Commercial Bank International PJSC (CBI) and digital asset infrastructure provider, Fuze have agreed to jointly explore digital assets innovation under the comprehensive regulatory frameworks of the UAE.
In a signed Memorandum of Understanding, Dubai-based corporate and retail bank, CBI, and Fuze agreed to provide the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments.
The breakthrough deal will combine CBI’s track record in personal finance with Fuze’s digital assets infrastructure and expertise to develop a suite of digital asset and blockchain products driven by an underlying demand for safe and regulated digital assets platforms, the firms said.
At the MoU signing, Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International (CBI) said: “Pooling the knowledge, expertise and resources of CBI and Fuze will help us explore a range of innovative new digital assets use cases for business and personal finance. This agreement will bring our customers closer to the many opportunities of digital assets, within a safe and regulated environment, in line with the UAE’s world-class virtual assets regulations. The signing of this MoU marks CBI’s commitment to furthering innovation and aligns perfectly with the UAE Government’s prioritisation of innovation as a pivotal force for driving positive change and economic development”.
The latest milestone continues a flurry of recent announcements from the digital asset infrastructure provider. In December, Fuze signed an MOU with money transfer and currency exchange firm Al Fardan Exchangeand Fuze to explore digital assets capabilities.
It also recently 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.
Mohammed Ali Yusuf, CEO and Co-Founder of Fuze, added: “We’re thrilled to support CBI in connecting customers with future-facing financial products through the power of blockchain infrastructure. Collaborating with CBI marks a significant milestone for digital assets in the UAE. We look forward to supporting the Bank in providing greater financial accessibility and empowerment for their customers through powerful digital assets and cryptocurrency use cases”
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Image source: Fuze
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