Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

Digital assets on the table in MOU between Qatar Financial Authority and Hong Kong FSDC

On behalf of the Hong Kong SAR Government, the Financial Services Development Council (FSDC) signed an MoU with the Qatar Financial Centre (QFC) with the goal of deepening the collaboration across multiple financial services areas between Qatar and Hong Kong including digital assets.

The Hong Kong and Mainland China delegates to Qatar have had numerous group meetings and networking opportunities with the local Qatar stakeholders – QFC, QIA, QDB ( Qatar Development Bank), Invest Qatar, Qatar Foundation, QSTP, regulators, investors, family offices, channel partners in digital assets, fintech, wealth management, to deepen the collaboration and uncover concrete business opportunities.

This MoU signing is a follow-up from an earlier visit to Qatar by the Secretary for Financial Services and the Treasury, Christopher Hui, in 2023. Since then, Qatar leaders also visited Hong Kong during the Asian Financial Forum in early 2024.

King Leung, Global Head of Financial Services and Fintech, InvestHK told Qatar Pennisula media, that “Qatar can leverage Hong Kong’s strengths to its advantage. In Hong Kong, we have been experimenting lots of innovation such as tokenization and digital assets and would like to work more closely with Qatar.”

Sharing his perspectives on the intersection between fintech and AI, Global Head of Financial Services and Fintech Leung stated, “We are seeing the intersection of AI, big data, blockchain, and cloud. A lot of the financial institutions are now using fintech, which with that AI capability can help streamline a lot of the internal processes. We have seen a lot of AI innovation in the fintech space that are empowering the financial institutions to transform their operation, to raise their ability to service their clients.”

There have been regular follow-ups by both organizations, as well as InvestHK. We are committed to deepen our collaboration in key financial services areas – asset and wealth management, fintech, digital assets, and family offices.

The Undersecretary for Financial Services and the Treasury, Joseph Chan, the Financial Services Development Council (FSDC), InvestHK, and Cyberport led a delegation of over 30 Hong Kong and Mainland China business leaders to Doha on May 5-6.

Highlighting some of the key sectors of interest for investors from Hong Kong, Leung added, “The senior officials have been making our stance very clear in terms of our positioning as a major green finance and green tech hub. We would love to work with investors around the world to promote these movements. It could be new energy, new materials, or any of the technology layers that can promote a better tracking of the green behaviour. We see quite a lot of green fintechs using different technologies and access to different data.”

Hacken signs MOU with UAE ADGM to set new benchmarks for blockchain security

Hacken signs MOU with UAE ADGM to set new benchmarks for blockchain security

Hacken, a blockchain security auditing entity, has signed a Memorandum of Agreement with UAE’s Abu Dhabi Global Market (ADGM), to set new benchmarks for blockchain security and compliance.

As per the press release, this strategic partnership reflects a unique synergy between a regulatory body and a security auditor aimed at establishing a world-leading security assessment standard in the blockchain industry.

Under the MoU, ADGM’s Registration Authority (RA) will collaborate with Hacken on developing security standards and on-chain monitoring solutions in relation to ADGM’s DLT Foundations framework, positioning both organisations at the forefront of fostering a secure blockchain ecosystem. This collaboration not only highlights ADGM’s role in innovating regulatory frameworks but also Hacken’s commitment to advancing blockchain security globally.

Highlights of the MoU include collaboration in the following areas:

  • Security and Compliance Standards Development.
  • Advanced DLT Foundation Monitoring Arrangements
  • Development of AI-Enhanced Monitoring Solutions

“At ADGM, we are committed to setting unprecedented global standards in regulatory compliance and security by harnessing the transformative power of blockchain and AI. Our partnership with Hacken exemplifies our innovative drive and dedication to excellence. By integrating AI-driven technologies, we are pioneering a model of regulatory excellence that enhances transparency, security, and trust across the digital landscape. This represents the next frontier in SupTech, and take pride in spearheading this evolution,” said Hamad Sayah Al Mazrouei, CEO of ADGM RA.

Dyma Budorin, Co-Founder and CEO of Hacken emphasized the significance of the collaboration stating, “We are incredibly grateful for the opportunity to support ADGM in this pioneering venture. Our experience in working with public sectors, such as our audits for the European Blockchain Services Infrastructure and our cooperation with government entities, provides a solid foundation for this partnership. Together, we are setting a new global standard for blockchain security and compliance.”

Blockchain enabled Instimatch partners with Saudi Muqassa for repo trading

Blockchain enabled Instimatch partners with Saudi Muqassa for repo trading

Saudi Arabia based Muqassa, a subsidiary of Saudi’s Tadawul Group, specialized in settlement of trades, signed an MOU (Memorandum of Understanding) with Swiss Blockchain enabled Instimatch, a cash management platform for institutions across industries and geographies to interconnect.

