UAE based MANSA raises $10 million led by Tether

UAE based MANSA raises $10 million led by Tether

UAE based MANSA, a fintech innovator in cross-border payments, has raised $10 million in its recent funding round led by Tether, the creator of USDT stablecoin. MANSA aims to alleviate liquidity challenges for payment companies worldwide.

The company’s stablecoin-based solution offers payment providers in emerging and mature markets a flexible and reliable way to manage liquidity challenges in cross-border payments.

MANSA raised $3 million in a pre-seed funding round led by Tether and co-led by Polymorphic Capital with participation from other prominent investors, including Octerra Capital, Faculty Group, and Trive Digital. The fintech company has secured an additional $7 million in liquidity funding from institutions, including corporate investors, quantitative funds, and alternative investment firms.

As per the press release the funds will support the company’s further market expansion into Latin America and Southeast Asia, alongside the rollout of bespoke liquidity and ancillary solutions tailored to address complex cross-border payments needs.

“Securing $10 million in pre-seed and liquidity funding marks a significant milestone in our mission to transform the way money moves. By bringing payments on-chain and leveraging efficient liquidity solutions, we are addressing critical challenges in cross-border transactions—making payments faster, cheaper, and more reliable worldwide” said Mouloukou Sanoh, CEO and Co-Founder of MANSA. “This funding accelerates our global expansion, enabling us to empower payment companies with seamless, real-time settlement infrastructure and drive the future of payments”

Since its launch in August 2024, MANSA has gained traction by building partnerships with major payment companies across Africa, Asia, and South America. These strategic alliances have contributed to the proliferation of its instant liquidity solutions, resulting in $27 million in transaction volume to date, with nearly $11 million in on-chain transaction volume in January – reflecting a 574% growth from August 2024. MANSA leverages stablecoins, thereby reducing settlement delays and transaction costs, and giving payment providers the resources to scale their operations efficiently.

“MANSA’s vision for addressing liquidity challenges in cross-border payments aligns with our mission to create a more efficient and inclusive financial system. By leveraging USDT for real-time settlements and instant payouts, MANSA is solving critical pain points for payment companies operating in emerging markets. We are proud to collaborate with MANSA and support their efforts to reshape global payment infrastructure.” said Paolo Ardoino, CEO of Tether.

The newly secured funds will be instrumental in its strategic expansion into Latin America and Southeast Asia – regions where liquidity challenges hinder cross-border transactions. It intends to expand its reach and influence by enabling faster, more affordable payment solutions through scaling its liquidity infrastructure and developing strategic partnerships.

“Mansa is here to disrupt a massive traditional market with blockchain and the Web3 paradigm. Polymorphic supports extraordinary founders. The Mansa team is up to this incredible challenge. stated Vitaly Spassky, Managing Partner, Polymorphic Capital

“We invested in MANSA because of their bold, diverse, high-caliber team of visionary founders addressing critical challenges faced by payments companies in Emerging Markets. We firmly believe that decentralized finance and asset tokenization are game-changing frontier technologies. With immense market potential in emerging economies, MANSA is uniquely positioned to drive transformative impact and bridge the credit gap across Africa.” added, Ashim Egunjobi, Managing Partner, Octerra Capital

UAE DP World to issue stablecoin for cross border payments

UAE DP World to issue stablecoin for cross border payments

DP World, a global player in the logistics and trade ecosystem, is partnering with financial and technology providers to address inefficiencies in cross-border payments with a stablecoin issuance. The announcement was made at World Economic Forum in Davos.

As customers in emerging markets such as Asia and Africa grapple with prolonged settlement times, restricted access to finance, and a lack of transparency DP World will collaborate with firms in Singapore, India and UAE as well as other key markets.

As per the press release, DP World aims to introduce accessible, instant, and transparent cross-border payment solutions powered by stablecoins. The initiative is designed to simplify and accelerate international transactions, empowering businesses in emerging economies to thrive in an increasingly interconnected world.

DP World Group Chairman & CEO, Sultan Ahmed bin Sulayem, said, “By introducing stablecoin-based payment options, we are not just addressing a critical gap in the trade ecosystem but also reaffirming our commitment to innovation and leadership in global commerce. This initiative aligns with DP World’s broader mission to enhance trade flows and economic development in regions that need it most. We believe this initiative will redefine the way businesses engage in cross-border trade, particularly in regions where financial barriers have limited potential. DP World is committed to creating a more inclusive and efficient trade ecosystem.”

