Saudi Arabia gets Web3 deep tech accelerator

Saudi Arabia gets Web3 deep tech accelerator

Saudi Arabia gets a new Web3 deep tech accelerator through its recent partnership with Outlier Ventures. The Saudi National Technology Development Program (NTDP) and Outlier Ventures announced a new accelerator program in the MENA region, which marks the inception of the first deep tech web3 accelerator program in Riyadh. The accelerator will kick off later in 2024.

The MOU ( Memorandum of Understanding) aims to catalyze the growth of Web3 ecosystem Kingdom, aligning with Saudi Arabia’s Vision 2030 for technological and economic diversification.

The initiative seeks to nurture the most promising web3 startups within KSA, providing them with access to Outlier Ventures’ extensive expertise on critical aspects such as product development, entity structuring, and token design.

Startups selected for this accelerator program will benefit from mentorship by leading figures in the web3 domain and potential investment opportunities, a crucial step towards establishing a robust infrastructure for technological innovation in Saudi Arabia.

Outlier Ventures has developed partnerships with over 300 startups worldwide.

Stephan Apel, Outlier Ventures CEO and Founding Partner, noted, “We are honoured to partner with the National Technology Development Program (NTDP) of the Kingdom of Saudi Arabia. Under Vision 2030, the rapid pace of change and development is visible across all sectors of the economy. The achievements are testimony to the level of dedication and focus driving the Kingdom forward. Our strategic collaboration underscores our joint dedication to nurturing technological progress. We are looking forward to bringing our 10 years’ experience, in-house world-class expertise and track record of helping Web3 startups develop, to help build out the Web3 ecosystem in Saudi Arabia, providing support to early-stage entrepreneurs.”

While Mr. Ibrahim Neyaz, the CEO of the NTDP added, “We are thrilled to partner with Outlier Ventures to achieve the goals of this partnership by working together to support the ecosystem of technology startups in Saudi Arabia. This partnership reinforces our commitment to advancing technology and fostering innovation in Saudi Arabia. By harnessing their extensive global expertise and advanced capabilities in the Web3 industry, Outlier Ventures will bring tangible value and make significant contributions to enhancing the Kingdom’s technological infrastructure. This, in turn, will facilitate technological growth and innovation across various sectors. We eagerly anticipate achieving mutual success and cultivating a robust relationship that benefits all parties involved.”

Prior to this announcement, The Hashgraph Association (THA) launched a $250 million DeepTech Venture Studio in Riyadh. The proposed venture studio is dedicated to nurturing innovation in deep technology sectors such as AI, DLT, robotics, IoT, VR, and quantum computing.

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Again Saudi Arabia is barred from an AI investment

Again Saudi Arabia is barred from an AI investment

Once again Saudi Arabia has not been allowed to invest in an AI entity out of the United States. This time the company is Anthropic partly owned by the fallen FTX crypto exchange. As per CNBC, while sovereign wealth funds are among the investors eyeing to buy into Anthropic, including UAE Mubadala, Saudi Arabia is not one of them.

Anthropic according to sources speaking to CNBC, has ruled out taking money from investors or sovereign wealth fund in KSA. Anthropic executives cited national security, one of the sources told CNBC.

The stake in Anthropic is for sale because it belongs to FTX, the failed cryptocurrency exchange started by Sam Bankman-Fried, and is being unloaded as part of the company’s bankruptcy proceedings. FTX bought the shares three years ago for $500 million. The 8% stake is now worth more than $1 billion due to the recent boom in AI.

As per the article proceeds from the sale will be used to repay FTX customers. The transaction is ongoing and is on track to wrap up in the next couple weeks, said people with knowledge of the talks who asked not to be named because the negotiations are private.

The class B shares, which don’t come with voting rights, are being sold at Anthropic’s last valuation of $18.4 billion, sources said. Anthropic has raised roughly $7 billion in the last few years from tech giants like Amazon, Alphabet and Salesforce

While Anthropic’s founders told bankers they wouldn’t accept Saudi money, they don’t plan to challenge funding from other sovereign wealth funds, including United Arab Emirates fund Mubadala. The UAE-based firm is actively looking at investing, according to one of the sources.

