The Dubai based entity of WadzPay, WPME Technology, which specializes in blockchain based technology for virtual assets has been granted a Virtual Assets Service Provider (VASP) Licence for Virtual Asset Broker-Dealer service activities, better known as crypto broker license, by Dubai’s Virtual Assets Regulatory Authority (VARA).

The crypto broker licence remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval.

As per the press release, WadzPay is excited to deliver its innovative and industry-leading solutions to customers across Middle East while working closely with regulators in contributing to build a compliant and robust fintech ecosystem.

Mr. Anish Jain, Founder & CEO, WadzPay stated “This licence showcases WadzPay’s dedication in promoting innovation in the field of virtual assets domain and blockchain technology bringing us a step closer to delivering world class solutions to businesses in Middle East.”

WadzPay aims to revolutionise the way people in the Middle East transact and manage virtual assets. WadzPay’s commitment to compliance ensures that financial institutions and their customers can confidently embrace the benefits of blockchain technology while adhering to regulatory standards, ultimately contributing to the growth and sustainability of the fintech ecosystem in the Middle East.

Mr. Ram Chari, Board Member and Group Director, WadzPay quoted “This will further solidify WadzPay’s position as a trusted and reliable blockchain technology based financial service provider in the region. With the broker-dealer services, WadzPay will provide the technology to its clients to enhance the experience of their customers by enabling virtual assets transactions in a seamless and secure manner. “

To which Mr. Khaled Moharem, President – MENA & Europe at WadzPay, emphasised, “This cements our hard work and sets the stage for transformative blockchain solutions, promoting compliance and customer confidence in the Virtual Assets Industry.”

WadzPay received its initial approval for a license back in October 2023.

In 2022, KSA based Geidea, a leading fintech company in Saudi Arabia and Blockchain based payments solutions, WadzPay Middle East Technology forged a new strategic partnership to power the transformation of pilgrimage payments.

WadzPay had been strivign to obtain a Blockchain settlement and payment license from VARA in Dubai, yet this will need further framework and direction from the Central Bank of UAE.

A recent collaboration with Wadzpay Blockchain payments provider and  Indonesian BPKH(Badan Pengelolaan Keuangan Haji), is allowing Indonesian pilgrims undertaking Hajj and Umrah to Saudi Arabi to utilize cashless digital payment solutions.

BPKH performs Hajj Financial Management based on sharia principles, prudential principles, benefits, non-profit, transparency and accountability.

“We’re proud to join hands with BPKH in this transformative partnership. Combined with BPKH’s vision and WadzPay’s blockchain-based Pilgrim Program for payments, we aim to empower pilgrims, streamline transactions, and enrich their journeys,” said Anish Jain, Founder and Group CEO at WadzPay.

WadzPay shall serve as the overall program manager while BPKH plans an immediate pilot project through one of their member banks, aiming to make e-wallets accessible to the majority of pilgrims for the 2024 Hajj season.

WadzPay’s Private blockchain-based Pilgrim Payment Program is the world’s first cross border cashless Hajj and Umrah solution offering ease of operations for issuance institutions, pilgrims as well as merchants. The SaaS based platform can be easily leveraged by multiple issuer institutions in any country to link with the merchants in Saudi Arabia allowing pilgrims to top-up their e-wallets in the home country and spend like a “local” during the actual pilgrimage.

With this partnership, Indonesian banks will become early adopters of WadzPay’s future-ready offering.

“We’re thrilled to modernize Hajj and Umrah finances, enhancing welfare and pilgrim satisfaction. This partnership shall drive transparency and financial inclusivity,” said Muhammad Thabrani Nuril Anwar, Head of BPKH Collection Division.

WadzPay had previously partnered with Geidea in Saudi Arabia to implement the same solution.

