Zand Bank PJSC, a digital bank licensed by the Central Bank of the United Arab Emirates (UAE), has signed a Memorandum of Understanding (MOU) with MANTRA, a blockchain platform focused on real-world assets (RWAs), as per the latest info shared with Finbold on June 5.
The partnership aims to streamline the process of asset tokenization, encompassing identification, listing, and distribution of RWAs.
As MANTRA CEO John Patrick Mullin has said, the agreement is a testament to both sides’ dedication to the Middle Eastern market:
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“The agreement between Zand and MANTRA is a testament to both companies’ position at the vanguard of digital finance in the Middle East. The vision behind the collaboration aims to catapult both the custody and exchange of real world assets as a permanent fixture in the suite of retail banking services in the region, as well as to establish industry standards for tokenization.”
– MANTRA CEO John Patrick Mullin
RWA tokenization across in the UAE
The collaboration will also focus on developing frameworks to support the tokenization and distribution of RWAs, ensuring compliance with the Virtual Asset Regulatory Authority of Dubai (VARA).
These frameworks are designed to provide clear guidelines for tokenization and ensure adherence to compliance standards, investor protection measures, and regulatory requirements.
Michael Chan, CEO of Zand, expressed his excitement for the opportunity to leverage MANTRA’s blockchain, stating:
“We are excited to leverage MANTRA’s blockchain, which is purpose-built for RWA to redefine the way we transact and manage ownership as well as transparency. This collaboration represents a step forward in our journey to amalgamate blockchain technology with our robust financial offerings to give our clients greater control over their investments, enhanced security, and more clarity into the lifecycle of their transactions. We aim to simplify operations, reinforce trust and authenticity in the assets’ legality, and broaden access to the wider market.”
– Michael Chan, CEO of Zand
The partnership underscores the innovative steps being taken in the UAE’s financial sector, positioning Zand Bank and MANTRA as pioneers in merging traditional banking with cutting-edge blockchain technology.
The overarching goal is to foster trust, confidence, and widespread adoption of RWA tokenization across the UAE.
