Iota IOT Blockchain platform now part of UAE’s government digital ambitions

Iota IOT Blockchain platform now part of UAE’s government digital ambitions

After a meeting between UAE’s UAE Minister of State for Foreign Trade Thani AlZeyoudi and the Founder of Iota, Dominik Schiener, the IoTa Blockchain platform has now been ushered into the UAE’s digital ecosystem. In a tweet on May 25th 2023, Minister Al Zeyoudi states, “Great to meet Dominic Schiener, Co-Founder and Chairman of IOTA and explore ways to introduce their open source blockchain solution to the UAE’s digital ecosystem. With its ability to power a wide range of sectors, it could play a vital role in our advanced technology ambitions.”

This was followed by a tweet by Schiener who replied, “Thank you so much for meeting us Your Excellency Dr. Thani. It’s really inspiring for us to speak with such welcoming and sophisticated leaders like you in the UAE. We are committed to play a key role in the UAE’s continued digital transformation and economic growth.”

IOTA is an open-source distributed ledger and cryptocurrency designed for the Internet of things (IoT). It uses a directed acyclic graph to store transactions on its ledger, motivated by a potentially higher scalability over blockchain based distributed ledgers

On May 18th 2023 in another tweet, Blockchain IOTA Founder Dominik Schiener stated, “It was a pleasure to meet H.E. Abdulla Al Saleh and the team at the Ministry of Economy in UAE today. It’s impressive how they’re leading their digital transformation.”

He added, “We are looking forward to bring IOTA here and create value for the region and the world.”

In the comments it was noted, “Fingers crossed for an ongoing collaboration that propels IOTA to new heights!”

It seems the collaboration is now in full force, welcome Iota to the UAE.

UAE based Web3 EnjinStarter becomes launchpad partner for Blockchain Boba network

UAE based Web3 EnjinStarter becomes launchpad partner for Blockchain Boba network

UAE based Web3 Launchpad and consultancy firm has become the Launchpad partner for Boba network to bolster the gaming industry. Together both entities will leverage the strengths and expertise of both organizations. EnjinStarter’ s renowned reputation for providing robust Launchpad services combined with Boba Network’s cutting-edge blockchain technology promises to usher in a new era of innovation and growth.

Announced during 6th Scale event in UAE, EnjinStarter and Boba network shed light on the transformative potential of decentralized gaming. The panelists shared their insights and perspectives on how blockchain technology can drive sustainability, interoperability, and immersive experiences within the metaverse.

Both entities also announced the launch of a new Blockchain gaming project.

EnjinStarter has already supported 70 projects since inception raising a total of $10 million. Since then they have expanded into the MENA region because of its good regulatory environment and innovative infrastructure. EnjinStarter has already received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) and are now in the process of obtaining a full license to operate.

UAE Zero Two purchases first largest single clean energy certificates to decarbonize its digital assets

UAE Zero Two purchases first largest single clean energy certificates to decarbonize its digital assets

UAE digital assets infrastructure company, Zero Two, part of sovereign wealth fund ADQ, has purchased 7.3 million megawatt hours of clean energy from EWEC (Emirates Water and Electricity Company), a leading company in the integrated coordination of planning, purchasing, and supply of water and electricity across the UAE. This is the largest single purchase of Clean Energy Certificates (CECs) to date and the first in the digital assets infrastructure sector.

The purchase agreement was signed by Ahmed Al Hameli, Chief Executive Officer of Zero Two; and Othman Al Ali, Chief Executive Officer of EWEC.

Under the purchase agreement, EWEC will provide Zero Two with clean energy certificates to decarbonize its operations and support the company’s progress against sustainability objectives.

Othman Al Ali, Chief Executive Officer of EWEC, said, “Our clean energy transaction with Zero Two provides EWEC with a unique opportunity to further accelerate the country’s energy transition and decarbonization of industries in line with the UAE Net Zero by 2050 strategic initiative.”

He added, “This first-of-its-kind transaction in the digital assets infrastructure sector, which also constitutes the largest ever single CECs purchase to date, demonstrates both EWEC’s and Zero Two’s commitment to supporting the nation’s sustainability and environmental agenda and is an example of the practical and tangible steps UAE entities can take to decarbonize their operations and address the pressing challenge of climate change.”

