Al Fardan Exchange, the UAE-based money transfer and currency exchange firm and Fuze, a digital assets infrastructure start-up have announced a Memorandum of Understanding (MoU) to explore digital assets products and applications.
The MoU, which was signed by Hasan Fardan Al Fardan, CEO of Al Fardan Exchange and Mohammed Ali Yusuf, Co-founder and CEO of Fuze, establishes a framework for both organisations to explore providing digital asset capabilities within the UAE’s regulatory guidelines.
Through the collaboration they are aiming to provide Al Fardan Exchange customers with more seamless options for buying, selling, holding, and transferring digital assets. It comes as demand surges for digital financial solutions in line with the UAE’s growth as a digital financial hub in the MENA region.
It was only last month that Fuze received approval for a Virtual Asset Service Provider (VASP) Licence from Dubai’s Virtual Asset Regulatory Authority (VARA), giving it the go-ahead to focus on its two core service lines – digital assets as a service (DAAS) for banks, fintechs and enterprises, and a regulated Over-The-Counter (OTC) service for investors looking to execute institutional-level digital asset trading. In September, it raised $14 million in seed funding, led by Further Ventures, as it looked to ramp up expansion of its digital assets infrastructure in the region.
Speaking on the latest agreement, Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, said “Our collaboration with Fuze is geared towards providing our customers with access to cutting-edge financial solutions, aligning with our dedication to offering seamless, secure, and forward-thinking services.”
He added: “This partnership harmonises with the objectives of the CBUAE’s Financial Infrastructure Transformation Programme, making a substantial contribution to the UAE’s vision of a digitally empowered financial landscape.”
Fuze’s Co-founder and CEO, Mohammed Ali Yusuf, echoed this sentiment, emphasising the significance of the collaboration.
“Al Fardan Exchange is part of the fabric of the United Arab Emirates, with more than 50 years of heritage, knowledge and experience of serving millions of citizens and residents. We are very proud to align with such a deeply respected business and collaboratively develop groundbreaking digital assets products for its customers,” he said.