In November 2023, The Biden administration forced a Saudi Aramco-backed venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, as per Bloomberg

Altman-backed Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using artificial intelligence algorithms, raised $25 million in 2022.

Aramco’s Prosperity7, a lead investor in the $25 million round for Rain AI, sold its shares in the startup after a review by the Committee on Foreign Investment in the United States, people familiar with the matter said, according to the Bloomberg report.

The agency, a U.S. watchdog for deals with national security implications, told the Saudi fund to unwind that deal sometime over the past year, the report said.

This comes as Saudi Arabia plans to create a fund of about $40 billion to invest in artificial intelligence. In recent weeks, representatives of Saudi Arabia’s Public Investment Fund have discussed a potential partnership with Andreessen Horowitz, one of Silicon Valley’s top venture capital firms.

Saudi Arabia to host Web3 blockchain event Outer Edge

Saudi Arabia to host Web3 blockchain event Outer Edge

Saudi Arabia will be hosting a Web3 Blockchain event called “Outer Edge”. The event will be held in partnership with Animoca Brands, the Blockchain gaming open metaverse company, and King Abdulaziz City for Science and Technology (KAUST), the national labs of the Kingdom. The event will be held on April 23 2024. Outer Edge Riyadh  event is set to bring together some of the biggest names in the blockchain, AI, and gaming ecosystems from all over the world to Riyadh, Saudi Arabia.

Outer Edge, historically based in LA and now expanding to the Middle East, is known for hosting memorable events and presenting invaluable networking opportunities for founders, builders, and venture capitalists in emerging technologies.

The Saudi Arabia tech revolution has already made major strides in developing various industries as the country builds a solid ecosystem for digital entrepreneurship. Saudi Arabia is focusing on enhancing its technology sector in line with the Saudi Vision 2030 plan, as businesses continue to invest in new tech such as AI, blockchain, VR, AR, and the Internet of Things. 

Outer Edge Riyadh, a partnership between Edge of Company and Animoca Brands, presented by King Abdulaziz City for Science and Technology (KACST), comes at a pivotal moment during the growth of the blockchain sphere. The partnership aims to bring together industry leaders, experts, creatives and more to Riyadh’s innovation district, The Garage, a technology hub for local and international startups. KACST’s strategic partnership with Animoca Brands includes plans for the development of a physical Web3 hub in Riyadh to enhance research and development efforts within the fields of Web3, blockchain, gaming, AI, as well as providing bespoke educational programs. 

Mohammad Hadhrawi, general manager, Gaming and Immersive Technologies Institute at KACST, notes, “At KACST’s Gaming and Immersive Technologies Institute, we are dedicated to advancing the frontiers of R&D in gaming and immersive technologies. Our efforts are aligned with the national vision and strategies, aiming to foster an innovative ecosystem that nurtures creativity, technological advancement, and economic diversification. By spearheading projects that leverage web3, AI, and immersive experiences, we aim to impact the global technology landscape and equip our nation with the skills and opportunities to excel in these fields. Our commitment is to deliver tangible outcomes that contribute to the Kingdom’s position as a leader in the economies of the future (a key priority area for the kingdom), ensuring a sustainable and prosperous future for all.” 

Joshua Kriger, Outer Edge co-founder and co-host of Edge of NFT and Edge of AI podcasts, stated, “When we started Outer Edge LA, the intent was always to catalyze innovation globally. We are thrilled to take the concept of co-creation, connection and community abroad to the Kingdom of Saudi Arabia and unite regional and global leaders in Web3, AI, and gaming. Our unique format cultivates long-term collaboration opportunities at the intersection of culture, entertainment, and technology.”

Outer Edge, one of the pioneer events in the world of Web3, tech, culture, and entertainment, today announced a partnership with Animoca Brands, the company advancing digital property rights for gaming and the open metaverse, and King Abdulaziz City for Science and Technology (KACST), the national labs of the Kingdom, to debut Outer Edge Riyadh on 23 April. The dynamic event is set to bring together some of the biggest names in the blockchain, AI, and gaming ecosystems from all over the world to Riyadh, Saudi Arabia.

Outer Edge, historically based in LA and now expanding to the Middle East, is known for hosting memorable events and presenting invaluable networking opportunities for founders, builders, and venture capitalists in emerging technologies.

