Saudi Crown Prince Mohammed bin Salman arrived in the United Arab Emirates (UAE) for an official visit yesterday to discuss joint policy measures, including a digital currency plan. On Nov. 27, private English-language daily UAE newspaper The National reported that Prince Mohammed was welcomed by His Highness Sheikh Mohamed bin Zayed al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. Financial and political cooperation The two leaders are reported to have officially agreed on four new policy partnerships and to have reviewed seven strategic initiatives. On the agenda was a policy to …

Dubai-based fintech company Wethaq has entered into a strategic partnership with enterprise software firm R3, in order to create a platform for issuing and trading sukuk securities based on R3’s Corda offering. A platform for Islamic securities According to a press release on Aug. 28, Wethaq’s platform is built on R3’s open source enterprise blockchain platform Corda, and the company has been taking steps to ensure that it is likewise compliant with Sharia Law. Wethaq’s platform is reportedly designed to improve the market infrastructure for issuing and trading sukuk securities. Sukuk is heavily regulated and demands a considerable amount of …

Saudi Arabia’s Finance Ministry has warned against crypto tricksters using the kingdom’s official emblem to promote tokens that purport to be tied to government projects. Arab News reported on Aug. 21 that the ministry has identified a Singapore-based company promoting two fraudulent cryptocurrencies, dubbed “CryptoRiyal” and “SmartRiyal." Fraud alert: hype and pump CryptoRiyal and SmartRiyal’s promoters are reportedly claiming that their cryptocurrency project’s ultimate goal is to finance NEOM — a smart city and tourism hub currently under construction in the north of Saudi Arabia. The report cites an official statement issued yesterday from the ministry, which indicated that any …

The issue of Shariah acceptability of crypto is a matter of time and raising awareness, according to an Islamic finance expert based in Malaysia. Skepticism of crypto stems from uncertainty Suhaida Mahpot, CEO of major Shariah advisory firm Amanie Advisors, suggested that the existing skepticism towards crypto in Islamic countries is not a pure rejection, but rather a consequence of uncertainty, Islamic economy-focused publication Salaam Gateway reports Aug. 2. Mahpot, an advisory veteran at Amanie with 11 years of expertise in sharia-compliant financing, compared the existing situation with cryptocurrencies with Malaysia’s controversial types of investment known as Amanah Saham Bumiputera …

While we often get to hear about how cryptocurrency adoption is rapidly gaining ground in the West, a number of countries across the Middle East — such as Bahrain, the United Arab Emirates and Saudi Arabia — often tend to get overlooked, despite them having made tremendous strides when it comes to establishing regulatory frameworks that are geared toward the optimal utilization of this burgeoning asset class. For example, a recent report by Asia Times has revealed that the UAE is one of the few nations in the world where the local government has placed special emphasis on promoting the …

American blockchain startup Data Gumbo Corp. has raised $6 million from major energy companies, including the venture wing of Saudi Arabian national petroleum and natural gas company Saudi Aramco. The news was published by energy-focused news outlet Worldoil on May 8. In a Series A equity funding round, Data Gumbo ostensibly raised $6 million from companies such as Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, a Norwegian multinational energy operator. The new investment purportedly brings Data Gumbo’s total funding up to $9.3 million. The funds will be used …

Saudi British Bank (SABB) has launched an instant cross-border transfer service powered by Ripple, according to a news release on April 25. The bank said the technology, unveiled at the Financial Sector Conference in Riyadh on April 24 and 25, formed part of its “strategic plan towards digital transformation and enriching customer experience.” According to SABB, it was one of the first banks in Saudi Arabia to join Ripple’s network in January 2018. The technology was then successfully activated through a pilot transaction in December 2018 using Indian rupees. Majed Najm, the bank’s deputy managing director of corporate and institutional …

Saudi automated teller machine (ATM) provider Alhamrani Universal (AU) has collaborated with blockchain identity platform ShoCard to develop a blockchain-based biometric ATM, according to a press release published on Feb. 27. The collaboration will see AU and ShoCard create a new type of an ATM combining blockchain technology and biometrics as part of a five-factor authentication process. The ATM will reportedly allow customers to use a blockchain-based app and facial recognition instead of personal identification numbers to withdraw funds. The ATMs will purportedly be able to communicate across banks in the region, while the deployment of blockchain technology will allow …

Six commercial banks from Saudi Arabia and the United Arab Emirates (UAE) have joined a digital currency project, major Saudi Arabian financial news portal Argaam reports on Feb. 5 Referring to comments from the UAE central bank (UAECB), Agraam notes that the goal of the project is to use cryptocurrency for financing transactions between Saudi Arabia and the UAE. The news about developing a cryptocurrency by the two aforementioned countries came in December 2018, when UAECB and Saudi Arabian Monetary Authority (SAMA) had announced that the countries intended to use cryptocurrency for cross-border transactions. Today’s news underlines that six unnamed …

The United Arab Emirates’ (UAE) central bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) have announced that the interbank digital currency they are co-developing will be called “Aber.” The news was reported by the Saudi Arabian Monetary Authority on Jan. 29. A joint statement from the banks has reportedly outlined that the use of Aber will be limited to financial settlements using distributed ledger technologies (DLT) “on a probational basis and [for] exclusive use by a limited number of banks in the two countries.” While news of the two countries’ plans for a digital currency for cross-border interbank settlement …

The United Arab Emirates (UAE) and Saudi Arabia have announced an agreement to cooperate on the creation of a cryptocurrency, UAE official news agency Emirate News Agency reports on Jan. 19. According to the report, the Executive Committee of the Saudi-Emirati Coordination Council has held a meeting in UAE capital Abu Dhabi, with 16 members in total from both countries, in order to discuss the join initiatives in the Strategy of Resolve. The Strategy of Resolve is comprised of seven initiatives, including civil aviation, financial awareness youth training, and the development of a cross-border digital currency. According to the article, …

Customs authorities in Saudi Arabia have concluded a pilot scheme linking its cross-border trade platform FASAH with IBM and Maersk’s TradeLens blockchain platform. A press release from Dec. 26 reported the pilot’s conclusion. TradeLens, which IBM and Maersk created in August last year, is intended to be a basis for digital supply chains and launched with almost 100 entities willing to take part in the pilot. For Saudi Arabia, the move forms part of authorities’ desire to expand the country’s economy via the Vision 2030 initiative. “The pilot comes in line with our strategy that aims to facilitate trade and …