao is one of those companies that you don’t know quite where it’s going to go, but if it succeeds, it’s going to be really impactful and make a big difference in the world and this is a world that I want to live in. The insurance business generally has become corrupted and Takadao is going right after the insurance business with something that’s very pure; the blockchain is pure, Bitcoin is pure, decentralization is pure.”

Takadao has a community of 10,000+ members that is growing by 5% week-on-week.

Bank of China announces MOU with UAE FAB bank on digital currency

Bank of China announces MOU with UAE FAB bank on digital currency

According to a recent Chinese media article, the Bank of China announced during The 3rd “Belt and Road” Summit Forum a list of 369 practical cooperation projects of which was an MOU signed with FAB bank of cooperation in digital currency.

The 32nd project listed cited, “Bank of China signed a digital currency cooperation memorandum with the First Bank of Abu Dhabi, and signed a global strategic cooperation memorandum with the Saudi International Electric Power and Water Company. The Industrial and Commercial Bank of China and the Hungarian Ministry of Economic Development signed a memorandum of understanding on cooperation.”

UAE FAB bank, (First Abu Dhabi Bank), recently announced the successful completion of its J.P Morgan’s Coin blockchain based cross border payments.

This comes as China and the UAE work together on the CBDC Mbridge project which is supposed to launch its MVP (Minimum viable Product) form soon.

In addition the Central Bank of the UAE is also preparing for its on CBDC issuance which is expected sometime in 2024. The Central Bank of UAE as well as The Saudi Central Bank SAMA are working both with R3 on their CBDC projects.

Swiss based Dfinity Foundation launches ICP Hub GCC and supports UAE recycling project

Swiss based Dfinity Foundation launches ICP Hub GCC and supports UAE recycling project

Dfinity Foundation a major contributor to the Internet Computer Platform (ICP) blockchain and a Swiss-based not-for-profit organization with the largest R&D team in blockchain is making waves in the MENA and Asian region with partnerships such as with Roland Berger on UAE launched Voluntary recycling credits, as well as a $20 million grant to Asian startups and grants to MENA based startups such as ChainSight, an inter-chain data processing network to be able to use on-chain data with smart contracts.

The Internet Computer is a general-purpose, layer one blockchain that acts as a Cloud 3.0. The network has been operating for over two years, and has grown its daily transactions size to over 750 million, a 425% increase from its first year of operation. Notably, Dfinity Foundation asserts that its service has been provided with zero downtime.

Partnership with UAE Recycling Project

Most recently Roland Berger, a global strategic management consultancy firm with a strong presence in MENA selected Switzerland-based Dfinity Foundation as the technology partner for the development of the ‘Voluntary Recycling Credits’ standard announced by UAE’s BEEAH Group  with Roland Berger and the International Solid Waste Association.

As per their announcement the three companies aim to develop a new standard powered by the blockchain that can help beef up recycling numbers in the waste sector. As such businesses with sparse recycling infrastructure who are keen on aligning with Sustainable Development Goals can buy credits on the forthcoming marketplace. These credits are provided by companies with surplus recycling capabilities. Meanwhile, the flow of funds will free up more money to boost investment in further enhancement and emerging recycling technologies.

“We have a unique opportunity to redefine waste management and make tangible strides in environmental stewardship,” said Hani Tohme, managing partner at Roland Berger in the Middle East.

The Voluntary Recycling Credits standard is being built on blockchain technology. According to the initiators, blockchain is a “foundational element critical to the success” of the standard, guaranteeing a transparent, auditable, and secure record of recycling credits and transactions. “This transparency ensures that all parties – whether waste producers or recyclers – can trust in the veracity of the credits they purchase, sell, or trade.”

“Selecting the right blockchain technology that harmoniously balances decentralization, security, usability and storage space is key for a project of this importance. We are happy to have selected Dfinity Foundation as our technology partner. The Internet Computer is one of the most advanced blockchains in the world, its efficacy and security make it the perfect platform to build this project on,” said Pierre Samaties, partner at Roland Berger.

“We are honored to have been selected by the Roland Berger team to collaborate on the Voluntary Recycling Credit. This initiative aligns with the core values of our team at Dfinity and Internet Computer, as we always look to ensure the blockchain remains at the forefront of sustainability and work with leading enterprises,” said Dominic Williams, Founder of Dfinity Foundation.