DP world believes that stablecoins will drastically reduced settlement cost and times for cross-border payments, giving the example of a textile manufacturer in Ethiopia which exports raw cotton to a fabric producer in India but faces significant delays in receiving payments.

This is due to the traditional correspondent banking systems requiring multiple intermediaries, resulting in settlement times that can extend to several days or even weeks. Stablecoins will also improve financial accessibility for businesses of all sizes such as the Ethiopian supplier struggling with cash flow, limiting its ability to scale operations or meet additional orders.

Finally stablecoins will enhance transparency and trust in international trade transactions and the lack of real-time tracking of the transaction status leaves both parties uncertain about when the payment will be completed.

The announcement comes months after the UAE Central Bank came out with its stablecoin regulation, allowing AED Stablecoins to be used for payments for products and services within the UAE, and for other stablecoins to be used for the purchase of virtual assets. Both would need to be regulated thought within the UAE.

As a result the first regulated AED stablecoin was announced under the name AECoin. DP World’s stablecoin could become the second one to be regulated, while Tether awaits its approval.

Oobit for crypto trading and payments seeks license in UAE

Oobit for crypto trading and payments seeks license in UAE

Oobit, a crypto payments and trading application announced that it has applied for a license in UAE with the Financial Services Regulatory Authority (FSRA) license under the Abu Dhabi Global Market (ADGM) framework.

As per the blog post, this step marks their commitment to expanding into the thriving Middle Eastern market and aligning with a forward-thinking regulatory environment.

“Applying for the ADGM license is a monumental step for Oobit. It reinforces our commitment to fostering trust and innovation in the crypto space while paving the way for seamless global adoption,” said Aharon Miller, COO of Oobit.

As part of this expansion, Oobit plans to establish a dedicated office in Abu Dhabi, further cementing our presence in this market and fostering closer collaboration with local stakeholders.

Oobit decided to apply for a license in the UAE given that 30% of the UAE population owns crypto. In addition the UAE, and ADGM have created forward looking regulations for virtual assets. In addition, the geographic position of UAE opens markets in MENA and Asia.

The company intends to utilize the license for crypto and stablecoin payments.

Bahrain based Singapore Gulf Bank to raise $50 million for stablecoin payment entity

Bahrain based Singapore Gulf Bank to raise $50 million for stablecoin payment entity

Singapore Gulf Bank, a subsidiary of Whampoa Group, with a license in Bahrain, is in talks with a Middle East sovereign wealth fund to raise $50 million to acquire a stablecoin payments company in 2025 either in the Middle East or Europe. The news was published in a Bloomberg article. SGB is backed by Bahrain’s sovereign wealth fund Mumtalakat and privately held Singapore-based investment firm Whampoa Group.

The startup bank, will sell an equity stake of less than 10% by early 2025 according to the Bloomberg article.

The proceeds will primarily go toward accelerating product development, enhancing the bank’s payment network and hiring more staff, the people said. The purchase of a stablecoin payments firm is planned for the first quarter in the Middle East or Europe, they said.

Recently, Gulf Bank (SGB) appointed former Goldman Sachs executive Ali AlShamma as chief financial officer and ex-Sygnum executive Elaine Leong as chief operating officer. These two hires reinforce the mission of SGB to provide frictionless interaction between digital and traditional finance, said the digital bank.

On launching in Bahrain Singapore Gulf Bank noted that it would provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures. As per the announcement this would enable businesses to manage their finances flexibly, whether they are traditional or digital assets – facilitating their participation in the digital economy.

Stablecoin usage has been growing in the Middle East and across the globe. Chainalysis in its recent MENA report noted that stablecoins and altcoins making gains across MENA particularly in Turkey, Saudi Arabia and the UAE. Turkey is number one in the world in stablecoin trading volume as a percentage of GDP, by a large margin. It’s important to note this measure is not saying that nearly 4% of Turkish GDP is stablecoins, but that stablecoin trading volumes on CEXs are equal to 4% of GDP in dollar equivalent terms, meaning crypto trading volumes could one day exceed a country’s measure of GDP.

Stablecoins consistently represent the majority of crypto assets purchased with the Turkish Lira, approaching nearly $6 billion in purchases in March of this year. Stablecoin purchases with the Turkish Lira are closely correlated with inflation rates.

Most recently the UAE Central Bank announced its stablecoin regulations as well.

