MENA based Flat6Labs, an early stageventure capital firm, has selected Jordanian blockchain startup Konn Technologies, a fintech company that offers blockchain-based solutions among the 24 tartups in its StartMashreq growth track program supported by the International Financial Corporation. The program aims to help startups from Jordan, Lebanon and Iraq to scale their businesses. The selected startups operate in various sectors, such as fintech, healthtech, e-commerce and agritech. Five of them are co-founded by female entrepreneurs, working in edtech, energy tech and proptech. The startups collectively generate an annual recurring revenue of $20.8m and have raised a total of $38.5m. They also create around 700 direct jobs across the three countries. “We are delighted to partner with Flat6Labs to support these promising startups from the Mashreq region, especially those founded by women,” said Abeer Shalan, Senior Operations Officer at IFC. “Mashreq startups can demonstrate...

  BingX, a cryptocurrency exchange, has introduced   Peer-to-Peer (P2P) trading services for multiple countries in the MENA region including UAE, Qatar, Jordan, Egypt, Kuwat, Saudi Arabia and Turkey. This means that trading includes fiat currencies such as   AED, DZD, EGP, JOD, KWD, QAR, SAR, MAD, TRY, and more. By opening up this feature, BingX aims to foster greater accessibility and convenience for users seeking to purchase cryptocurrencies with their local fiat currencies. According to BingX press release, this strategic move empowers merchants and users in the MENA region and Turkey to engage in direct cryptocurrency transactions with zero transaction fees. Building on its successful P2P trading services available in over 40 countries and regions with support for 300+ payment methods, BingX now extends its user-friendly and cost-effective trading experience to the MENA and Turkey market. BingX is seeking merchants in the Middle East and Turkey. "We are delighte...

  MENA based Bank ABC has won two distinguished awards at Global Finance's much-coveted The Innovators Awards -2023. The Bank's innovation and digitization Centre, ABC Labs, has been named as one of "the World's Best Financial Innovation Labs. ABC bank is implementing the GCC region’s first blockchain based cross border instant payment solutions as well as CBDC project with the Central Bank of Bahrain. In 2020 The Central Bank of Bahrain collaborated  with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency. The pilot was successfully completed in 2022.  Bank ABC along with J.P. Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain in US-Dollars for payments from buyers to suppliers. This will lead to suppliers being paid faster and buyers originating payments in shorter time periods without the need for holding funds in advance. The Cen...

  The Jordanian government has commissioned the United Nations Economic and Social Commission for Western Asia (UNESCWA) Economic and Social Commission for Western Asia to draft a national blockchain policy for Jordan. As a result the UNESCWA is hiring a consultant from Jordan to work remotely on drafting a national Blockchain policy for Jordan. The application for the job will be closed on June 14 th 2023. As per UNESCWA, The project should be finalized within 4 months; UNESCWA explains that Arab countries need to develop their Blockchain national plans to meet the requirements that were brought forth by the digital age. In addition UNESCWA stated, “The Ministry of Digital Economy and Entrepreneurship (MoDEE) in Jordan requested UN-ESCWA’s assistance to develop the national policy for blockchain. The provision of this advisory service is the subject of these terms of reference.” The report will include reviewing best regional and international practices on Blockchain pol...

  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, Crunchf...

  On February 24 th 2023 FAFT released its latest grey and black list. For those who are on the grey list it means that these jurisdictions are under increased monitoring and are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. As per the recent announcement by FATF, “When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”.” Of the Arab countries on the grey list, was Jordan. It was on the list because of risks in virtual assets. As per FATF one of the reasons for it being on the list was because it needed to address strategic deficiencies including “completing and disseminating the money laundering and terrorist financing risk assessments of l...

Fresh Del Monte Produce a global integrated producer, distributor, and marketer of fresh and fresh cut fruits and vegetables has  acquired a 39 percent stake in Jordanian Blockchain driven food safety and traceability startup Decapolis.  The investment is part of Fresh Del Monte’s technology-driven mission to offer best-in-class, innovative solutions for its products and services, and to provide sustainable solutions that other businesses and industries can benefit from. The two companies plan to roll out Decapolis Food Guard (DFG)™, the blockchain-based traceability solution, across all Fresh Del Monte business segments, starting with Fresh Del Monte’s pineapple operations in Costa Rica.  Decapolis Food Guard provides full traceability solutions through the DFG chain of records which capture assessments at each stage of production, from planting to distribution through the use of QR codes. Deploying blockchain technology ensures data remains immutable and QR codes on pro...