Through the partnership, Dfinity Foundation will develop the underlying technology for standard. The first milestone will take place at COP28 in Dubai, when the private-public coalition behind the standard will display the first-ever live recycling credits transaction.

Launch of ICP Hub GCC

As part of Dfinity’s efforts to support the ICP blockchain platform, ICP Hub GCC has been launched to support the growth of the ICP ecosystem in the GCC ( Gulf Cooperation Council) region as well as the in MENA region.

Saed Ereiqat, Co-Founder of ICP Hub GCC tells LaraontheBlock, “The UAE is undoubtedly amongst the most advanced countries to deploy and develop on Web3 and Blockchain. It was therefore only a matter of time, that the ICP.Hub GCC launched in the UAE, where it is accelerating the mass adoption of the Internet Computer Protocol in the Gulf Region.”

As per Saed the ICP.HUB GCC has ambitious plans in the region as a community based project aiming to empower users and providing a robust platform for the development and hosting of secure software systems and open internet services.

ICP.HUB GCC is supported by Dubai based Crypto Oasis while partnering with UAE VC firm Cypher Capita. .Together with local Education Institutes, the hub aims to further raise awareness and provide education for young developers and entrepreneurs to learn about Blockchain and how to effectively apply it for future-ready developments. Investors are offered an opportunity to invest in the rapidly expanding Ecosystem and projects therein.

Through its grant program UAE based ChainSight an inter-chain data processing network to be able to use on-chain data with smart contracts.  ChainSight gains financial and technical support and with the connection to the hub, they are also provided with community support and communities to raise awareness for their development.

Abu Dhabi Government showcases updated Blockchain enabled TAMM platform

Abu Dhabi Government showcases updated Blockchain enabled TAMM platform

Abu Dhabi Government at Gitex 2023 showcased projects and initiatives across many fields and areas were highlighted, including cybersecurity, artificial intelligence, blockchain technology and analytics, all to leverage technology and innovation to deliver service excellence and an enhanced customer experience.

The latest iteration of the Abu Dhabi Government Services Unified Platform, blockchain enabled TAMM, showcased by the Department of Government Enablement, means customers can now access more than 750 services from over 30 Abu Dhabi government entities and numerous private sector providers. The new version also brings a slew of enhancements and features. The platform – now publicly available – was built on feedback from the public, coupled with the latest technological and customer-centric advancements.

“The latest version of TAMM was only made possible by collaboration between more than 30 Abu Dhabi Government entities, all working together towards achieving the government’s vision of enabling the Emirate’s people and communities through innovation and digitalisation,” said Ahmed Tamim Hisham Al Kuttab, Chairman of the Department of Government Enablement – Abu Dhabi.

“In alignment with Abu Dhabi’s digital transformation strategy, our ambition is to create an advanced digital ecosystem that reflects the aspirations of our people and sets a new global benchmark for how government services are delivered,” he added.

Dr. Mohamed Abdel Hameed Al Askar, Representative of the Abu Dhabi Government Services Unified Platform “TAMM” at DGE, said, “Thanks to the insights of citizens and residents across Abu Dhabi, the latest version of TAMM has been developed to prioritize user needs, creating a more enhanced, customer-centric and personalized platform that simplifies access to government and private sector services for residents and businesses alike.”

Meanwhile, the Abu Dhabi Housing Authority (ADHA) introduced the ISKAN Abu Dhabi app based on state-of-the-art technology. This digital customer service portal changes the way customers interact with ADHA. The app empowers individuals to explore housing and land options, access detailed information and make informed decisions about housing plans without the need for physical visits or extensive paperwork.

“The Abu Dhabi Housing Authority is working to adopt the latest technologies and innovative systems set to enhance the effectiveness and efficiency of housing services provided on various platforms to customers. We’re committed to enhancing the customer journey by simplifying procedures and enabling customers to obtain housing services to increase customer satisfaction, reduce waiting time and expedite the application process,” said Hamad Hareb Al Muhairi, Director-General of ADHA.

Abu Dhabi Customs (ADC) unveiled a groundbreaking project focusing on implementing blockchain technology within their customs systems to establish a robust risk analysis system based on reliable data. This initiative aims to create an interoperable system that aligns with future business requirements.

In 2020, the Abu Dhabi Government Services ecosystem, TAMM has launched the second phase of its innovative blockhain enabled digital payment platform “Abu Dhabi Pay”.  