WadzPay which has its MENA headquarters in UAE recently expanded into the European market. It registered a new legal entity, WadzPay Technology Netherlands B.V., with the Dutch Chamber of Commerce. WadzPay appointed Mr. Khaled Moharem, as President- Europe & MENA.

Saudi’s fintech entity Geidea just announced that it has partnered with UAE based Blockchainenabled payments platform Magnati, and FAB ( First Abu Dhabi Bank) to offer digital payments in KSA, this comes after Geidea had partnered with Blockchain payments platform WadzPay in 2022.

As per the recent announcement, The collaboration has the potential to be transformative in the Saudi payments space and is set to create exceptional value for clients, bridging the gap between advanced financial solutions and accessibility, while ensuring enhanced affordability, said the statement.

With a focus on innovation and technology, Magnati offers Payment as a Platform services that cater to a wide range of industries and businesses, encompassing integrated payment solutions, secure transaction processing, and comprehensive e-commerce solutions.

Launched in the Kingdom of Saudi Arabia in 2008, Geidea provides over 700,000 payment terminals (POS) across the region and serves over 139,000 trusted merchants including regional and international brands, SMEs as well as e-commerce players.

Magnati CEO Ramana Kumar said the Geidea collaboration is a testament to its commitment to serving the clients’ expansion goals in Saudi Arabia. Kumar added, “Together, we aim to revolutionise the payment landscape by introducing innovative solutions, seamless integrations, and unparalleled customer experiences. Leveraging Geidea’s innovation and Magnati’s fintech expertise, we are poised to unlock the full potential of digital payments.”

Geidea Chief Business Officer Abdullah Alshowier expressed delight at the strategic alliance sealed with FAB and Magnati to support clients in Saudi Arabia. “This collaboration will empower merchants with Geidea’s state-of-the-art payment solutions, seamlessly accepting a wide spectrum of digital payments through a unified platform. We are enthusiastic about collaborating with FAB and Magnati to drive innovation, amplify services, and extend our collective presence in the GCC region,” he added.

In June 2022 Magnati had launched its MetaV, a virtual marketplace that that provides users with richer visual and sensory information, as well as improved quality of information to shop, learn, play games, attend concerts and more online.

The platform built on Magnati’s blockchain aims to accelerate the move from two-dimensional to multi-dimensional online commerce by enabling consumers to experience e-commerce in a new, immersive way.

Prior to that Geidea had expanded its operations into the United Arab Emirates and through a partnership with  Magnati.

But this is not the first partnership between Geidea and a blockchain enabled payments platform. Prior to this in November 2022, Geidea partnered with UAE based WadzPay,a blockchain enabled payments platform as well.  Geidea utilized WadzPay technology for the issuance of an e-money wallet, specifically for Hajj and Umrah, to be used in over one million point-of-sale (POS) terminals deployed across multiple merchants throughout the Kingdom of Saudi Arabia.

WadzPay blockchain-based payment solutions allow Hajj and Umrah pilgrims to set up their own e-Money wallets on their mobile devices to be used for their expenses. Once the wallet is loaded, the pilgrim is ready to spend in Saudi Arabia with lower transaction fees and a user-friendly refund process.

The product is in final live testing and will be licensed soon. According to a tweet last week by WadzPay community member, “ We are getting closer to launch in KSA as licenses ad testing are in the final stretch. Q3 will see live terminals on WadzPay platform.”

So Geidea is moving forward with enabling blockchain digital asset payments from two major players in the region.

In a recent tweet, the Founder of WadzPay, a blockchain technology payment provider with a presence in the UAE, Anish Jain, offered an update to the community stating that WadzPay had made strides on the licensing front and are in the “final stages”. In addition he added that WPC token would be listed on a Tier1 regulated exchange in the Middle East.

As for the WadzPay product it will be ready for launch in Q3 of this fiscal year with live terminals on WadzPay soon.

Prior to this in a LinkedIn post, WadzPay announced that its blockchain enabled payments platform was now technically live for Pilgrims in Saudi Arabia. The solution is intended to facilitate digital payments and creates a cashless experience in KSA.