Ahmed Al Hameli, CEO of Zero Two, said, “The purchase of EWEC’s Clean Energy Certificates demonstrates our dedication to sustainability and commitment to decarbonizing our digital assets infrastructure. Operating our assets with clean energy enables us to support Abu Dhabi’s transformation into a sustainable economic powerhouse while also contributing to the UAE’s long-term vision of a net zero future.”

Zero Two recently partnered with Marathon Digital to build two  bitcoin mining farms in the UAE. 

UAE National Bank of Fujairah introduces new revenue streams with Blockchain supply chain platform

UAE National Bank of Fujairah introduces new revenue streams with Blockchain supply chain platform

As the National Bank of Fujairah received two awards for Best Innovation in Trade Finance” and “Most Innovative Trading Platform” for the second consecutive year at the MEA Finance Banking Technology Awards 2023, it announced that its integration of Finverity, a  blockchain-based supply chain financing platform  has resulted in reduced operational costs and the generation of new revenue streams.

In October 2022, Finverity, and the National Bank of Fujairah launch of a partnership to grow supply chain finance (SCF) and account receivables (AR) finance volumes in the MENA region. The partnership has started with Redington Gulf, which will enable the service to reach the maximum number of IT resellers in the UAE.

Under the partnership, Finverity provides a curated origination pipeline, deal structuring and an end-to-end technology platform for ongoing operations and reporting, with NBF underwriting and funding SCF and AR assets on Finverity’s marketplace. The partnership clearly recognizes the key role that Finverity’s platform plays in providing client-centric solutions that channel capital to eligible corporates, enabling them to access trade financing more effectively.

At the time, Venkiteswaran (Venki) Ramasubhramoni, Head of Equipment and Technology Finance at the National Bank of Fujairah, stated, “As a key lender in the technology finance space, NBF has chosen to partner with Finverity as its fintech partner to offer supply chain finance solutions. Given the strategic match, with both parties focused on IT-related trade, we see wider possibilities in this collaboration and the value it could bring. Access to pre-analyzed and pre-negotiated deals on Finverity’s marketplace provides NBF with an effective way to fund a diversified pool of SCF & AR transactions, shorten credit approval cycles and scale our books efficiently. In parallel, Finverity’s technology platform facilitates our total digital offering, ensuring more transparency of the underlying assets being funded, as well as a better user experience.”

The partnership aims to close the $1.7 tn funding gap in global Trade Finance by making Supply Chain Financing of mid-market companies economically viable around the world. We will achieve this through the use of technology and a new approach, providing a more efficient allocation of resources and fair access to capital worldwide.

UAE HAYVN records 19 percent increase in returns on its crypto index fund

UAE HAYVN records 19 percent increase in returns on its crypto index fund

UAE based HAYVN, a regulated digital asset management financial institution, has recorded returns of 19 percent increase on its crypto index fund since its launch in January 2023.

The index fund for cryptocurrency assets offers clients a diversified, low cost, and regulated strategy to invest in.

According to HAYVN CEO, Christopher Flinos, “The funds early success and HAYVN predictions for a positive long-term trend due to our carefully weighted Top 20 portfolio, has seen the HAYVN 20 become one of the leading fund benchmarks in cryptocurrency markets”.

The HAYVN 20 fund has three distinguishing features, first it is limits the maximum exposure to any one digital asset at 10% creating a more balanced portfolio. Secondly the fund rebalances monthly, allowing HAYVN 20  to capture new trends in the market by increasing its investment in the emerging winners as their market capitalization grows, while reducing exposure to cryptocurrencies which are declining in value.

Finally the fund has daily liquidity which gives investors the freedom to change their allocation anytime.

Flinos added, “Investing in the HAYVN Index Fund offers investors an opportunity to gain exposure to broader cryptocurrency markets without having to worry about managing individual coins and allocations themselves. With its initial track record and performance so far, it provides a solid option for those who want sustainable long-term exposure rather than concentration risk individual coins”.

Majid Al Futtaim launches UAE made Fresh Laban traceable with Blockchain

Majid Al Futtaim launches UAE made Fresh Laban traceable with Blockchain

Majid Al Futtaim, which holds the Carrefour franchise for the Middle East, Asia and Africa, has announced the launch of UAE produced CarreFour fresh Laban, made from 100 percent pure fresh cow’s milk which is traceable on the IBM Blockchain platform.

