In January 2023 Binance celebrated its official entrance into Bahrain. Bahrain’s crypto ecosystem has flourished with the entrance of Binance. Bahrain has witnessed a growth on all fronts, crypto exchange users, crypto payments, crypto jobs and competitive crypto offerings. Binance received its official license in October 2022.   Growth of crypto exchange users   The official license and launch of Binance in Bahrain has added to Binance’s crypto exchange users. Binance announced that it witnessed a 34% growth in institutional business clients in MENA in Q4 2022, the highest growth for a region where Binance operates, Nadeem Ladki, Executive Director Head of BD & Partnerships, Europe & MENA at Binance told LaraontheBlock, “While I cannot go into the specific growth in Bahrain, I can confirm that we have seen a growth in users since we officially launched in October 2022.”   Even Bahrain based CoinMENA; crypto broker also saw an increase in its user base in 2022

  Egyptian Central bank has announced that it is currently studying the implementation of CBDC (Central Bank Digital Currency) which should offer a safer and more secure replacement to current cryptocurrencies and the risks associated with them while making use of digital economy. The Egyptian Central Bank in its 2021 financial stability report stated that it had created an internal and external committee which includes representatives from different Ministerial entities headed by the governor of the Central Bank to study the implementation of CBDCs in Egypt. It also noted that it is working with external counterparts to study the potential risks and benefits of CBDC implementations.  Cryptocurrency trading in Egypt is still not regulated and the Central Bank of Egypt has on several occasions mentioned the risk involved in dealing with cryptocurrencies and the fact that it is illegal in the country to do so. In September, the central bank of Egypt reiterated its warning against

  UAE Abu Dhabi Islamic Bank secured 130 deals valuing over $128 million from 11 banks in Bangladesh using Blockchain trade finance platform TradeAssets. TradeAssets is powered by blockchain technology for digital origination and the distribution of trade assets. As a result UAE based Blockchain trade finance e marketplace TradeAssets has awarded Abu Dhabi Islamic Bank (ADIB), e-Marketplace Champion Award for its excellence in digital adoption from blockchain-powered e-Marketplace  ADIB has been constantly embracing new and emerging technologies, with the strategic partnership signed last year with TradeAssets further strengthening the efficiency and productivity of businesses.  Commenting on the recognition, Abdulla Shehhi , Global Head International Business Group (IBG), at ADIB, stated, “ADIB is at the cutting-edge of global transaction banking offering end-to-end Sharia’a-compliant trade financing through digital channels. Through the successful implementation of TradeAssets, ADIB

  Saudi Arabian, Saudi British Bank (SABB) is utilizing Contour Blockchain platform to enhance trade finance by improving letter of credit and guarantee procedures for enterprises and international businesses. SABB is working with local fintech entity Bwatech. SABB is now the first bank in KSA to provide the ability to exchange commercial documents digitally, facilitate the procedures for letters of credit using a decentralized technology, and reduce dependency on paper documents and the time required for document settlement in commercial transactions.   The Blockchain enabled Contour platform improves transaction security because the data that is shared on the network enjoys a high degree of protection and privacy, which reduces the risk of fraud. The Bwatech platform boosts the automation of bank guarantees. This service aims to replace paper-based procedures with advanced technical methods by linking banks issuing these guarantees with their beneficiaries to expedite the imple

Abu Dhabi Islamic Bank (ADIB) has become the 10th bank to join Blockchain trade finance platform UAE Trade Connect (UTC), developed by e& enterprise, formerly Etisalat Digital. As per the news this will support ADIB’s digital transformation strategy while boosting the transparency and security of its services. The bank will utilize the UTC platform for the detection of fraud and dubious transactions in the trade finance segment, according to a press release.   Faisal Abu Shaar, Group Chief Risk Officer at ADIB, said: “With the goal of supporting UAE’s economic development, we will work closely with UTC and other member banks to enhance our digital capabilities and promote the security of the country’s financial sector. We look forward to capitalizing on the opportunities of this agreement to deliver safe and completely transparent banking solutions for our customers.”   Meanwhile Zulqarnain Javaid, CEO of UTC, added “ADIB is an important bank in the corporate banking spac

  The chairman of Belobaba, a crypto native hedge fund with a regulated security token, believes that Banks will become Dapps, and that this was the year of building crypto not a bearish year. Five year old, Belobaba utilizes big data and AI in its investment decisions… The company is currently setting up its headquarters in the UAE as it seeks to get regulated in GCC region. The hedge fund is already regulated by the Gibraltar Financial services commission and operating legally in the USA, as well as in Spain and Estonia. Lluís Mas, chairman at BELOBABA spoke to LaraontheBlock expressing his views on the crypto market,the banking sector and why they are setting up their headquarters in UAE. The hedge fund which currently has just $5 million under management is seeking to grow and expand. According to Mas, “I don’t consider it a bad year for crypto and I wouldn’t call it a bullish or bearish market, because just remember in the bearish markets of 2017-2019 Uniswap was created as

  Qatar National Bank (QNB) has launched a direct remittance service powered by Blockchain RippleNet. The remittance service will offer money transfers from Qatar to Philippines connecting through China Bank. China Bank is one of the leading private banks in the Philippines. RippleNet is a financial technology powered by leading enterprise blockchain and crypto solutions provider. The new service will provide the Bank’s customers with a convenient remittance experience and a fast cross-border money transfer solution. The service, which mainly targets Philippine nationals in Qatar, will allow them to make fund transfers   up to PHP 50,000 to any bank in the Philippines in real- time. All transactions above PHP 50,000 sent prior to the cut off time (3pm Manila time during working days)       will be credited on the next working day. Adel Al-Malki, General Manager QNB Group Retail Banking, said: “QNB has always been pioneer financial technology accelerator in Qatar and the region

  UAE RAK Bank has partnered with Kraken crypto asset exchange to offer virtual assets trading in AED using their local bank account. As regulated by the Central Bank of UAE, RAKBANK will enable Kraken, which is licensed by Abu Dhabi Global Market (ADGM), to have their UAE-based clients fund their crypto account through local fund transfers from any bank in the UAE.   Kraken was the first global exchange to have received a full license to operate a regulated virtual asset exchange platform in the Abu Dhabi Global Market (ADGM). Currently, UAE residents who trade virtual assets must use banks or foreign correspondents outside the UAE to fund their trading. As a result, they incur high foreign exchange costs and fees, experience long lead times (more than 24 hours) and are subject to overseas-jurisdiction asset governance. Through this innovative solution, UAE residents will be able to fund their account faster and at lesser costs, all while remaining within the UAE’s jurisdiction.

  Qatar will witness a blockchain revolution summit on the 26 th of May 2022 at St. Regis Doha Qatar, with the participation of Dr. Don Tapscott , Executive Chairman of the Blockchain Research Institute, and well known as a leading Blockchain expert. The summit is being organized by the Blockchain Research Institute Middle East, the first regional branch of Blockchain Research Institute based out of Qatar. The event is set to discuss opportunities to create industry solution frameworks and guidelines leveraging blockchain technologies to secure data, reduce costs and improve timelines. The interesting highlights of this summit are the speakers and sponsors. Aside from Don Tapscott, speakers include Fadi Nasser, Chief Commercial Officer of Meeza Qatar. Meeza is also sponsoring the event. Nebil Ben Aissa, Chief Executive officer for Nexxo, a private equity investment network dedicated to FinTech is also participating. In addition Khalid Al Ansari a Doctor of Law (JD) and a Ph.D.