As per the announcement, WadzPay works with large payment companies, banks, and global entities to enable virtual asset-based transaction processing and settlement.

Their private blockchain program will enable pilgrims to use mobile app-based wallets issued by an approved institution in their home country. Once the wallet is loaded before travel, the user can make purchases at the merchant POS terminals present at the various pilgrimage points. The solution is intended to facilitate digital payments and creates a cashless experience in Saudi Arabia.

The pilgrims can easily get their un-spent money back after they return to their home country.

Using this platform, WadzPay allows merchants to offer improved service to international pilgrims at a fraction of the current cost.

This program will be used for issuing wallets to pilgrims and acceptance of these wallets in merchant outlets in KSA. As per WadzPay brochure, “We have partnered with a major aggregator from KSA to enable the world’s first cross-border ‘cashless’ Hajj & Umrah program”. In November 2021 WadzPay had partnered with Geidea in KSA for cashless payments. 

UAE based WadzPay Blockchain enabled Hajj Pilgrim Digital payments solution has been chosen as a finalist at Currency Research’s second annual Advancement in Digital Currency Awards, being presented at the Digital Currency Conference in Mexico City, on May 18th, 2023. WadzPay’s solution was chosen under the category for Best Innovation in Digital Currency. WadzPay is competing against top international blockchain fintech providers such as Stellar.

According to Parv Aggarwal, Vice President for CBDCs and Partnerships, “We are super excited to represent WadzPay and our novel cross border Hajj Pilgrimage token.”

Currency Research awards are presented to digital currency initiatives that advance the platform as a payment instrument. Currency Research chooses entities who are working on all types of digital currencies at all stages of developments.

The award categories include “Outstanding Advancement in Digital Currency” whose category finalist for this year include, Crunchfish,  eCurrency,  and FNA.

The second award category is “Best Innovation in Digital Currency” which recognizes outstanding innovations in the digital currency space, including new platforms, products, or apps that have the potential to transform the way we use and interact with digital currencies, including central bank digital currencies (CBDCs).

The category is open to innovations that have launched and have customers, and that offer users a unique and valuable way to access digital assets, crypto, DeFi, or other related financial      services, including CBDCs. Innovations that offer greater security, transparency, and scalability in the digital currency space, or that leverage emerging technologies such as AI, will be given special consideration. The judges will consider factors such as the level of innovation, the potential impact on the industry, and the ability of the innovation to scale and reach a wider audience.

WadzPay, Currency Network, and Stellar will be competing as finalists for this category.

Other award categories include Best Financial Inclusion Initiative in Digital Currency. This award recognizes initiatives that have been developed to promote financial inclusion in the digital currency space. This category is open to projects that have demonstrated success in providing access to digital currency and related financial services to traditionally underserved or unbanked populations. This includes initiatives that aim to reduce barriers to entry for low-income individuals, women, and other marginalized communities. 

Jordanian headquartered Fintech solution provider ProgressSoft will be competing against eCurrency, and IDEMIA.

The Best Sustainability Initiative in Digital Currency category will see competition between Andrei Lipkin, Ripple and Stellar

As for the final award category” Digital Currency Leader of the Year” which recognizes outstanding individual who has consistently contributed to the advancement of the digital currency sector, finalists includes Jonathan Dharmapalan, eCurrency, James Wallis from Ripple, and Shiva Bissessar from Pinaka Consulting Ltd.

UAE based WadzPay, an interoperable blockchain-based technology provider, has launched the WadzPay 2.0 which it believes will redefine the landscape of virtual asset-based transactions. WadzPay 2.0 provides a unique new architecture primarily based on the Algorand blockchain with inbuilt support for several others such as Ethereum, Tron, Avalanche and several others to be added. WadzPay 2.0 construct is designed in line with evolving regulations and needs of banks, financial institutions, telcos and central banks.