As per Mohamed Atif, International Product Specialist at Majid Al Futtaim stated on LinkedIn, “Carrefour Fresh Laban comes in 200 ml, 1L and 2L sizes, and is guaranteed to have no milk powder, no water added, and made fresh in the UAE. The product is certified to the Emirates Quality Mark certification, which assures you of the highest standards of quality. We have applied blockchain technology to our product, allowing you to scan the QR code and learn the full details of the product from farm to table. We believe in transparency, and want you to know exactly where your food comes from.”

In 2020 Carrefour internationally announced the roll-out of blockchain technology, and applied it to Carrefour Quality Line salmon, the 25th product to take advantage of it after Auvergne chicken and farmhouse fattened chicken, eggs, oranges, fresh milk and camembert cheese.

Then in February 2021, UAE Majid Al Futtaim leveraged IBM Food Trust, a blockchain-enabled platform for the food industry run on IBM Cloud.

The initiative started with two initial products categories, Carrefour’s fresh chicken brand and microgreens harvested from select in-store hydroponic farms, before expanding into more product lines.

Majid Al Futtaim was also one of the first to accept crypto payments. 

Central Bank of Saudi Arabia and UAE choose R3 Corda for CBDC sandbox pilots

Central Bank of Saudi Arabia and UAE choose R3 Corda for CBDC sandbox pilots

During Corda Day Middle East held on May 11th 2023 in Dubai UAE, speakers from the Central Bank of Saudi Arabia (SAMA) as well as the Central Bank of UAE discussed their CBDC strategies and pilots. Both Central Banks are working with R3 Corda on their CBDC pilot programs, SAMA in its sandbox and UAE Central Bank in their research and development center.

The event as per R3, brought together financial service leaders, technologists and Corda enthusiasts from around the region and the globe. Of the prominent speakers included H.E. Saif Humaid Hamad Al Dhaheri, Assistant Governor – Strategy, Financial Infrastructure and Digital Transformation, Central Bank of UAE and Mr. Mohsen AlZahrani, Virtual Assets (VA) and CBDC program Lead, Saudi Central Bank – SAMA as well as Richard G Brown, Chief Technology Officer, R3.

Al Dhaheri made a keynote address on “Future of Money, CBDC and the Digital Dirham” while AlZahrani carried out the closing Keynote, on the topic of “Wholesale CBDC”

Mohsin AlZahrani told Lara on the Block, “Currently we are working with R3 Corda only for the sandbox experimentation, we have not yet decided on the next phase platform or implementation.”

Farhan Khan, Chief Technology Officer Consultant and advisor in Fintech and Blockchain, who attended the event representing Cykube, spoke to Lara on the Block explaining what he learned about CBDC implementation in UAE and KSA.

Khan explained, “It was an excellent event and very eye opening on how R3 is properly working in the region. What I learned about the CBDC implementation in KSA and UAE is that both are working with R3 but each country has a different approach. Saudi Arabia is working on a wholesale CBDC project for its domestic payment system, while UAE Central Bank is working on CBDC for cross border payments.”

Khan adds, “For example the ABER cross border payment project which was paused might be reutilized in the future as per AlZahrani’s statements at the event. AlZahrani stated that SAMA is utilizing the experience of ABER during the implementation of the CBDC wholesale payment system concept, and there is a chance in the future to use ABER again between KSA and UAE after the experimentation of CBDC wholesale in KSA is completed.”

According to Khan the UAE is working on a prototype with R3 Corda for the digital dirham which is currently under testing in their R&D facility.  

Khan concludes to Lara on the Block saying that R3 Corda has seen a lot of interest because it has very powerful features such as interoperability between blockchain platforms even public ones. He explains, “Fintech entities in both Saudi Arabi and UAE are waiting for the network gates to open, and with the VARA crypto regulations cooking every day we feel the same will be happening in KSA. Corda is the right framework from a technology perspective with its tremendous security, protection, especially when it comes to digitization and tokenization.”

This is reflected in a post by R3’s Chief Technology Officer Richard Brown who states, “Composability and interoperability are critical cogs in the architecture of Corda. With the next generation of Corda, there’s no need to decide on your network model at the outset of a project. Start with a centralized, private network and gradually decentralize over time!”

