Corey Thompson

I was delighted to share the most advanced RWA use cases - read 'real-world assets' - on behalf of TFD Initiative, DNI Initiative and ITFA during yesterday's event organised and hosted by XinFin Powering XDC Network at their offices in Emirates Financial Towers. Many thanks to Saloi B., Atul Khekade and Ritesh Kakkad for hosting yet another insightful briefing on both regulatory, legal and business fronts. We covered private credit, real estate, gold tokenisation, and asset-based liquidity use cases. My recommendations to our audience: 1- Put regulatory and legal aspects on the top of your RWA tokenisation ideation. Many progressive jurisdictions are introducing new digital asset frameworks such as DIFC. 2- Focus on business use cases and identify where to apply tokenisation, and where not to. There is no need to tokenise the end-to-end process, it could be even fatal. Excellent example is how TFD Initiative introduces tokenisation in trade financing by Tradeteq and XinFin Powering XDC Network. 3- Apply RWA Tokenisation to deliver what has never been achieved before. 4- Focus your go-to-market on attracting new customers, not moving existing ones to new rails. 5- "Resistance to change" is the actual competition, not the other vendor. Many thanks also to our expert contributors: - Sarah Tarek of Mercatura Forum - Arushi Goel of Chainalysis - Matthew Weisenthal of XDC Foundation - Tadashi Yoshida and Chihiro Kato of SBI Tradefinex APAC - Muhammad Salman Anjum of InvoiceMate - Nils Behling, CAIA of Tradeteq - Jignesh Ved of ComTech Gold - Arturo Cantera Carrasco of Prime Numbers Labs - Tyler Carter of Fathom Protocol - Adil T. and Manal Rifki. Expect more news on the regulatory and legal side as RWA Tokenisation is entering both banking and capital market spaces and being stronger supported by regulators.

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UAE unveils digital exchange Finstreet led by ex-SIX exec Thomas Zeeb - Ledger Insights - blockchain for enterprise https://buff.ly/3B4nAqH The United Arab Emirates (UAE) has recently launched Finstreet, a digital exchange spearheaded by former SIX executive Thomas Zeeb. This move signifies the country's commitment to embracing innovative blockchain technology for enterprise applications. The development of Finstreet under Zeeb's leadership is poised to make a significant impact on the digital exchange landscape. This initiative showcases UAE's forward-thinking approach towards fostering a technologically advanced financial ecosystem. With Finstreet, the UAE is positioning itself as a key player in the digital exchange sector, paving the way for enhanced efficiency and security in transactions. #BlockchainInnovation #DigitalExchange

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The State of Payment in the UAE This report provides a comprehensive overview of the payment landscape in the United Arab Emirates. It highlights how the financial sector of UAE has undergone a major transformation, with the Central Bank of the UAE issuing licenses to several financial institutions marking UAE’s position as a vibrant and innovative player globally. This reflects an expanding regulatory environment and a growing demand for innovative payment solutions. This report gives insight about the technological advancements, regulatory support, and a diverse range of players and entities supporting the consistent growth. ✅ UAE has seen a remarkable increase in digital engagement, with approximately 9 million internet users and 19 million internet phone ✅ It boasts 7 million digital buyers, with diverse payment methods comprising credit cards, debit cards, digital vault, digital wallet, online wire transfers etc. ✅ All these facts are indicating a strong shift towards online shopping, digital inclusion, innovation and digital transactions. ✅ The financial indicators reveal robust growth in the banking and financial sector indicating a healthy economic environment conducive to investment and innovation. ✅ UAE’s payment landscape is characterized by a mix of government initiatives, traditional banks, and fintech companies. ✅ It emphasizes the importance of regulatory support in fostering innovation within the payment sector – e.g. initiatives like Al Etihad Payments and UAE PASS, which has 5 million users. ✅ Astra Tech's acquisition of PayBy and Amazon's takeover of PayFort, highlights the growing interest and investment of the global entities in the UAE's payment sector. ✅ There is a strong boost to Regulatory Environment and Infrastructure Development in UAE; ✅ There is rapid growth in large value payments, swift expansion of the Instant Payment Instruction (IPI) and significant growth in currency issuance; all these developments point towards a robust evolving financial ecosystem. 