Anish Jain, founder and group CEO of WadzPay, stated, “Blockchain is already disrupting global finance, and with WadzPay 2.0, we are bringing a slew of capabilities that will transform digital currency payments. This enhanced product line encompasses issuance, acquiring, remittance, central bank digital currency (CBDC) and tokenization, providing a true one-stop solution for the industry. This is a leap forward in the blockchain payments ecosystem. WadzPay customers can rest assured of an elevated experience for its end users.”

Designed with an API-first approach, a robust compliance framework and customer-friendly dashboards, it enables payments in the metaverse, point of sale, in-app, e-commerce, etc. It also serves as the foundation for the future launch of the WadzPay Chain. It leverages the Algorand blockchain for transaction processing, standard assets for on-chain storage of funds, and a ledger for wallet management and bookkeeping. The platform also incorporates Gap 600’s expertise to manage transaction finality for Bitcoin and Ether -based transactions, and Bosonic to convert funds at the point of sale (POS).

WadzPay 2.0 boasts several integration options and features such as:

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E-Know Your Customer (KYC) solution with biometric verification for seamless user onboarding

Real-time fraud detection, customer screening and transaction monitoring

Multisignature custodial wallet with multiple-level hierarchy and password management

Internal and external wallet transfers

Push/pull payment options with transaction notifications

Customized reports in various formats

Issuer and merchant dashboard with seven layers of hierarchy control

Multicurrency acceptance at POS terminals and e-commerce portals with QR code support

Settlement in digital or fiat currency of choice, based on market regulation

On-chain refunds, including multiple refunds on a single transaction

Inbuilt volatility management solutions

Improved transaction speeds on Ethereum and Bitcoin blockchains

There are 112 countries that are — in one way or another — exploring central bank digital currency (CBDC). Of this number, 11 countries have launched their own CBDCs, 15 are piloting, 26 are developing and 46 are researching. This trend appears to have reached the UAE, with the country’s central bank collaborating with various international agencies.

In 2019, the Central Bank of the UAE (CBUAE) piloted a wholesale CBDC project with Saudi Central Bank named of “ABER.” A final report was published in 2020, which showed that “the distributed ledger technology would enable central banks to develop payments systems at both local and cross-border levels.”

More recently, the CBUAE — along with the BIS Innovation Hub Hong Kong Centre and the central banks of Hong Kong, Thailand and China — implemented Project mBridge, a joint initiative experimenting with cross-border payments using a custom-built common platform based on distributed ledger technology (DLT) upon which multiple central banks can issue and exchange their respective central bank digital currencies.

H.E. Khaled Mohamed Balama, governor of the CBUAE, commented on the mBridge successful pilot by saying, “We will continue to establish the right governance framework for interoperable CBDCs to deliver tangible benefits to UAE companies and consumers.”

The CBUAE and its work on the digital currency could mean that a CBDC may be issued in the near future, but how close in the future is still unknown. The launch of a UAE CBDC will depend on various factors, including the ability of CBDCs to resolve issues of privacy, blockchain interoperability as well as economic monetary concerns.

Will the UAE launch a CBDC?

Stanislav Madorski, the senior vice president of blockchain strategy at WadzPay, told Cointelegraph MENA that given the cost and complexity of executing CBDC pilots, he expects the CBUAE would launch a CBDC.

“UAE has been making strides towards developing a cashless society and is in the top 10 in the world for the most cashless societies with ambitions to be fully cashless within this decade.”

Meanwhile, IBM MENA’s Chief Technology Officer, Anthony Butler, an expert on blockchain and digital assets, saw renewed interest in CBDCs in the region over the last few years, and the mBridge project is reflective of this.

This comes as governments worldwide show renewed interest in launching CBDC projects. In December, Pakistan signed two new laws to expedite the launch of its CBDC. Meanwhile, Spain’s central bank has stated its plans to start a wholesale CBDC project and asked financial institutions and tech providers to submit proposals for the initiative.