Brown believes that the success of Corda is because it is a cross-firm shared ledger enabling collaborating parties to transact based on high quality data, without exposing internal data or systems, and with far fewer reconciliation errors. A ledger that could even become the industry’s system of record for some key questions such as ownership of assets (the terms ‘Digital Assets’ and ‘Tokenization’

It is also a permissioning system that provides high identity assurance and gives confidence to regulated entities that they can comply with their legal obligations to know with whom they are transacting. In addition is a  privacy-first design, allowing competitors to trade without revealing sensitive data publicly – only participants in a transaction get to see the details – unlike other blockchain-inspired approaches.

He even goes so far to say that, “We’ve been delighted by how successful Corda has been, far beyond the narrow banking scenarios we originally designed it for. Broadly speaking, we’re seeing it being used to solve four main problems in ‘Regulated DeFi’:”

Japanese Nomura Bank’s digital asset custodian Komainu receives MVP operational license from Dubai regulator

Japanese Nomura Bank’s digital asset custodian Komainu receives MVP operational license from Dubai regulator

Japanese Nomura Bank’s, Komainu, a regulated digital asset custody provider, has received an MVP (Minimum Viable Product) operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). This is one step from receiving the full operational license. This also follows HexTrust another digital asset custodian who received the license prior. Under the license Komainu will be able to offer both custodial and staking services.

Komainu had received provisional regulatory approval from VARA in July 2022 allowing it to commence operational readiness even as the application goes through the warranted due diligence.

Komainu acts as key gatekeeper to institutions gaining exposure to the digital asset industry with the provision of secure and regulated digital asset custody services for blockchain and beyond. Over the years, Komainu has established itself as one of the leading digital asset custody providers for institutional clients, providing the same safeguards and protections investors are accustomed to in traditional finance. 

Komainu is the first hybrid custodian for institutional digital asset investors created by the Japanese investment bank Nomura, digital asset manager CoinShares and digital asset security company Ledger.

UAE Government launches Digital assets registry as one of 6 digital transformation projects

UAE Government launches Digital assets registry as one of 6 digital transformation projects

The UAE Higher Committee for Government Digital Transformation, approved 6 transformational projects to enhance the UAE Government’s digital transformation, one of them being the Digital Assets Registry.

The Digital Assets Registry focuses on inventorying the digital assets of the UAE government, their validity, and the entities that own them, and measuring the extent of their use. This is the first registry launched by the federal government for tangible and intangible digital assets.

The meeting which was chaired by Her Excellency Ohood bint Khalfan Al Roumi, the Minister of State for Government Development and the Future, also announced other projects such as Government Technology Package, Government Software Platform, and Digital Project Standards Guide.

Her Excellency indicated that the new projects enhance the UAE’s readiness to play a pivotal role in promising future sectors, ensuring a safe digital transformation in line with future aspirations and directions.

The committee reviewed the UAE Government’s Digital Investment Report 2022 and approved the Digital Readiness Retreat for Government Leaders next June. It was briefed on a number of government’s pilot digital projects from the Ministry of Foreign Affairs and International Cooperation, Ministry of Human Resources and Emiratisation, and Ministry of Justice.

Her Excellency Ohood Al Roumi stressed that the first package of government digital transformation projects represents an important step in achieving the goals of ‘We the UAE 2031′ vision for the UAE to be among the top 5 countries globally in Digital Competitiveness Index, Smart Government, as well as strengthen its position in the top 3 countries in digital government services. H.E. Al Roumi noted that the committee is focusing on increasing the readiness and efficiency of digital government services and operations, and preparing proactive digital transformation policies and standards in the UAE government.

Universal Digital and Canadian Aquanow receive several MVP licenses from Dubai’s virtual asset regulator

Universal Digital and Canadian Aquanow receive several MVP licenses from Dubai’s virtual asset regulator

Universal Digital AEDU and Canadian Aquanow have received MVP ( Minimum Viable Product) provisional license approvals for several virtual asset licenses from Dubai’s Virtual asset regulatory authority (VARA). Universal Digital (AEDU) has applied for advisory license, broker dealer services, virtual asset custodial license, crypto exchange license, crypto lending and borrowing license, as well as management and investment service license.

In addition Canadian headquartered, digital asset platform has also received MVP provisional approval for advisory license, broker dealer license, and management investment service license.

Aquanow is a privately funded, infrastructure and liquidity provider that enables institutional and enterprise use-cases for digital assets. The company currently has 200 institutional clients, serving customers in 30 plus countries with 70 asset pairings.

This is another representation of increased interest in the UAE as a center for virtual assets, blockchain and crypto.