The MOU will work to launch a repo trading platform to enhance the financial structure of the Saudi Capital Market.

A repo is a repurchase agreement, which is defined as short-term lending mechanism that involves a bank selling securities, usually government bonds or other debt instruments with steady values, to an investor and then buying them back a short time after at a slightly higher price.

Muqassa works to reduce post-trade risk by introducing new mechanisms to guarantee the settlement of trades.

The signing was held during Saudi Capital Market Forum (SCMF), held in Riyadh between 19 and 20 February.

Under the MoU, Muqassa will conduct central clearing for all repo transactions on the new platform. Instimatch which leverages blockchain technology, working with Blockchain platforms such as R3 and AlGorand, will be responsible for continually enhancing the trading platform in collaboration with Muqassa, ensuring its adaptation to the evolving requirements of its users.

The MoU will also allow both parties to cooperate in order to introduce new products and services in the Saudi capital market. This will support the efforts exerted for the development and diversification of the market, which come in the context of Vision 2030.

Instimatch’s mission is to establish a global network of trust, enabling counterparties across the globe to conduct money market trades transparently and frictionless. This will facilitate the global flow of liquidity between counterparties, leading to a more efficient, stable and diversified money market system

In 2021, Instimatch Global, and Algorand, blockchain powering secure and efficient frictionless exchange, partnered to disrupt the regulated payment networks with advanced solutions powered by blockchain. Prior to that in 2020, Instimatch had partnered with R3 and also opened up its regional MENA office in Qatar.

Commercial Bank International enters the world of digital asset payments

Commercial Bank International enters the world of digital asset payments

UAE based Commercial Bank International PJSC (‘CBI’), a corporate and retail bank headquartered in Dubai, and Fuze, MENA’s digital asset infrastructure provider, signed a Memorandum of Understanding that will allow both parties to jointly explore digital assets use cases under the comprehensive regulatory frameworks of the UAE.

The agreement between CBI and Fuze provides the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments. Leveraging CBI’s extensive and robust track record in business and personal finance, with Fuze’s cutting-edge digital assets infrastructure and expertise, the two parties will collaborate to develop a suite of digital asset and blockchain products.

Driving this agreement is an underlying demand from customers for safe and regulated digital assets platforms. The collaboration emphasises responsible innovation and as a regulated business, Fuze is committed to structuring compliant products that foster trust and confidence in the UAE’s digital asset ecosystem.

On the occasion of the MoU signing, Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International (CBI) stated, “Pooling the knowledge, expertise and resources of CBI and Fuze will help us explore a range of innovative new digital assets use cases for business and personal finance. This agreement will bring our customers closer to the many opportunities of digital assets, within a safe and regulated environment, in line with the UAE’s world-class virtual assets regulations. The signing of this MoU marks CBI’s commitment to furthering innovation and aligns perfectly with the UAE Government’s prioritisation of innovation as a pivotal force for driving positive change and economic development”.

Mohammed Ali Yusuf (Mo Ali Yusuf), CEO and Co-Founder of Fuze, added, “We’re thrilled to support CBI in connecting customers with future-facing financial products through the power of blockchain infrastructure. Collaborating with CBI marks a significant milestone for digital assets in the UAE. We look forward to supporting the Bank in providing greater financial accessibility and empowerment for their customers through powerful digital assets and cryptocurrency use cases”.

In December 2023, Fuze which had recently received a license from Dubai’s regulator, signed a similar MOU with UAE Fardan Exchange to allow the exchange to offer digital asset products such as buying, selling and transfer.

UAE AML,CTF office cooperates with Kazakhstan on virtual assets

UAE AML,CTF office cooperates with Kazakhstan on virtual assets

UAE Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) and the Financial Monitoring Agency of the Republic of Kazakhstan (FMA) signed a Memorandum of Understanding (MOU)  to enhance bilateral cooperation in the combatting of financial crimes with focus on virtual assets, public-private partnership (PPP), education and capacity building, and asset recovery.

Knowledge sharing will cover virtual assets, with both parties committed to improving regional and local understanding of the risks associated with ML/TF/PF related to virtual assets. It will also include public-private partnership initiatives with the counterparties agreeing to collaborate on the establishment of rules to exchange strategic and operational information between the public and private sectors to prevent and combat money laundering and terrorism financing risks.