UAE Zand Digital bank, Alibaba and Ant Digital work to offer AI, blockchain, and digital payment solutions

UAE Zand Digital bank, Alibaba and Ant Digital work to offer AI, blockchain, and digital payment solutions

UAE based Zand Bank, regulated digital bank is collaborating with Alibaba Cloud, digital technology and intelligence backbone of Alibaba Group and Ant Digital Technologies in the Middle East region to focus on Generative AI use cases, blockchain, and Fintech solutions including Real World Assets, E-Wallet, mPaas and other services. 

Michael Chan, CEO at Zand commented, ”We are thrilled to collaborate with Alibaba Cloud and Ant Digital Technologies to accelerate the applications of Generative AI, Blockchain and Payment Technology. This partnership represents a step forward in our journey to use generative AI to build Zand Bank’s AI Agent platform to boost the productivity of customer support, compliance and coding. This collaboration supports our AI powered banking businesses and UAE’s Digital Economy Strategy to double the sector’s contribution to the nation’s GDP over the next decade.”

Eric Wan, General Manager of the Middle East, Turkey and Africa, Alibaba Cloud Intelligence said, “As digital technologies are reshaping how we live and work in the era of AI, we are thrilled to join hands with Zand Bank in accelerating the adoption of advanced digital technologies such as Generative AI, Blockchain, and cutting-edge payment solutions in the Middle East. As a leading cloud service provider, Alibaba Cloud is committed to supporting local businesses in the region on their digital transformation journey through our robust infrastructure and innovative solutions. Together with Zand Bank, we look forward to shaping a more digitally-enabled future in the Middle East.”

Lily Peng, General Manager of International Business at Ant Digital Technologies, stated, “As our technology, products and business are going global, we are thrilled to collaborate with Zand Bank, a prominent banking group with extensive influence in the Middle East region. We will provide one-stop digital banking solutions, technology products such as mPaaS, ZOLOZ, and SOFA in close collaboration with Alibaba Cloud. Together with Zand Bank, we aim to explore the vast potential of the Middle East in the digital economy. “

Recently, IDA, a Hong Kong-based stablecoin issuer, partnered with UAE Zand Bank, to offer cost-effective and efficient cross-border transactions across the Belt and Road regions and BRICS Plus. As per the press release both entities aim to provide businesses with streamlined 24/7 digital payments.

Emirates NBD to explore Partior blockchain for payment settlements

Emirates NBD to explore Partior blockchain for payment settlements

Emirates NBD, in MENAT (Middle East, North Africa, and Türkiye) region, has partnered with Partior, a decentralized, programmable, and always-on platform making the global movement of liquidity more seamless, secure, and scalable, to explore participation in their blockchain platform for clearing and settlement, a collaboration that will offer Emirates NBD’s clients 24×7 availability, and faster, more seamless payment flows.

Emirates NBD will join the Partior network, becoming the first regional and UAE Dirham, Saudi Riyal and Indian Rupee settlement bank on the platform. In addition, Emirates NBD is looking to serve as a participating bank for major foreign currencies, in a move that bolsters its client offerings to provide real-time payments.

Launched in 2021, Partior is backed by DBS Bank, J.P. Morgan, Standard Chartered, Temasek, and Peak XV. The platform has pioneered the development of a blockchain-based unified ledger for payments, enabling real-time clearing and settlement for instant liquidity and transparency, and overcoming challenges commonly associated with sequential processing in legacy payment systems.

Emirates NBD is also evaluating an equity investment in Partior, a move that would represent a strategic alignment within the financial ecosystem aimed at redefining the future of global value exchange. By integrating with Partior’s blockchain-based unified ledger platform, the bank will enhance transparency, efficiency, and security in global payments and settlement processes.

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, commented, “Our partnership with Partior is a critical element of our broader strategy to embrace new technologies in an ever-evolving digital landscape. Our commitment to innovation is driven by the need to ensure we provide our clients with the most advanced financial solutions. By leveraging Partior’s transformative blockchain technology, we are not only future-proofing our operations but also creating a seamless payment infrastructure that supports the rapidly evolving business needs of our clients.”

Neeraj Makin, Group Head of Strategy – Analytics and Venture Capital at Emirates NBD, said, “The investment from Emirates NBD’s Innovation Fund represents an important moment in Partior’s journey as a leader in next-generation payments infrastructure. It underscores our belief in blockchain’s transformative potential for financial services, particularly in cross-border transactions. What is truly exciting about this investment is the opportunity it creates for cross-market collaboration and the development of a seamless cross-currency payments ecosystem. This will enhance transparency and reduce friction for businesses and clients alike.”

