UAE headquartered Fuze, a digital assets infrastructure provider, has raised a seed round of $14mn, the largest Seed investment in a digital assets startup in the history of the Middle East and North Africa region (MENA). The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures.  Fuze will benefit from the strategic capital and network of these investors, acting as a catalyst for the business as it builds the digital asset infrastructure that will drive the future of finance.  A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps. Fuze was founded by an expert team of fintech, traditional finance (TradFi) and decentralized finance (DeFi) leaders, with its co-founders holding extensive knowledge from experience in global hypergrowth businesses.  CEO, Mohammed Ali ...

  LFi, Canadian fintech tech startup, leveraging advance computing and blockchain has expanded into the UAE with a presence in Dubai under its new LFi Labs office. According to the news releases, the Lab will serve as a central hub for new advancements and innovations.  As per their website, LFi is a decentralized platform designed to provide equal opportunities for wealth generation and financial independence through crypto.  It operates on its own blockchain, guided by a DAO-driven ecosystem.  The startup intends to fuse crypto, finance and technology to foster innovation and financial freedom. The tech startup seeks to provide a diverse range of products and services that give people greater access to tools and information for navigating the crypto and Web3 landscape. According to the news , the establishment of the Labs locally in UAE gives the brand a strong foothold in one of the most progressive, influential, and technology-oriented economic hubs in the Mi...

  Dubai regulated virtual asset broker and exchange TOKO FZE a creation of international law firm DLA Piper, has partnered with   Virtuzone, a pioneer in business solutions and corporate services for the region. The partnership will include the establishment of a tokenized equity crowd funding platform will further cement Dubai’s standing at the forefront of financial innovative and as a destination for early stage and fast growth companies seeking a supportive business environment. TOKO has just received a fully operational license from Dubai’s Virtual Asset Regulatory Authority (VARA). The partnership with Virtuzone is set to transform early-stage private equity fund raising using blockchain technology to bring enhanced transparency, accessibility, and opportunity for both investors and the businesses seeking to raise funds. Across a variety of compelling businesses, investors will have greater insight, information and access to private equities for their portfolio and ...

  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...

  In a recent LinkedIn post , the UAE Ministry of Finance praised Fintechs and technologies such as AI Big Data and Blockchain and their role in redefining payments stating in a video that the launch of digital dirham soon. The digital dirham project is the CBDC project being developed within the Central Bank of the UAE. As per the post, “Fintech, the cutting-edge integration of digital technology into financial services is reshaping the future of finance. From AI to Big Data and blockchain, fintech innovations optimise investments and redefine payments.” In the video the UAE Ministry of Finance states, “ The UAE has started its digital currency strategy and the digital dirham is on the way!” In April 2023, it was announced that R3 was chosen by UAE Central Bank as its technology partner to design and build a CBDC for the first phase of the central bank’s CBDC project because it is a permissioned based DLT (Distributed Ledger Technology) that decentralize assets privately an...

  Abu Dhabi Finance week, running from November 27 th to November 30 th will be holding discussions on the future of finance that will cover topics such as payments,   digital assets, cyber security, market integrity and credit. It will include The Regulators Summit, Blockchain Abu Dhabi, Risk4.0, A.I. Abu Dhabi and the 2023 Fintech Abu Dhabi Awards. Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Executive Council and powered by Abu Dhabi Global Market (ADGM), ADFW will seek to examine the factors affecting monetary systems, technological disruptions, financing the race to net zero, the resultant services and facilities, and the industrial and social sectors that impact the global financial system. It will collectively aim to collaborate on maximising the opportunities and minimising the challenges presented within the ‘Transition Era’.   Commenting on the ADFW’s pioneerin...

  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 t...

    On their LinkedIn page , the Qatar Financial Centre (QFC) announced   that in its journey to accelerate the development of Qatar's digital ecosystem it will be launching the QFC Digital Assets Lab, a ground-breaking programme aimed at accelerating open innovation and promoting peer collaboration within the industry through proof-of-concept and proof-of-value, on September 6 th 2023 now postponed to October 9th 2023.  As per the post, “ It is with pleasure that we invite you to join us on this momentous event, that will be streamed live via LinkedIn and YouTube. The event will present the qualifying criteria for entry, the Lab's operating model and key benefits, and announce the opening for applications.” The post adds, “With the QFC Digital Assets Lab, we aim to seamlessly integrate transformative technologies into real-world applications, spanning finance, supply chain management, energy and sustainability, compliance and reporting, healthcare and beyond....