The Saudi Arabia tech revolution has already made major strides in developing various industries as the country builds a solid ecosystem for digital entrepreneurship. Saudi Arabia is focusing on enhancing its technology sector in line with the Saudi Vision 2030 plan, as businesses continue to invest in new tech such as AI, blockchain, VR, AR, and the Internet of Things.

Outer Edge Riyadh, a partnership between Edge of Company and Animoca Brands, presented by King Abdulaziz City for Science and Technology (KACST), comes at a pivotal moment during the growth of the blockchain sphere. The partnership aims to bring together industry leaders, experts, creatives and more to Riyadh’s innovation district, The Garage, a technology hub for local and international startups. KACST’s strategic partnership with Animoca Brands includes plans for the development of a physical Web3 hub in Riyadh to enhance research and development efforts within the fields of Web3, blockchain, gaming, AI, as well as providing bespoke educational programs.

Mohammad Hadhrawi, general manager, Gaming and Immersive Technologies Institute at KACST, notes: “At KACST’s Gaming and Immersive Technologies Institute, we are dedicated to advancing the frontiers of R&D in gaming and immersive technologies. Our efforts are aligned with the national vision and strategies, aiming to foster an innovative ecosystem that nurtures creativity, technological advancement, and economic diversification. By spearheading projects that leverage web3, AI, and immersive experiences, we aim to impact the global technology landscape and equip our nation with the skills and opportunities to excel in these fields. Our commitment is to deliver tangible outcomes that contribute to the Kingdom’s position as a leader in the economies of the future (a key priority area for the kingdom), ensuring a sustainable and prosperous future for all.”

Joshua Kriger, Outer Edge co-founder and co-host of Edge of NFT and Edge of AI podcasts, said: “When we started Outer Edge LA, the intent was always to catalyze innovation globally. We are thrilled to take the concept of co-creation, connection and community abroad to the Kingdom of Saudi Arabia and unite regional and global leaders in Web3, AI, and gaming. Our unique format cultivates long-term collaboration opportunities at the intersection of culture, entertainment, and technology.”

Taking place on 23 April at The Garage in the center of the city, Outer Edge Riyadh will bring together industry leaders, creatives, visionaries, entrepreneurs, and investors for an experience that threads together education and entertainment, to explore beyond the implications of decentralized, Blockchain, Web3 and AI technology on society. Topics will include smart cities, gaming, esports, art, culture and more.

Notable speakers at Outer Edge Riyadh will include Yat Siu, co-founder and executive chairman of Animoca Brands; Calvin Zhou, co-founder of Shrapnel,a venture backed UGC; Salwa Radwi, founder of ‘Nuqtah’, the first Saudi NFT Marketplace; Vatom founder and CEO Eric Pulier; Amanda Cassat, founder and CEO of Serotonin; Cole Damon, CEO of AG Esports Global; Yasser N Al Obaidan, chairman of Jawraa; and Sebastien Borget, co-founder and COO of The Sandbox.

Yat Siu, the co-founder and executive chairman of Animoca Brands, added, “Through our partnership with Outer Edge Riyadh we are honoured to help support the MENA region’s progress toward fully harnessing the power of Web3 and blockchain. Global leaders at Outer Edge Riyadh will gather to engage in spirited discussions, forge valuable partnerships, create new opportunities, and mobilize on a variety of topics ranging from revolutionizing smart cities to redefining finance and entertainment.”

Recently  Co-Founder of the Satoshi Roundtable retreat, and managing director of Chainstone Labs, Bruce Fenton, stated that he is heading to Saudi Arabia to bring Blockchain and Bitcoin education and investment into the country. ChainStone Labs is a Stealth mode financial tech company focused on tokenization of securities and digital assets backed by hard assets.

While Animoca Brands continues to invest heavily in the region.

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Wemade to develop blockchain game with Saudi Arabian studio

Wemade to develop blockchain game with Saudi Arabian studio

In a recent announcement, WeMade, the South Korean game developer shifting to blockchain, NFTs, and DeFi has signed an onboarding agreement with Saudi Arabia’s Rogue Sentinel Studios for the blockchain game Astra Nova.

Astra Nova, slated for release in the latter half of 2025, represents cutting-edge action RPG development, powered by Unreal Engine 5. The game promises to significantly elevate the player experience by integrating blockchain and AI technologies within an expansive and immersive universe.