Humphrey Valenbreder, Chief Executive Officer at Partior, added, “This collaboration positions Emirates NBD as Partior’s gateway to the vibrant MENAT region, aligning with our strategic roadmap to expand in the Middle East. By integrating our blockchain capabilities with Emirates NBD’s trusted network, we are not only strengthening our operational capabilities but also reinforcing our shared commitment of elevating the efficiency and security of cross-border transactions to drive economic growth and innovation across the region.”

Prior to this, Ctrl Alt, a leading financial engineering and tokenization platform that utilizes blockchain technology, with offices in the UK and Ireland, has set up its office in Dubai UAE in DMCC ( Dubai Multi Commodities Center), after partnering with Emirates NBD. It intends to serve Dubai initially as it plans expansion into MENA region. ‍

Additionally Chainalysis the blockchain data platform, joined Emirates NBD, digital asset Lab. Chainalysis, the blockchain data platform, will join professional services firm PwC, digital asset transfer and direct custody technology platform Fireblocks, and R3, an enterprise Distributed ledger technology platform, as founding council members of the Lab.

Revolut hires Ambareen Musa as CEO of UAE entity

Revolut hires Ambareen Musa as CEO of UAE entity

After news that Revolut whose global mission is for every person and business to do all things money — spending, saving, investing, borrowing, managing, and more — in just a few taps, had applied to the UAE’s central bank for an electronic-money institution license to offer remittance services, with the ultimate goal of securing a full banking license, similar to the one it recently obtained in the UK, and of Mubadala’s investment in Revolut, Revolut has appointed its CEO for UAE.

Ambareen Musa announced on Linkedin, that she is now the CEO of Revolut UAE. She noted, “Very excited to share that I am taking on the role of Chief Executive Officer – UAE at Revolut!” Ambareen was previously the Founder and CEO of Souqalmal, which was the first regional online comparison site for financial and non-financial consumer products.
This is not the first appointment for Revolut in UAE, the company has been hiring key roles in finance, legal, compliance, crypto, engineering, and product development in Dubai.

Founded in 2015, Revolut began as a multi-currency prepaid card and app, evolving into a financial super-app offering services from international transfers to stock trading. It now serves over 45 million personal and 500k business customers globally.

Revolut also offers its users crypto services in its mix of offerings, trading, transferring and others. It offers 210+ carefully vetted tokens
All tokens as per the website pass stringent checks before being listed. Revolut crypto offers allows users to move BTC, ETH, USDT and 30+ other tokens between their wallets.

Revolut first entered the UAE in 2022, establishing a team of 140 at the Dubai International Financial Centre. CEO Nik Storonsky has long aimed to enter the Gulf market, though licensing challenges have previously restricted UAE residents from opening accounts.

Alongside its UAE ambitions, Revolut is also eyeing neighbouring Saudi Arabia as a growth market.

Abu Dhabi’s Mubadala sovereign wealth fund is expected to help Revolut secure regulatory approvals, aiding in its pursuit of a full banking license in the UAE.

Revolut has seen its valuation rise to $45bn after Mubadala, Abu Dhabi-based sovereign wealth fund acquired a stake in the company. According to the Financial Times, the deal will see Revolut founder Nik Storonsky collect a minimum of $200m.

Revolut employees sold $500m worth of shares in August with Storonsky accounting for around half of the share sale.

Mubadala was one of the investors to purchase the shares, along with DI Capital Partners, Tiger Global and Coatue, although it is not clear how many shares Mubadala purchased or the size of its stake.

WadzChain, affiliate of UAE licensed WadzPay launches a Hybrid blockchain

WadzChain, affiliate of UAE licensed WadzPay launches a Hybrid blockchain

WadzChain Network, a blockchain technology infrastructure provider, an affiliate to WadzPay which has received a VASP license in UAE pending final requirements, has launched a hybrid blockchain intending to transform global payments for businesses by catering to all types of payments needs including micropayments, high-volume payments, disbursements, benefits and many more. 

As per the press release, the platform meets the needs of government, corporations, merchants and consumers while being highly scalable, with the capacity for up to 10,000 TPS. Its hybrid architecture (Layer 1 public, Layer 2 private) uses Proof of Stake (PoS) for public consensus, and Proof of Authority (PoA) for private consensus, ensuring fast, secure transactions. Interoperable and compliant with global regulations, WadzChain supports multiple digital assets and payment gateways, offering smart wallet integration, comprehensive payment features, and flexibility for businesses to operate in both public and private environments.