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The Middle East is on the brink of a digital banking transformation. It’s visible everywhere from the billions being invested in cloud infrastructure to become the next AI superpower, to the luminaries who flocked to this week’s Dubai FinTech Summit. Our colleagues from Lab49 attended the event and noted that in addition to a heavy emphasis on AI, there was a lot of focus on how the financial arena is being disrupted. A confluence of events is driving change. There is the diversification of economies beyond oil, the emergence of a growing number of funds and startups, as well as the appearance of foreign competition including neo banks such as Revolut and Alipay. Lab49 established a presence in the UAE a few years ago anticipating the need for large banks to reimagine their customer touchpoints, and in turn their underlying data and services infrastructure. The fintech summit attracted more than 8,000 people from 118 countries, including Charith Mendis, Head of Worldwide Banking Industry at AWS; Michael Demissie, Head of Applied AI and Practice at Bank of New York; Kfir Godrich, Chief Innovation Officer at Blackrock and Alfonso Castillo, President & CEO of Santander’s U.S. Private Bank. One notable speaker was Nik Storonsky, Founder & CEO of Revolut, a bank created in 2015 that has taken Europe by storm. It has attracted 35 million customers in 38 countries by offering digital-native and mobile-first banking services. Storansky said that Revolut is in the process of applying for a banking license in the region and expects to be operational in 2025. The expansion of digital services in the Middle East has led to an unprecedented increase in the number of people with access to financial services. It was that kind of promise that prompted Mashreq Neo to open the first digital bank in the region in 2017. Mashreq Neo offers a mobile-first banking experience, including transactional accounts, savings accounts, person-to-person payments, insurance, and investment products. For the established banks, a lot of the challenge comes down to offering new products and services, and distributing them in new ways for a changing business demographic while rapidly overcoming their legacy constraints.  Young tech-savvy entrepreneurs expect digital native experiences. Even mature businesses want easier and more efficient ways to manage tax payments, treasury operations, cross border payments, and employee compensation. They want the ability to make wire payments without paying exorbitant fees. Neo banks have grown fast worldwide, but many have struggled to reach profitability in the U.S., the world’s largest market. AI will also be a wildcard. Startups benefit from agility, but incumbents have reams of data and analytics that could help them better anticipate and service client needs. For the incumbent institutions there are risks, but also big opportunities.

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Paymentology and #Zand will enable fintechs to thrive by offering a range of specialised services, including #BIN-sponsorship, #virtual #IBANs, and Client Money Accounts. These services are designed to help fintechs launch and scale faster, providing them with the infrastructure to bring their solutions to market efficiently. The timing aligns with the #UAE government’s push to establish a strong digital economy through the UAE Digital Economy Strategy, which aims to double the sector’s contribution to the nation’s GDP from 9.7% (April 2022) to 19.4% over the next decade.

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First Abu Dhabi Bank (FAB) Completes Programmable Payments Pilot With JPM Coin "...This successful pilot opens up the possibility of a dynamic and automated funding and settlement solution to FAB and J.P. Morgan’s mutual clients,” the release said. “This solution will enable clients to benefit from Onyx’s real-time and/or event-based programmable capabilities.” The pilot included FAB’s successful completion of time-based and threshold balance-based account funding into deposit accounts to execute a payment obligation, according to the release. This innovation can provide flexibility to clients, enable banks to build a wide range of programmable scenarios, and allow treasurers to transition from cash forecasting to dynamic or just-in-time funding, the release said..." #programmable #payments #JPMcoin #Onyx #blockchain JPMorganChase PYMNTS Naveen Mallela Peter Rathgeb Lutz Karl Sandeep K. _________________________________ If you want to immediately see new content that I curate 👉🏻 Ring my bell (🔔) and follow #informationbanker or Informationbanker and if you want to get the posts that got noticed in my weekly What’d I miss newsletter, subscribe here: "https://lnkd.in/d5_KvWwu"

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I’m honored to be joining the panel discussion at the upcoming Dubai FinTech Summit organized by DIFC next week. We’ll be exploring the nuanced topic of ‘Banks Vs FinTech’s: Is there a Regulatory Arbitrage?’ Looking forward to engaging with fellow panelists and sharing insights. Stay tuned for updates! #DubaiFinTechSummit #RegulatoryArbitrage #BanksVsFinTech”

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Entrepreneurs have never had more options when it comes to deciding where to start & grow their businesses. Interesting time to think about founding an AI startup in MENA. Not only are AI regulations more conducive to innovation, but the capital ecosystem is maturing in parallel… “Historically, money managers would have looked further afield when it came to investing their clients’ cash. These days, the relative strength of the knowledge-rich Gulf economies – many of which are investing heavily to diversify away from oil – presents more local opportunities. ‘We’re seeing a lot of interest in private market opportunities, particularly tech start-ups.” #investing #venturecapital #startups #innovation #ai #difc #dubai #uae #mena