Challenges to CBDC launch in UAE

Both Butler and Madorski confirm some challenges that await the CBUAE and other central banks globally in their bid to launch CBDCs.

Madorski sees that while CBDCs have advantages because they are issued by central banks, which have a greater influence on monetary policy and can drive regulatory changes, the biggest challenge will be cross-border acceptance. He explains, “Each country’s blockchain might not be compatible with the other, so interoperability is an issue that we at WadzPay are trying to resolve.” 

Meanwhile, Butler sees much friction in launching retail CBDCs (rCBDCs), most notably the technical and economic challenges. He explains that if CBDCs are to replace cash, they would need to have the privacy that cash experiences offer.

“This is not only relevant within the boundaries of a country but also in cross-border payments,” Butler says. “There was a lot of consideration given in the UAE Saudi ABER CBDC design to this particular point because other countries could have visibility into transactions of counterparties.”

He also notes there are obstacles in moving past the “zero bounds” and toward the introduction of negative interest rates.

In addition, Butler emphasizes there are also structural implications of rCBDCs because if the general public has access to central bank money they no longer need to work with the commercial banking sector.

He emphasizes, “If you replace cash with rCBDC, then there are questions of how to ensure the ability to perform offline payments when someone isn’t connected to the network.”

The future is hybrid

It is plausible that the CBUAE could follow suit and issue stablecoins and a CBDC. Butler believes that several countries are exploring the different aspects of CBDC, like retail and stablecoins. He said these assets have been made available by the commercial banking sector. As he explains, “This will mitigate some of the well-known risks facing CBDCs.”

Madorski confirms that central banks, including Hong Kong, are looking at a hybrid model that would include both stablecoins and CBDCs. He states, “The hybrid model is allowing easy digital currency acquisition both locally and abroad, as stablecoins are readily available on many global exchanges. This model is definitely feasible in the UAE.”

UAE could follow in the footsteps of Singapore and launch something similar to Ubin, which is exploring the use of CBDCs for cross-border currency transactions, the Bank of Japan, which is rolling out a pilot program for its CBDC project to three major Japanese banks in spring 2023, or even India.

But out of the central banks experimenting with CBDCs, the People’s Bank of China leads the race. The Bank will expand the rollout of digital wallets for its e-CNY digital currency to several developed provinces by the end of 2022. It has already recorded $13.9 billion in e-CNY digital transactions and 260 million app downloads.

Whatever the use case, the CBUAE appears to be one the most promising countries in the MENA region when it comes to a CBDC launch, followed by Saudi Arabia, which recently hired a virtual assets and CBDC program lead.

While it’s still unclear when this will happen and what type of CBDC will be launched, the UAE inevitably will have to embrace CBDCs in its effort to build its crypto economy.

The second annual conference Decipher, by the Algorand Foundation is being held today until the 30th of November at Madinat Jumeirah Conference & Events Centre in Dubai, UAE.  The Algorand Foundation’s mission is to grow and empower the ecosystem around Algorand-the leading carbon-negative Layer-1 blockchain-and Decipher’s programming will highlight top founders and investors from both within and beyond the Algorand network.

The event will witness more  than 120 speakers across four stages and 50 sessions. Registrants will also be able to sign up for one-on-one mentoring with blockchain leaders, learn to set up wallets and experience play-to-earn games, explore a high-end curated NFT art gallery, take part in hands-on workshops designed for developers and led by the engineers and product leaders behind the Algorand protocol, and more.

Topics include Financial Inclusion at Scale: A World Tour featuring Sanzar Kakar, Founder of HesabPay; Victor Mapunga, Co-Founder & CEO of FlexFinTx; Abhinav Sinha, Cofounder, Eko India Financial Services; and Matt Keller, Head of Social Impact at the Algorand Foundation.