In Astra Nova, players will embark on an extraordinary journey on the space planet “Astra Nova,” humanity’s final bastion, engaging with its wild flora and fauna. The game is designed to offer a wide variety of content, including action-based combat with advanced technology, magic, and weaponry.

As per the announcement, Wemade is committed to broadening its WEMIX PLAY lineup and diversifying its genre offerings through ongoing partnerships with leading development studios worldwide.

This doesn’t come as a surprise, given that in February of this year WEMADE, signed a Memorandum of Understanding (MOU) with KSA based Nine66, a Savvy Games Group (“Savvy”) company, to drive the development of the gaming industry in Saudi Arabia.

In addition WEMIX and Hub71, Abu Dhabi’s global tech ecosystem signed a memorandum of understanding (MoU) to create and accelerate growth opportunities for their respective portfolio companies and Web3 startups.

Last year WEMIX expanded into the MENA region with an office in UAE.

The gaming industry in the Middle East and North Africa (MENA) has been steadily growing over the past few years. It is a dynamic industry that includes the production and sale of video games, gaming hardware, and software. Additionally, it encompasses platforms such as mobile devices, consoles, and PCs.

By 2027, it is projected that MENA’s digital gaming revenue will almost double from its 2021 value of approximately $3 bn.

Saudi Arabia, the UAE, and Egypt are the top three gaming markets in MENA. These markets have a high number of gamers, a strong market presence, and significant growth potential.

Turkey saw highest crypto gains in MENA for 2023

Turkey saw highest crypto gains in MENA for 2023

Built on investor interactions with centralized exchanges, Chainalysis has come out with their crypto gains by country research. Interestingly Turkey took top place in the MENA region with gains reach close to $1billion followed by Saudi Arabia at $350 million.

As per Chainalysis, overall crypto investors achieved total gains of $37.6 billion in 2023 much lower than gains made in 2021 which reached $159.7 billion but better than 2022 which witnessed losses of $127.1 billion.

The United States led the way in cryptocurrency gains by a wide margin in 2023 at an estimated $9.36 billion. The UK placed second with an estimated $1.39 billion in crypto gains.

Then in Asia, Vietnam, China, Indonesia and India all hit over $1 billion in estimated gains placing top six for all countries.

Interestingly in MENA, Turkey saw gains of $950 million, while Saudi Arabia saw gains of $350 million. The only other MENA and GCC country on the list for top gains was UAE, which witnessed $204 million.

The findings from Turkey come at a time when more investments in the crypto space are being carried out in the country. Aquanow Türkiye, a subsidiary of Aquanow, received a strategic investment from two of Turkey’s leading portfolio management companies, Oyak Portföy and Finberg. As per the news, the investment was considered the beginning of a strategic partnership focused on developing innovative digital asset solutions for the Turkish market. Reports have indicated that Turkey is moving towards clarity around crypto regulation, with new rules expected in 2024. In December, the Turkish regulatory authority made technical appointments with experience in crypto assets and blockchain technology to the central bank’s rate-setting committee, according to a Bloomberg report.

On the contrary while Saudi Arabia saw the second biggest crypto gains in MENA region, it has yet to regulate crypto, while rumors are around that it and Qatar might be investing in Bitcoin soon.

So far, the positive trends of 2023 have carried over into 2024, with notable crypto assets like Bitcoin achieving all-time highs in the wake of Bitcoin ETF approvals and increased institutional adoption. If these trends continue, we may see gains more in line with those we saw in 2021. As of March 13, Bitcoin is up 65.4% and Ether is up 70.2% in 2024.

In the fourth annual Chainalysis Global crypto adoption index, identifying countries where the most people are putting the greatest share of their wealth into cryptocurrency, once again Morocco took lead and is listed as one of the top 20 countries placing an Arab country on the map, while Turkey placed first in the MENA region.

It seems with the bull market in full blast, the 2024 report will look even more promising.

Blockchain entity Chiliz invests in Aramco backed sports talent platform

Blockchain entity Chiliz invests in Aramco backed sports talent platform

Chiliz, the leading blockchain provider for sports and entertainment fan tokens and digital assets supporting over 170 major sport organizations has signed an agreement with KSA based Grintafy, the largest talent discovery platform in the MENA region with over 2 million users.