    In a recent LinkedIn post , Zul Javaid, CEO of UAE Trade Connect, the UAE’s first trade finance platform to combat fraud, announced that they had hired Wissam Massud to lead their international expansion. As per the post, Massud will define market-entry strategies as UAE Trade Connect widens its horizons to GCC, other Middle East, Africa countries. In the post, Javaid states, “We know that UTC's unique #blockchain technology addresses a real-life pain for banks and tradefinance lending everywhere, so we fully expect to be knocking on lots of countries' doors in the coming year.” Prior to this announcement, In May 2023 Zul Javaid coming back fro a recent participation at Global Trade Review conference in KSA had noted that UAE Trade   Connect was interested in offering its solutions to the Saudi Arabian banking sector. As per Javaid, “The Kingdom of Saudi Arabia is a robust banking market, and we are very keen to bring our unique blockchain and AI based engi...

    In a recent LinkedIn post , Henk Jan Hoogendoorn , Chief Financial Sector Officer at Qatar Financial Centre (QFC) Authority revealed that the digital assets framework that the authority has been working on will soon be launched along with the digital asset lab. As noted, QFC is working with Price Waterhouse Cooper ( PWC) to finalize the digital assets framework and the launch of the digital assets lab. As Hoogendoorn noted, “ We are working on digitalassets framework together with Qatar Financial Centre Regulatory Authority (QFCRA) supported by the expertise of PwC .We are making good progress on preparation of Digital Asset Lab to be launched soon.” Prior to this Qatar Financial Authority had taken several inititiatves towards advancing DLT, Blockchain and digital assets within the financial sector. In May speaking to LaraontheBlock, Hoogendoorn stated , “We are developing our digital assets framework to allow for public tokenization of assets, including securit...

  Blockchain trade finance platform for banks in the UAE, UAE Trade Connect, an e&enterprise company has announced that it has surpassed $27 million in transactions identifying interbank duplicate financing and preventing fraud attempts. According to their LinkedIn post , “ This accomplishment serves as a testament to the unwavering dedication and commitment of the 12 leading banks in our consortium to combat fraud in real-time. As we move forward, we remain committed to continuously improving our platform's capabilities and staying ahead of evolving #fraud tactics.” UAE Trade Connect includes the following UAE banks, Abu Dhabi Commercial Bank, ADIB - Abu Dhabi Islamic Bank, Al Masraf, Commercial Bank of Dubai, Commercial Bank International, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank (FAB), Mashreq Corporate & Investment Banking Group, National Bank of Fujairah, RAKBANK and United Arab Bank . UAE Trade Connect   is seeking   to offer its soluti...

  According to a recent report by Fintech Global, while the UAE Fintech deal activity dropped 54 percent year on year, with deal activities reaching 24 deals in the first hald of 2023, 42% of those deals were in blockchain and crypto companies, totalling 10 deals. The report noted that   UAE FinTech companies raised a combined $101m in investment during H1 2023, a 72% reduction from H1 2022. In the first half of 2023, the number of FinTech deals in the UAE declined 54% compared to the previous year, totalling 24 deals. During the first half of 2023, FinTech companies in the UAE raised a combined investment of $101m, reflecting a substantial decrease of 72% compared to the same period in 2022. As per Fintech Global, Tabby, a buy now pay later provider, had the largest FinTech deal in the UAE during H1 2023, raising $58m in their latest Series C funding round, led by Peak XV Partners and STV. The company intends to use the funds to expand its product line into next-gen co...

According to a recent news release , The UAE’s Securities and Commodities Authority (SCA) has received licensing requests and inquiries from companies intending to provide Virtual Asset services following the issuance of the necessary regulations. The UAE SCA also announced that those who do not apply for a license either to VARA or SCA will be fined $2.7 million. The move aims to ensure that all companies that provide products and services related to the Virtual Assets sector in the country are fully regulated, as the SCA's Board of Directors, chaired by Muhammad Ali Al-Shorafa seeks to strengthen the country's position by ensuring that the local financial markets are among the best globally. Dr. Maryam Al Suwaidi, CEO of the SCA, stated that pursuant to Cabinet Resolution No. (111) of 2022 regarding the regulation of Virtual Assets and their service providers, which gave the SCA the mandate to issue regulatory decisions for Virtual Asset transactions and license its servi...

US blockchain deposit token infrastructure provider which ues Corda by R3 to bring CBC deposit token infrastructure , Fluent Finance has expanded into the MENA region with the opening of its operations in Abu Dhabi, UAE under the new name, Fluent Economic Bridge. Fluent Finance will offer trade finance and cross border payments with the support of UAE Ministry of Economy. Fluent Finance's new UAE entity, named Fluent Economic Bridge, will be focused on deposit token infrastructure, promoting cost-effective and borderless trade finance between Abu Dhabi banks and global markets. The company is currently procuring a trade license from Abu Dhabi Global Market (ADGM), an integral part of Fluent's mission to offer dependable digital asset services to its UAE partners and the global trade community. On twitter, Fluent Finance stated, “ We’ve expanded into the MEA region, setting the stage for the next chapter in UAE's FinTech innovation, delivering our leading-edge deposit to...

