Gulf Crypto Insight: Hot crypto news from the MENA region – September 3

    04 Sep 2022

    Future Banks Summit KSA 2022 to reveal the future digital innovations in Saudi Arabia’s banking

    Following the success of the first two editions of Future Banks Summit (FBS), Verve Management announced the 3rd Edition of Future Banks Summit on 27-28 September 2022 at Riyadh Airport Marriott Hotel, Saudi Arabia.

    (Source: )

    Future Banks Summit KSA will feature cutting-edge technologies, real-world case studies, and interactive panel discussions to help the banking industry in the Kingdom of Saudi Arabia choose the best course of action for breaking through obstacles and becoming future-ready. The Summit will also place a strong emphasis on how digitization is transforming the future of banking.

    The 2022 All Star line-up will include: Mohammed Al-Dossary (SVP, Head of Customer Experience at Riyad Bank), Naif Al-Harbi (Chief Information Officer for Arab National Bank), Dr. Ahmed Darwish Elsayed (Head of Digital Delivery for Bank AlBilad), Grant Niven (Group Head Digital for Banque Saudi Fransi), and many more.

    Binance and Virtuzone to allow UAE entrepreneurs to accept crypto payments via Binance Pay

    Virtuzone, the UAE’s leading firm providing corporate and business formation services, announced a strategic partnership with Binance to enable digital payments via Binance Pay on August 29. The company joins the list of major businesses in the UAE, such as JA Resorts and Hotels and Majid Al Futtaim, to officially accept cryptocurrencies following the integration of Binance Pay.

    Over 11% of UAE residents have invested in crypto.

    Around 11.4% of the UAE residents have invested in cryptocurrencies, said the Telecommunications and Digital Government Regulatory Authority (TDRA) in TDRA’s “Digital Lifestyle” 2022 report. This means one out of 10 people in the UAE have exposure to cryptocurrencies, ranking the country 10th globally in terms of investments in cryptocurrencies.

    Volofinance launches its innovative App investors

    Volofinance, the UAE-based asset management financial service provider, announced the launch of its innovative next-generation App for beginners and professional investors to help them grow their financial knowledge of metals, forex, and crypto.

    The launch coincided with the signing of a strategic partnership agreement with Vlado Brokers, a licensed and regulated online trading and investment specialist, and drew top investors, financial experts, businessmen, and crypto specialists from across the Middle East.

    Volofinance reveals it holds up to $100 million in funds and is recognized by 4,000+ clients worldwide. The company uses a unique AI trading strategy called Hawkeye Technology with strict risk management for its clients.

    Al Shawamikh signs pact with Frontech to use blockchain in sustainable energy management

    Al Shawamikh Oil Services Company, one of Oman’s community companies in the energy sector, signed a cooperation agreement with leading technology company Frontech to develop a sustainable energy management system through the usage of blockchain technology.

    The pact signed on Sept. 2 by Dr. Aflah bin Said Al Hadhrami, CEO of Al Shawamikh Oil Services, and Dr. Ammar bin Darwish Al Obaidani, CEO of Frontech, looks into enhancing the work system and cooperation in developing sustainable energy solutions.

    The first in Oman rial-pegged cryptocurrency to be used for payments

    Oman Water and Wastewater Services Company (OWWSC) and Digital Digits (Easy Coins) signed Memorandums of Understanding with Connected Chains to trial cryptocurrency for payments in a first-of-its-kind project in The Sultanate.

    According to the agreements signed on Sept. 1, a cryptocurrency, pegged to the value of the Omani rial, can be trialed for payments of dues from subscribers in selected customer care centers of OWWSC and online on Easy Coins, using the Hasalah Digital Wallet.

    Bahraini Rain Financial cuts jobs citing crypto market challenges

    Rain Financial Inc, the Middle East crypto exchange with customers from Saudi Arabia, UAE, and Bahrain, announced laying off 30 of its Bahraini employees this week, citing challenges in the global crypto markets.

    “We have had to make tough decisions to be able to navigate through this period of uncertainty, and we can confirm we have downsized our Rain workforce,” co-founder and CEO Joseph Dallago claimed. Rain also said it is confident in overcoming the challenges and moving forward “stronger than ever.”

    Iran is quickly emerging as a major crypto proponent

    By the end of August, Iran revealed a comprehensive framework for the Bitcoin mining industry that addressed legal lacunas in the existing legal framework as well as issues around the supply of oil and the provision of electricity for mining activities.

    The country is also allowing businesses to use crypto for import transactions amid the country’s efforts to circumvent sanctions, as semiofficial Iranian news agency Tasnim reported. The approval for crypto use in imports appears to be part of a broader policy regarding crypto regulations.

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