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Apple’s Tap-to-Pay Expansion: What It Means for UAE Payments ? Apple's decision to open up its Tap-to-Pay feature to third-party apps with the iOS 18.1 update is a significant leap forward. By ending Apple Pay’s exclusivity, businesses and financial apps in the UAE can now integrate this feature, bringing more convenience and choice to consumers. Imagine apps like Emirates NBD’s Liv. or Etisalat’s Smiles enabling secure, contactless payments directly through iPhones without relying solely on Apple Pay. This move could accelerate the adoption of digital wallets and loyalty programs across the UAE, boosting the nation’s drive toward a cashless economy. With Apple embracing openness, we’re likely to see a surge in payment innovations, offering both businesses and consumers new ways to engage and transact. #Apple #Fintech #UAE #DigitalPayments #Innovation #CashlessEconomy #iOSUpdate

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Capco’s new research with over 1,200 UAE consumers explores key trends including the take-up of digital-first banking, preferred payment methods such as digital wallets and BNPL, and consumer comfort with AI-guided financial decisions. Mobile-oriented convenience, integrated views and personalization are key themes in the evolving marketplace, with 81% of respondents using mobile apps to access banking and 72% willing to share more personal data to unlock personalized products. 💡 Swipe now to learn more about these trends and the demand for new tailored insights into personal finances. 👉 Read the full report here: https://lnkd.in/eMVFBgsW Contacts: Naim Alame Kushal Dhammi Paul Sommerin Nadir Basma, PhD Hannah Cameron #Capco #BankOfTheFuture #GenAI #DigitalBanking #FutureOfBanking #CapcoMiddleEast #UAEbanking

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🎥 Watch this quick video to understand how Ebury Partners simplifies cross-border payments for businesses in the UAE. #Crossborder #PaymentSolutions #FX #RiskMitigation #EburyExplains

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Commercial Bank International partners with areeba to advance FinTech payments in the UAE Commercial Bank International (#CBI) has announced a strategic #partnership with areeba, a global #payment #infrastructure provider in the #UAE. The partnership aims to empower #FinTechs with #scalable, #securecard #management capabilities and accelerate the growth of the country’s #digital payment ecosystem. With the UAE already accounting for 46% of FinTech #startups in the #MENA region, the agreement aims to further support the growth of the local FinTech landscape by enabling businesses to adopt innovative solutions. Source: IBS Intelligence

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Digital technology will continue to shape payments because they create invisible experiences today and more immersive ones tomorrow. Where the world checks out

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The space ecosystem is developing quickly and it’s going to be transformative. Watch this ‘space’ or better yet come to Dubai FinTech Summit and listen to this fascinating conversation first hand. #spacetech #innovation #marketformation #economics #insurtech #fintech #space

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National Bank of Fujairah has chosen Intellect Global Transaction Banking | iGTB's eMACH.ai to to enhance its digital capabilities 📲 🏦 🏢 NBF currently serves corporates and SMEs through its network in the UAE, and provides financial services to optimise commercial opportunities AND achieve sustainable growth for their clients. 🇦🇪 ☁ This partnership ALSO marks iGTB's FIRST cloud-managed service in this region and NBF can offer their clients a COMPREHENSIVE suite of solutions 👨‍💻 Manish Maakan, CEO of iGTB commented, “By selecting Intellect Global Transaction Banking, NBF has chosen a strategic technology partner that offers scalability, operational efficiency, and the ability to grow alongside their business. NBF’s commitment to advancing its transaction banking infrastructure reflects the critical role of technology to drive growth and innovation in Commercial Banking.” He added, “This is our first deal to be hosted on eMACH.ai Cloud managed services in the region and is a significant step in UAE’s digital transaction banking landscape. Today, over 60% of the world’s best transaction banks #winwithiGTB and this deal signifies a pivotal step in cementing iGTB’s leadership position within the UAE & GCC market, underscoring our dedication to offering leading-edge digital banking solutions.” Read more on the link below 👇 Uppili Srinivasan Prashant Lalchandani Sachin Salian Shishir J. Amit Gupta Razia Ahmed Rajesh Saxena Nachu Nagappan #UAE #igtb #transactionbanking #digitalbanking #commercialbanking #GCC #cloudbanking #fintech #managedcloud

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How much could your business save with lower #interchange fees? The Central Bank of the UAE is capping interchange fees, potentially saving businesses significant money on #transactions! My article at Finance Middle East breaks down the new regulations and what they mean for your bottom line. What impact do you think this will have on businesses in the UAE? 👇 #CBUAE #payments #fintech #savings #costreduction #CentralBankUAE

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Dubai’s leadership transition, led by Sheikh Hamdan and Sheikh Maktoum, marks a pivotal shift in the emirate’s strategic direction, particularly in the crypto finance sector. #Dubai has experienced a 9% population growth since 2019, fueled by its appeal to crypto investors, especially during the pandemic. The city’s focus on listing state entities and managing a $100 billion debt highlights Maktoum’s financial prudence. Meanwhile, Hamdan’s efforts have positioned Dubai as a #cryptocurrency hub, attracting global talent and capital. 

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