Hamid AlZaabi, Director General of the EO AML/CTF, remarked that the signing of the MoU formalizes the commitment made by both countries to protect the integrity of the global financial system. “Effective strategic engagement and cooperation with international counterparties is essential in the fight against financial crime and is central to the UAE’s strategy. The signing of this Memorandum with the FMA in Kazakhstan is significant and comes at a time when the EO AML/CTF is working to strengthen its collaboration efforts with international partners over the long-term. We have decided to focus on four key areas to ensure that our coordination is targeted, allowing us to make a real impact in addressing the most pressing issues in AML/CFT today.”

Zhanat Elimanov, Chairman of the FMA, welcomed to MoU, and said, “This year the relationship between our countries in the AML/CFT field has reached a new level. We have managed to establish an effective exchange of strategic and operational information. This has contributed to the successful investigation of major cases on money laundering committed in our country. We are inspired by UAE’s achievements in implementing IT solutions in AML activities. With great respect, we will adopt this experience”.

UAE Fuze to bring digital assets to AL Fardan Exchange

UAE Fuze to bring digital assets to AL Fardan Exchange

UAE Fuze, digital assets infrastructure provider, which recently received a license from Dubai’s regulator, has signed an MOU with UAE Fardan Exchange to allow the exchange to offer digital asset products such as buying, selling and transfer

The MOU was signed by both Hassan Al Fardan, CEO of Al Fardan Exchange and Ali Mo Yusuf, the Founder and CEO of Fuze Finance.

The decision to delve into the digital assets domain comes as more clients request digital finance solutions allowing them to buy, sell and transfer digital assets in an easy, safe and use friendly way.

According to Hassan Al Fardan, CEO of Al Fardan Exchange, “ We are committed to innovation as digital transformation becomes more embedded and through this cooperation with Fuze Finance we look forward to offering innovative fintech solutions continuing to offer financial services that are secure, easy, and in line with the future.”

Mo Ali Yusuf, Co-Founder and CEO of Fuze added, “Exchange services are central to the financial sector in the UAE, and Fardan has longstanding history in this field, surpassing 50 years. Al Fardan offers its services to millions of citizens and residents in the UAE and we are proud to be able to develop digital asset solutions for the clients of AL Fardan.”

Prior to this, Fuze partnered with Abu Dhabi headquartered Wio Bank to empower its customers with virtual assets trading services.

UAE and Chinese central Banks go beyond Mbridge CBDC project with new MOU on CBDC collaboration

UAE and Chinese central Banks go beyond Mbridge CBDC project with new MOU on CBDC collaboration

The Central Bank of the UAE (CBUAE) and the People’s Bank of China has signed an MOU (Memorandum of Understanding) to enhance technical and technological cooperation in the development of central bank digital currencies (CBDC), going beyond initial collaboration on mBridge CBDC project.

As per the UAE Central Bank press release, the signings will enhance the strategic partnership between the two friendly nations and expand the bilateral relations in the financial and economic fields.

His Excellency Khaled Mohamed Balama, Governor of CBUAE, and His Excellency Pan Gongsheng, Governor of the People’s Bank of China, signed the MOU in Hong Kong in presence of the UAE Counsel General in Hong Kong, H.E. Shaikh Saoud Ali Almualla.

The CBDC MoU aims to enhance collaboration central bank digital currency development and strengthen cooperation between CBUAE and the Digital Currency Institute of the People’s Bank of China in the field of financial technology. The MoU will enable the exchange of information on best practices and regulations relating to digital currencies and support the implementation of joint initiatives and projects, including the “mBridge” project which is a multi central bank digital currencies platform in facilitating cross-border trade payments instantly and securely.

The MoU also includes cooperation in training and skills development for specialists on both sides and the exchange of bilateral visits to discuss matters of common interest.

Commenting on the signing, H.E Khaled Mohamed Balama, Governor of CBUAE, stated, “We look forward to strengthening cooperation with our partners on innovation and solutions in financial technology including central bank digital currency to support the growth of our economy and society.”

Earlier,according to a 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.

Concurrently Standard Chartered announced its participation in the pilot testing program of China’s central bank digital currency (CBDC) known as the digital Yuan (e-CNY or digital RMB). This move makes Standard Chartered the first foreign bank to engage with the country’s CBDC. According to the announcement, Standard Chartered, in collaboration with City Bank Clearing Services Co, will facilitate e-CNY transactions for its clients. It will allow them to purchase exchange and redeem e-CNY within their bank accounts.

 It is noteworthy that Standard Chartered’s backed digital asset platform, Zodia markets, received an In-Principle Approval (IPA) fulfilling the pre-requisites to receive a Financial Services Permission (FSP) for OTC broker-dealer in virtual assets by Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center.

Standard Chartered’s , venture arm SC Ventures, an innovation and fintech investment arm recently partnered with Japanese SBI Holdings to establish a Digital Asset Joint Venture investment company in UAE. The parties intend to capitalize the vehicle with $100 million. The company will invest in DeFi, tokenization, consumer payments and metaverse.