Also is the topic of Building the Next Crypto Capital featuring Basil Al Askari, CEO & Cofounder of MidChains; Benjamin Ampen, CEO MENA at Kraken; and Jehanzeb Awan, Chairman of the Middle East, Africa and Asia Crypto and Blockchain Association.

As well as the topic of payments revolution featuring  Khaled Moharem, President Middle East at WadzPay; Eduardo Novillo Astrada, CEO & Cofounder of AgroToken; and more to be announced.

In addition topics include Safer Bridges to a Multichain Future featuring Nico Arqueros, Primary Contributor, Milkomeda; Adi Ben-Ari, Founder & CEO, Applied Blockchain; and Hugo Philion, CEO & Cofounder, Flare Network

Venture Perspectives Across the Crypto Landscape featuring Terry Culver, CEO & General Partner at DFG Group; Mona Hamdy, Chief Strategy Officer at Sino Global Capital; Abhinav Pathak, Research Partner at Woodstock Fund; and Ryan Terribilini, Head of Ecosystem Funding at the Algorand Foundation

View the full agenda and speaker lineup at https://www.decipherevent.com

KSA based Geidea, a leading fintech company in Saudi Arabia and Blockchain based payments solutions, WadzPay Middle East Technology (affiliate of WadzPay Worldwide) have forged a new strategic partnership to power the transformation of pilgrimage payments.

Geidea is utilizing the issuance of an e-money wallet, specifically for Hajj and Umrah, to be used in over one million point-of-sale (POS) terminals deployed across multiple merchants throughout the Kingdom of Saudi Arabia.

WadzPay blockchain-based payment solutions allow Hajj and Umrah pilgrims to set up their own e-Money wallets on their mobile devices to be used for their expenses. Once the wallet is loaded, the pilgrim is ready to spend in Saudi Arabia with lower transaction fees and a user-friendly refund process.


According to Mastercard’s latest Global Destination Cities Index, Mecca attracted $20 billion in tourist dollars in 2018, second only to Dubai. The number of pilgrims is expected to increase significantly in the coming years, with the Kingdom has set a goal to host 30 million pilgrims by 2030,  in line with Saudi Vision 2030.

This year, the hajj rituals were performed by at least one million pilgrims worldwide after two years of restrictions due to the COVID-19 pandemic.

WadzPay partnered with Algorand, a high-performance, next-generation ISO 20022 and Sharia-compliant blockchain with a roadmap to 46,000 transactions per second to deliver industry-leading stability and near-instant finality to its clients.

WadzPay Founder and Group CEO Anish Jain said, “I am delighted to team up with Geidea to deliver the absolute best in payments experience for pilgrims. Saudi Arabia is home to the annual Hajj and Umrah, about one million people from nearly two hundred countries perform these pilgrimages; with Geidea merchant and POS networks, WadzPay is also enabling merchants to benefit from faster, secure and seamless payments”.

Renier Lemmens, CEO at Geidea said, “The pilgrim market is an incredibly important part of the Saudi economy, which is why we are thrilled to partner with WadzPay in a move that will unlock vast SME business success for merchants across the Kingdom. The integration of an e-wallet into over a million merchant POS systems will also make transactions faster and safer for the millions of pilgrims that visit Hajj and Umrah every year – and we’re delighted to be able to help them on their way.”

Sailesh Malhotra, GM, GCC at Geidea, said: “This partnership enables us to offer our merchants and pilgrims a best-in-class experience whenever they make payments. The delivery of a swift transaction process for merchants – and a seamless payment experience for pilgrims – are critical drivers for this partnership goal.”

WadzPay, which was awarded Top 10 Most Promising Payment and Merchant Service Providers by SiliconIndia Magazine 2021, is a leading blockchain payment technology, solution and service provider. It operates in and serves partners and clients across APAC, MENA, Africa and the United States.

