Sharjah Innovation Park approves DLT licenses to operate blockchain and fintech startups

The Sharjah Research Technology and Innovation Park (SRTIP) issued its third Distributed Ledger Technologies license (DLT) to ZelaaPayAE, which works to advance tokenization, promotes non-fungible tokens (NFTs), and develops payments infrastructures and various blockchain applications.

ZelaaPayAE CEO, Mr. Sahil Arora said in a press release:

“We chose to set up at SRTIP because of their acute understanding of the space we operate in. They understood the requirement for an environment to test, experiment, and simulate transactions, where we can develop our fintech. The fundamental in the vision of ZelaaPayAE is to push and advance the blockchain space forward as a whole and it boasts an all-star strategically positioned list of partners and players, including Tron, DigiByte, Klever Wallet, and other stalwarts of the blockchain ecosystem from around the world.”

Also, ZelaaPayAE is testing a point of sale technology that will allow luxury merchants to use cryptocurrency or fiat from the same debit card with minuscule charges.

“We at SRTIP are always looking to breathe oxygen into our ecosystem of innovative startups and tech companies,” said H.E. Mr. Hussain AlMahmoudi, SRTIP CEO. “We welcomed ZelaaPayAE because of the problem-solving tech that will help accelerate the merger of retail and fintech on a global scale. SRTIP has been extremely selective on which companies to issue DLT licenses to. Before we issue a license, we go through a long diligence process, but in the end, we ask ourselves one more very important question. Does it help make the world a better place? We believe ZelaaPayAE will.”

The DLT license enables ZelaaPayAE to provide blockchain-based ancillary solutions, such as tokenization, data management, inoperable and immutable record-keeping of financial transactions. As the venture advances, the open alliance to go deeper into products and platforms that ZelaaPayAE operates in the fin-tech domain to allow barter of goods through models of exchange and its store-of-value, said in a press release.

As reported recently, after a long and arduous study of hundreds of submissions, the SRTIP approved its first distributed ledger license to operate the OODLE Market Place.

“It’s clear to me that OODLE Market Place improves the supply chain and logistics using a next-generation technology that improves transparency, reliability, and safety, in a sector that has had severe challenges from Africa through to end-user,” says H.E. Mr. Hussain Almahmoudi.

The OODLE Market Place token holds utility for the sellers and buyers as a governance and contract settlement method with all participating commodity trading entities on the OODLE Market Place.

The capitalization of blockchain projects is growing every year, solving global issues, and providing solutions for life-changing challenges, despite the hesitation of certain regions and industry sectors to continue to develop rapidly across the globe.