AI and Blockchain Egyptian founded Tribal Credit to enter into KSA

AI and Blockchain Egyptian founded Tribal Credit to enter into KSA

AI and Blockchain enabled Tribal Credit, based in USA and founded by Egyptian entrepeneurs, which empowers SMEs in emerging markets through a comprehensive suite of financial products,payment tools will be expanding into Saudi Arabia, using a renewed and increased debt facility of $150 million with Partners for Growth.

Renewed through 2025, this upsized facility is not only a testament to Tribal’s remarkable credit performance but also an accelerator for the company’s ambitious growth plans in Mexico, Saudi Arabia and beyond.

As per the press release, this significant expansion will notably enhance Tribal’s presence in Saudi Arabia in accordance with applicable laws and regulations, serving as the core of its global expansion strategy. Further, it will fuel the company’s continued growth across Mexico and Latin America, enabling Tribal to bring more SMEs into the fold of its innovative financial services.

With over $200 million in funding from industry-leading investors like SoftBank, QED Investors, BECO Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal is making strides in bridging the financial inclusion gap. Led by a team of accomplished entrepreneurs, data scientists, and banking executives, and recognized as a top fintech by leading industry bodies.

Over the past few years, Tribal’s diligent investment in credit processes, tools, products, and team has culminated in exceptional credit performance, even amid challenging market conditions. This achievement has facilitated a healthy revenue mix from both financing and payment products, reinforcing the company’s robust financial health and laying the foundation for sustainable growth.

Partners for Growth (PFG), a global specialty lending firm focused on emerging growth companies, highlights Tribal’s exceptional credit performance and sophisticated financial products. “Tribal Credit has consistently demonstrated strong credit performance even in challenging market conditions.

Their continued investment in the credit process, tools, and the team has paid dividends,” says Armineh Baghoomian, Managing Director, Head of Europe, Middle East and Africa, Co-Head of Global Fintech at PFG. “In addition, they have innovated and launched financial products that truly meet the needs of SMEs in emerging markets. We’re thrilled to extend our partnership with Tribal and excited to support Amr, Duane and the team as they continue shaping the landscape of financial services.”

Tribal has reshaped the financial landscape for SMEs in emerging markets by prioritising accessibility to credit and digital payments. In doing so, it has empowered a remarkable number of SMEs to fuel their growth, making a lasting impact in these markets. Throughout its journey, Tribal has facilitated a substantial volume of transactions via its corporate credit cards and B2B cross-border products, demonstrating its crucial role in empowering emerging markets.

“We’re delighted to fortify our partnership with Partners for Growth,” says Duane Good, Tribal COO and Co-Founder. “We emphasize building enduring relationships with our clients, and nurturing our ties with capital partners is equally essential.” Good, alongside Amr Shady, Tribal CEO and Founder, sees the enhanced debt facility as a testament to Tribal’s mission and potential. “This funding will equip us with the necessary resources to seize exciting market opportunities ahead,” Shady adds. “We’re eager to continue our journey of developing innovative tech solutions to help SMEs thrive in emerging markets, especially in Mexico and Saudi Arabia.”

In 2021, Tribal Capital received an initial $3 million from Stellar Development Foundation to advance blockchain products built on stellar. Tribal Credit first raised 5.5 million USD through an investment round led by UAE  BECO Capital and Global Ventures.

At the time Amr Shady, Tribal Credit CEO stated, “Our entire mission is about empowering startups and SMEs in emerging markets with access to financial services. Our focus starts in Mexico, a country that will benefit from global accessibility to banking services previously only available to large corporations. By tapping into Stellar’s existing and growing network of anchors, we will be able to leverage existing digital assets to bring our customers with fast, affordable cross-border payments, credit card balance settlement, and other innovative features of the Stellar blockchain that will benefit our global users.”

In addition Mohamed Elkasstawi, Tribal Credit Co-Founder and Chief Strategy Officer who leads the blockchain vision, strategy, and execution also noted “We see blockchain, and our integration with Stellar specifically, as a strategic next step for our business, offering us the ability to provide cheaper, faster payments for our customers,” said. “Working with the Stellar ecosystem, we’ll be able to leverage the network to deliver on some of our most important use cases — like facilitating  cross-border payments between businesses in previously underserved markets. This is only one of many exciting blockchain projects we’re working on in partnership with SDF.”