Geidea is a leading fintech and fully licensed payment service provider offering digital banking technologies, smart payment terminals and business management solutions for both financial institutions and small businesses in retail and digital commerce across the region.

WadzPay, blockchain payments provider operating in the UAE, has teamed up with DIFC (Dubai International Financial Centre) Fintech Hive and Emirates NBD accelerator program, to offer payment features in the metaverse. This is a huge undertaking given that the metaverse economy is predicated to hit $13 trillion by 2030.  

Moreover this is especially significant in the UAE given that Dubai announced its metaverse strategy in July 2022. As per the strategy Dubai wants to attract 5000 blockchain and metaverse companies to the city by 2027. DIFC has been working through its regulatory arm DFSA to ensure the proper regulatory environment for crypto tokens, security tokens, and is considered by VARA as one of the entities that can house regulated companies in this sphere.

Raja Al Mazrouei, Executive VP of DIFC Fintech Hive was quoted saying, “The 10-week global accelerator programme for metaverse start-ups reaffirms our commitment to support Dubai’s ambition to be among the top 10 metaverse economies in the world.”

We all know that for the metaverse to be successful, payment services in the metaverse will not only have to be seamless but extremely secure as well as compliant. Each metaverse will have to have a robust payment method or it won’t be a fully functional experience.

Noteworthy as well is that Emirates NBD has stated that it intends to build up its 3D capabilities, creating virtual worlds to augment the customer experience and enabling a decentralised payment infrastructure for customers to create, monetise, buy and sell digital assets and services.

Now let’s put it all together, Dubai wants to be a metaverse hub; the UAE has already piloted a CBDC project not only with Saudi Arabia but also other central banks with the wholesale CBDC project Mbridge which is in partnership with BIS and Hong Kong Monetary Authority, Thailand and Central Bank of China. The Mbridge pilot has already commenced with commercial banks in 2022.

So far 105 countries across the globe are exploring CBDCs, with only 9 percent of countries having actually launched a CBDC.

For those not familiar with WadzPay, it is an interoperable and agnostic blockchain payments ecosystem that was founded in Singapore in 2018 but is currently operating across Asia and the Middle East with offices in UAE. As per their website, the company has been working with large payment companies, banks, on CBDC rollouts and digital assets transactions and settlements.

So when Anish Jain Founder & Group Chief Executive Officer of WadzPay announced on LinkedIn, that the company is working with DIFC Fintech hub and Emirates NBD accelerator program to enable financial services in the metaverse, it was newsworthy.  

LaraontheBlock, asked Jain what this meant and how they were working with DIFC, his reply, “WadzPay established its presence in UAE in 2020 with its DIFC entity. The DIFC FinTech hive provided tools to grow our business. It is also the breeding ground for innovation. WadzPay Chain is purpose built for payments and is metaverse ready. Together with the WadzPay payments ecosystem it will provide users with optionality, agility and access into the metaverse while making traditional payments efficient.”

In conclusion, maybe we will be witnessing the first complete financial service and payment offering in a metaverse experience within the UAE sooner than we think. A digital wallet that would or could hold CBDC, stablecoins, crypto that users in the metaverse could utilize for the purchase of digital assets or representations of physical assets as NFTs securely and compliantly.

We will know which start-ups have been chosen to implement these projects with Emirates NBD as they will be announced during Gitex2022.

 In the end it is only when you can garner valued economic activity in the metaverse will the metaverse actually have any sort of true utility.

On the side-lines, it was also interesting to see that WadzPay had signed a strategic partnership with FIGA an enterprise in the Republic of Congo to tokenize the rights of reserves of potash, phosphate and iron which will be extracted over the next 25 years. WadzPay is expected to tokenize $4 billion worth of assets for foreign direct investment.

WadzPay also partnered with Algorand Blockchain where it will utilize Algorand platform in multiple proof of concept-stage projects including Asia and Africa-based CBDC launches.