As per the press release, Chiliz Blockchain provider for sports will become a strategic investors and partner for Grintafy and aspiring fooballers in the Middle East. Saudi based Grintafy has already substantial investment from Saudi Aramco Waed Ventures, and has formed partnerships with leading football organizations across the Middle East, alongside clubs in some of the world’s most prestigious leagues, including LaLiga and the Premier League, as well as elite academies globally.

Awarded SportsTech Startup of the Year by Gitex, Grintafy will now benefit from Chiliz’s unique technological infrastructure, ecosystem, and expertise to facilitate its transition into web3, using blockchain for various use cases such as player ratings, rankings, and performance certifications.

Moreover, by gaining access to Chiliz’s vast network of sporting and technology partners, Grintafy will not only amplify its platform but also contribute to the advancement of Saudi football internationally. Daniel Maglietta, Football Commercial Director for Chiliz, will play a pivotal role as a key advisor to Grintafy in its internationalization efforts.

This collaboration will, therefore, open new opportunities for young Saudi athletes, fostering the game’s evolution in the region with a philanthropic approach to nurturing future talent.

The medium post adds, “The investment in Grintafy marks Chiliz’s first foray into the rapidly evolving Saudi football scene as it launches operations in Riyadh to back football projects in line with Vision 2030’s tech-driven transformation goals. The move not only underscores the company’s commitment to Saudi football’s growth and internationalization but also aims to connect major European football teams with Saudi talent, highlighting the investment in local companies to foster industry opportunities.”

Alex Dreyfus, CEO of Chiliz and Socios.com, commented that: “This investment is a strategic move that brings value to both Grintafy and the Chiliz ecosystem, while also supporting the broader vision of Saudi football. Together, we aim to both support the local talented players and global football powerhouses in their investments in the Kingdom. We want to be one of the digital bridges of Vision 2030, between Europe, South America & Saudi Arabia.”

Majdi Allulu, Founder and CEO of Grintafy, commented that: “In searching for our next investor/partner, we tried to be strategic, in that Grintafy seeks a company that has their vision aligned with ours. Chiliz is not just a leader in the sports web3 space, but it also shares our vision to change the game in the sports tech space and our commitment to support football’s growth in the Middle East. That’s why we are so happy with this strategic investment, which lays the foundations of a new vertical that will enable our dreamer with more tools and technologies to make it. We are incredibly excited to leverage the Chiliz network.”

Cardano accelerator and Saudi ventures ASFA to drive Web3 adoption in KSA

Cardano accelerator and Saudi ventures ASFA to drive Web3 adoption in KSA

Adaverse, a Cardano focused accelerator that supports Web3 and blockchain solutions with funding, mentorship and tech infrastructure, has signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond.

ASFA ventures is a ventures capital builder that focuses on technology ventures, Web3 technologies. It has already invested in Saudi projects such as AqarToken, and Tokenha. In the meantime, Adaverse has funded 40+ startups across Africa, Asia and beyond.

As per the statement on X, “We’re excited to announce Adaverse has signed an MOU with ASFA Ventures to drive Web3 innovation in Saudi Arabia and beyond. This partnership will empower startups, together we advance tech landscape across MENA.”

The MOU between Adaverse and ASFA plans to boost start up growth, drive Web3 innovation and empower technology advancement.

Adaverse adds, “This marks a pivotal step towards propelling Web3 innovation in Saudi Arabia. Together with ASFA Ventures, we’re on a mission to empower entrepreneurs and set new benchmarks in the digital landscape across MENA.”

Earlier this year, Adaverse invested in Saudi based Blockchain Fintech startup Takadao. This came at the heels of Adaverse’s expansion into Saudi Arabia with the opening of an office in Riyadh. Adaverse became the first venture capital fund in the KSA to specialize in Web3 and blockchain early-stage investing. In 2024, the company plans on investing $10 million in local Saudi Web3 startups.

KACST and Animoca Brands to spur blockchain Web3 development in Saudi Arabia

KACST and Animoca Brands to spur blockchain Web3 development in Saudi Arabia

Saudi Arabia’s King Abdulaziz City for Science and Technology (KACST) during the LEAP 2024 event, signed an agreement with Animoca Brands to propel Blockchain and Web3 system in KSA. The agreement aims to facilitate the entrance of companies and institutions into the Web3 and blockchain ecosystem.