Saudi NEOM invests $50 million in Animoca Brands and signs MOU to drive Web3 Blockchain initiatives

Saudi NEOM invests $50 million in Animoca Brands and signs MOU to drive Web3 Blockchain initiatives

Metaverse creator Animoca Brands Corporation Limited has announced that it has signed a Memorandum of Understanding (“Strategic Partnership”) with NEOM Company (“NEOM”) to drive regional Web3 initiatives in line with the Saudi Vision 2030 plan, after NEOM investment fund signed a term sheet for $50 million investment in Animoca Brands.

As per the Convertible Notes Financing Term Sheet (“Term Sheet”). NEOM Investment Fund is proposing to invest US$50 million in Animoca Brands, of which US$25 million will be via the issuance of convertible notes at a conversion cap price of A$4.50 per share, with substantively the same terms as the strategic funding round previously disclosed by the Company in the announcement of 8 September 2022; and the remaining US$25 million will be invested in purchasing the Company’s shares on the secondary market.

As part of the strategic relationship, Animoca Brands will work with NEOM on building Web3 enterprise service capabilities with global commercial applicability, which will be deployed to support technology advancements in Riyadh and the NEOM region. These projects will include a range of Web3 initiatives, including plans to establish a hub within NEOM to nurture the local Web3 ecosystem and bring in extensive capabilities from across Animoca Brands and its subsidiaries, partners, and broad portfolio of investments.

The execution of definitive documents for the Convertible Notes Financing are subject to a number of conditions precedent.

Majid Mufti, CEO of NEOM Investment Fund, commented: “We are excited to partner with Animoca Brands to support the development of NEOM’s digital infrastructure. Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture, but also has potential to revolutionize global industries. By partnering with a market-leading company like Animoca Brands, we hope to accelerate Web3 technology development and adoption.”

Yat Siu, the co-founder and executive chairman of Animoca Brands, commented: “We are honored and excited to partner with and receive investment from NEOM, one of the world’s most ambitious projects seeking to use innovation and technology to redefine how we live, work, and play. We have always referred to the growth of the Web3 ecosystem as the emergence of a new meta-nation, and now NEOM could well become the first region to fully harness the power of blockchain.”

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.

UAE’s RAK Digital Oasis partners with Human.ai to bring Blockchain AI to companies in the ecosystem

UAE’s RAK Digital Oasis partners with Human.ai to bring Blockchain AI to companies in the ecosystem

UAE based RAK Digital Assets Oasis (RAK DAO) and Blockchain AI empowered platform Humans.ai  have partnered to drive artificial intelligence innovation in the Ras Al Khaimah (RAK) UAE. The Memorandum of Understanding (MOU) signifies the launch of an operational collaboration that will reshape AI technology within the world’s first Free Zone dedicated to global digital and virtual asset companies.

The strategic alliance aims to provide exclusive incentive packages to the first AI-focused companies establishing themselves in RAK DAO. These companies will gain access to RAK DAO’s partner ecosystem, offering services like toolkits, Dapps, tech solutions (including Humans.ai), investment opportunities, venture capital partners, banking, and licensing.

This partnership intends to create a robust blockchain framework that empowers AI companies in RAK DAO. This framework ensures secure governance and operation of AI models while maintaining transparency. Additionally, companies will tap into Humans.ai’s network, products, services, tools, and tech support to enhance operational efficiency and capabilities.

Sabin Dima, Humans.ai’s Founder and CEO, emphasized the significance of the partnership in fostering innovation, technological advancement, and economic growth. The combined expertise of Humans.ai and RAK’s visionary support will establish an ecosystem that encourages entrepreneurship and AI adoption, thereby impacting the global AI landscape.

Dr. Sameer Al Ansari, CEO of RAK DAO, underscored the partnership’s role in propelling Ras Al Khaimah to the forefront of AI technology. The collaboration will explore avenues to accelerate AI advancement, including joint Accelerators, Venture Studios, and similar initiatives that catalyze AI-driven entrepreneurship.

Humans.ai is in the UAE after partnering with UAE based blockchain consultancy studio Deca4 in Dubai.

In addition Humans.ai Blockchain for AIs introduced wrapped AI NFTs using Hedera Hashgraph blockchain network. Humans.ai’s cutting-edge Blockchain for AIs has launched its cross-chain interoperability with Hedera Hashgraph, to revolutionize the way AI NFTs are used across different platforms.

Humans.ai aims to scale the company’s innovative wrapped AI NFTs on the Hedera blockchain as a growing community of projects, applications, and ecosystem tools provide compelling reasons to choose Hedera to bring AI NFTs to the masses.