  UAE based Crypto Oasis Ventures has signed a Memorandum of Understanding (MoU) with Dubai International Financial Centre (DIFC),   to support the DIFC Innovation Hub with subject matter expertise for their ongoing and upcoming start-up accelerator programmes. This coincides with Crypto Oasis Ventures official opening of its second office in the DIFC Innovation Hub for its Venture Studio. "We are thrilled to partner with Dubai International Financial Centre (DIFC), a renowned financial hub known for its regulatory excellence and commitment to fostering innovation," said Faisal Zaidi, Co-Founder and CMO of Crypto Oasis Ventures. "By establishing our office within the DIFC Innovation Hub, we aim to leverage The Centre's vibrant ecosystem, collaborate with like-minded organisations, and explore new opportunities for growth." DIFC is a leading global international financial centre that plays a pivotal role in driving economic diversification and innovation in...

  In a recent news piece, UAE based 10 Leaves consultancy firms has announced that it is accepting crypto payments. According to the announcement, 10 Leaves, through it’s technology arm Tenl Technologies, has built up excellent capabilities in the blockchain, DeFi and crypto sectors. From fintech advisory, regulatory sandbox consulting to tokenization and legalities of smart contracts, the 10 Leaves Group is poised to advise   clients on blockchain-related implementations and regulatory licensing across DIFC, ADGM, DWTC, DMCC, Bahrain and Europe (Luxembourg and Lithuania). “Dubai has demonstrated it’s vision by focusing on new technologies, and as a consultancy with over 17 years in the business, we aim to complement the leadership’s efforts in supporting entrepreneurs and visionaries who will shape our lives in the years and decades to come”, said Rohit Ghai, Founder of 10 Leaves. “Our crypto-related solutions will help startups and established players in this niche spa...

  Bahrain's KFH ( Kuwait Finance House) Information security Manager, Mr. Hasan Muhi emphasized the significance of utilizing blockchain technology applications to enhance cybersecurity in the financial technology sector. He highlighted the potential of blockchain for improved security in financial transactions and protection against fraud and cybercrimes. During a seminar entitled “ Cybersecrity in Fintech in Bahrain” organized by NGN International Muhi stated that blockchain technology offers significant security advantages by storing financial data in an encrypted manner across a network of devices, making it highly resistant to cyber-attacks. The seminar was part of the activities of NGN Majlis, which aims to raise awareness about cybersecurity in Bahrain and promote a better understanding of the subject. As per Muhi’s statements, “Blockchain technology represents one of the latest and most effective methods for safeguarding companies and institutions against the growing...

  South Korean blockchain companies are establishing their headquarters in the UAE, Neoply a blockchain DeFi solutions provider announced that it will be opening its global headquarters, under the name H Lab in Abu Dhabi UAE with the support of Abu Dhabi Investment Office. NEOPLY is joining ADIO's Innovation Programme, which supports the growth of tech-focused industries in the UAE capital. NEOPLY provides a decentralised finance (De-Fi) platform and various services based on blockchain technology. Its global headquarters in Abu Dhabi Global Market (ADGM) will be called H-Lab and benefit from the international financial centre's advanced regulatory framework and thought leadership in the virtual assets space. The opening of H-Lab follows discussions between ADIO and Neowiz Holdings, the parent company of NEOPLY, about establishing its blockchain activities wholly from Abu Dhabi and benefiting from ADGM's robust regulatory framework that enables effective blockchain and ...

  In Ripple’s latest report entitled “ 2023 New Value report, Crypto Trends in Business and Beyond” which covered topics such as cryptocurrencies, tokenization, DeFi, and crypto custody, financial decision makers from MENA ( Middle East and North Africa) are more bullish than their counterparts in other regions when it comes to cryptocurrencies, digital assets, and Blockchain. As per the report findings, 72% of finance leaders surveyed expressed increased confidence in the crypto industry over the last 6 months, the number is even higher for those in the MENA region, reaching 87%. 90% of global finance leaders anticipate big impacts on business from blockchain and digital assets in the next three years. In terms of tokenization,they see the most massive impact in public stock trading and private share trading. This was especially expressed by finance decision makers with cryptocurrency experience in MENA. In addition, global finance decision makers predict CBDCs and stableco...

  IslamicCoin, issued by HAQQ Blockchain ( Haqq means truth in Arabic), which is Shariah compliant has raised another $200 million from Alpha Blue Ocean’s ABO Digital. As such the total funding now stands at $400 million. The founders of Haqq Network include two prominent UAE banking experts. The network aim to cater to the world’s 1.9 billion Muslims. IslamicCoin was presented at the UN’s Cop27 in Egypt and was recognized as the Most Promising ESG Crypto at the Abu Dhabi Blockchain Awards, the Executive Team has received unwavering international support from both private investors, funds as well as the financial world. The latest partnership will entail introducing Islamic Coin to the ABO network of investors and helping the team structure innovative Shariah-compliant financial products that could be used in the digital asset space to raise alternative funding. The deal provides for access to a maximum of $200M as and when required and ensures Islamic Coin has a long and stabl...