As per the agreement both entities will work to develop joint research and development projects in Blockchain applications, games, AI and metaverse development.

KACST has signed 13 partnerships at the event so far with one being a partnership with the Global Semiconductor Group focusing on the design of electronic chips.

KACST also signed a strategic partnership with Elm Company, to enhance cooperation in the field of future cities’ technologies and emerging technologies, in addition to its partnership with Tulip Technologies Company to enhance cooperation in research and development, and training in the field of robotics, AI, and automation.

Animoca brands has been expanding its presence in the MENA region, including KSA. Animoca Brands was one of the investors in Saudi’s first NFT marketplace platform, Nuqtah. Nuqtah raised a seed round of millions of dollars from Blockchain platform Polygon and Animoca Brands.

In addition, in October 2023, Metaverse creator Animoca Brands Corporation Limited announced that it signed a Memorandum of Understanding (“Strategic Partnership”) with NEOM Company (“NEOM”) to drive regional Web3 initiatives in line with the Saudi Vision 2030 plan. This came after NEOM investment fund signed a term sheet for $50 million investment in Animoca Brands.

In the UAE, Animoca Brands, early investors in The Sandbox, invested in UAE gaming startup Farcana, to advance digital property rights for gaming and the metaverse fueling Farcana’s beta launch and development within the Bitcoin Ecosystem with Free Mint Bitcoin ordinals.

DLT experts in high demand in Saudi Arabia

DLT experts in high demand in Saudi Arabia

In a recent LinkedIn post, Anthony Butler, senior advisor to Saudi Central Bank ( SAMA) an expert in Blockchain and digital assets, called for DLT ( Distributed Ledger Experts) or Blockchain experts, as well as AI ( Artificial Intelligence), Machine Learning and software engineers to apply for positions in some world class projects in KSA.

According to Butler there are exciting opportunities in KSA. He states, “There are some world class projects that have an impact in KSA.”

In June 2023, Butler had made a similar call for talents for blockchain, AI and digital assets experts for jobs in KSA. At the time he mentioned roles for software engineers with experience working with DLT protocols and applications. According to Butler the role required experience implementing solutions using tech such as Ethereum, Hyperledger Besu, Hyperledger Fabric, and/or R3 Corda.”

KSA has been launching and investing in digital economy projects across the country.

They had launched a nationwide CBDC project in 2022 which is still underway.

In addition last week, KSA based Marhaba Blockchain Information Systems (MRHB) a blockchain web3 Infrastructure,  partnered with Saudi Arabia’s Digital Economy Centre (DEC)  an institution driving the digital transformation of Saudi Arabia’s economy in alignment with Vision 2030. The collaboration focuses on Blockchain, DLT and Artificial Intelligence (AI), initiatives.

Even Saudi Arabia’s 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.

Blockchain enabled entities such as Crysp Farms, a UAE based innovator and operator of decentralized blockchain enabled vertical farms, secured a $2.25 million ‘Pre-Series A’ round structured and led by Gate Capital with participation from regional investors, including those from the UAE and Saudi Arabia.

Additionally AI and Blockchain enabled Tribal Credit, founded by Egyptian entrepreneurs, will be expanding into Saudi Arabia, and using a renewed and increased debt facility of $150 million with Partners for Growth.

Swiss based The Hashgraph Association (THA), for Blockchain DLT digital enablement signed a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a “DeepTech Venture Studio” in Riyadh worth $250M USD over five years (2024-2028).

Blockchain has even infiltrated the LEAP 2024 Tech Exhibition and Conference, taking place between March 4th-7th 2024, in Riyadh KSA. Already many blockchain and DLT entities have announced their participation at the event, including names such as Antematter, who specialize in crafting cost-effective, innovative solutions in AI, Blockchain, and Cloud Development, iBLOCKCHAIN, who are fostering blockchain adoption across governments, enterprises, and the public sphere,  and companies such as BitWits, will be showcasing their web game, blockchain, and AI development.

So it would seem that KSA is definitely becoming a blockchain, DLT, and digital economy hub.

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.