The press release notes that network has strategically shifted its focus to solidify its long-term growth. This renewed emphasis is on building the core of the business with purpose-built technology, ensuring its foundation is robust and aligned with future opportunities.

The company notes that these advancements may involve internal restructuring to optimize operations, the approach is being managed carefully to ensure the organization remains agile and fully committed to serving its community and all critical stakeholders.

Commenting on the launch, Mr. Anish Jain, Founder, WadzChain Network, said, “At WadzChain Network, we are leveraging our experience in the global payment industry to create a secure and user-friendly payments platform for global enterprises. Our vision is to become the central switch for all payments globally, providing interoperability across all digital currencies, including CBDCs. As the payment ecosystem evolves, WadzChain will serve as the backbone, offering unparalleled scalability, security, and flexibility. We are committed to building a global, future-proof solution that addresses the complexities of modern payment systems.”

Senior Vice President at WadzChain Network – Stas Madorski said, “WadzChain represents a new frontier in global payments, where speed, security, and scalability come together seamlessly. Our hybrid blockchain is designed to empower businesses with the tools they need to thrive in an increasingly connected world. With its hybrid approach, modular infrastructure, and the company’s deep understanding of payment demands, we believe that WadzChain will become the default blockchain payments platform globally.”

With the Testnet launch, WadzChain invites developers to build the next generation of payment applications on its versatile infrastructure. The blockchain offers developers the freedom to create tailored solutions that address real-world business challenges while taking full advantage of WadzChain’s scalability, security, and speed with decentralised finance (DeFi) support.

The WadzChain Testnet is just the beginning. Based on feedback and the success of this testing phase, WadzChain will move towards the phased launch of its mainnet.

UAE based Al Maryah bank launches blockchain digital wallet

UAE based Al Maryah bank launches blockchain digital wallet

Al Maryah Community Bank, a digital bank in the UAE has announced the launch of what it calls the first UAE Blockchain enabled national digital wallet, called Mbank Wallet.

As per the X post, “Al Maryah bank Introducing Mbank Wallet: UAE’s first national digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to Jaywan.”

Jaywan is the UAE’s domestic card scheme. Users open an account with their Emirates ID and add a the Blockchain enabled digital wallet with an IBAN.

The post adds that the Mbank wallet will allow for better financial inclusion within the UAE.

The new digital wallet will allow seamless financial transactions; send, receive, request, and pay money effortlessly, as well as send funds globally.

The Mbank Wallet is already accepted in TAMM, Emarat, Select Market, and Air Arabia.

In May 2024 Al Maryah Community Bank (mBank) has entered into a Memorandum of Understanding with Dubai Multi Commodities Centre (DMCC). This collaboration aims to streamline the account opening process for businesses within DMCC through an Mbank integrated digital platform.

Utilizing Mbank’s Corporate Platform, companies seeking to establish themselves in DMCC can now digitally complete their business bank account opening in six steps, within 48 hours.

In November 2023 Al Maryah Community Bank chose to leverage the services of Ripple ODL partner LuLu to facilitate cross-border money transfers.

UAE regulated AMINA crypto bank launches payment network

UAE regulated AMINA crypto bank launches payment network

AMINA Bank, an authorized digital assets bank regulated by FINMA and within ADGM in UAE, unveiled the AMINA Payment Network (APN). Tailored for crypto banking, APN streamlines real-time payments among its members, fostering seamless financial transaction

As per the press release, APN supports CHF, EUR, and USD payments between APN members, providing flexibility and efficiency for individuals and businesses. Additional currencies will be added in the near future. The launch of the APN further solidifies AMINA Bank’s role as a prominent player in crypto banking.

Members can join with an introductory offer of zero membership and transaction fees. The APN is currently available to existing AMINA Bank clients. Members must have an AMINA current account to access the network.

Officials from AMINA Bank said that in an age where 24/7 cryptocurrency asset markets are normalised, and wider global crypto adoption continues to grow at pace, the demand for faster transactions is no longer a want, but a need. With the introduction of the AMINA Payment Network, the facilitation of seamless cross-border transactions between network members across the globe is realised, and the required efficiency of money markets can meet the demands of the current financial landscape.

AMINA Bank has a Swiss banking and securities dealer license from FINMA, as well as hubs in Abu Dhabi and Hong Kong allowing it to offer fiat and crypto services to progressive investors.