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The United Arab Emirates (UAE) is doubling down on its efforts to diversify its economy by aggressively investing in the financial technology (fintech) sector.

As part of their efforts to reduce their reliance on energy, there is a clear desire to set the pace when it comes to financial services.

To achieve those aims, the country has started venturing into new territories such as digital assets and tokenising intellectual properties.

These fintech advancements are well-positioned to support the growth of other sectors in the UAE, including the iGaming industry, which recently received its first lottery license.

The move paves the way for the best online casino in Dubai to operate freely in a newly regulated market. Fintech will play a crucial role in the growth of the industry.

Whizmo Aiming to Open the Door to Fintech Services

Whizmo is a new mobile money app that has the power to redefine financial services in the UAE, especially for people who do not have access to banks.

Launched by Whizpay Technology LLC, the intuitive app is licensed by the UAE's Central Bank and will help users navigate money management with relative ease.

Whizmo is designed to integrate daily financial tasks such as paying bills, money transfers and making payments via QR codes in one user-friendly platform.

One of Whizmo's unique features is its collaboration with small businesses, which serve as cash points for users to deposit or withdraw funds from their wallets.

It is a strategy that improves convenience but also helps local businesses by integrating them into the digital economy. It's a win-win that strengthens communities and solves financial access issues.

Whizmo's mobile-first design fits perfectly into the modern world. With smartphone use nearly universal in the UAE, the app is easily accessible to most of the population.

3RD UNIT: Tokenising Intellectual Property in the MENA Region

While Whizmo focuses on financial inclusion, 3RD UNIT is carving out a unique space as the first intellectual property (IP) fintech platform in the Middle East and North Africa (MENA).

The company wants to elevate IP into an asset class that is accessible to a wide range of investors.

By allowing people to invest in early-stage IP - such as creative projects in entertainment, gaming and culture - the platform offers a new way for creators and investors to work together.

Led by Chief Executive Officer and co-founder Lukasz Alwast, 3RD UNIT is working to reshape how IP is developed and funded in the MENA region.

Tokenisation is a blockchain-based technology that converts IP assets into digital tokens that can be traded or invested in, and the company uses it to its full effect.

That means creators and investors can collaborate on projects much earlier than in previous models, potentially opening up new financial opportunities for both sides.

3RD UNIT's projects aim to combine regional culture with globally competitive storytelling.

That includes Project Noor (a science fiction anthology), Project Zephyria (a fantasy adventure rooted in Saudi Arabian culture) and Project Kandakas (a Sudanese historical fantasy).

Focusing on culturally relevant IPs will allow the platform to create stories that resonate both locally and internationally while also giving creators from the MENA region a platform to show their work to a global audience.

Standard Chartered: Leading the Charge in Digital Asset Custody

Another recent fintech development that has impacted the UAE centres around Standard Chartered.

The bank has launched its digital asset custody services in the UAE, putting itself at the forefront of institutional crypto and digital asset services.

Standard Chartered has chosen to start its new offering at the Dubai International Financial Centre (DIFC), which strengthens the country's reputation as a rapidly growing hub for digital finance.

Standard Chartered will start by offering custody services for Bitcoin and Ethereum, two of the most widely recognised cryptocurrencies in the world. However, the bank plans to expand its portfolio over time and will add more digital assets as the market grows.

There is already a growing demand for institutional-level services in the digital asset space, so the move from Standard Chartered will establish the bank as a powerhouse in a sector that is increasingly attracting interest from some of the big players in finance.

The partnership signifies a growing recognition of digital assets among hedge funds, family offices and large asset managers who need a trusted partner to handle these new types of investments.


Posted by : GoDubai Editorial Team
Viewed 7150 times
Posted on : Thursday, November 21, 2024  
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