RWA tokenization gaining momentum in UAE

Bahrani Bank Launches JPM Coin PaymentsBank ABC, headquartered in Bahrain, has become the first Middle Eastern bank to offer faster cross-border payment solutions for corporate and financial institutions using JP Morgan’s Onyx Coin Systems.Photo by Satheesh Cholakkal on PexelsCentral bank collaborationThis blockchain-based permissioned system, housed within JP Morgan’s Onyx platform, aims to enhance the efficiency and speed of international payments. The introduction of the blockchain-based payment service by Bank ABC follows a closely coordinated effort with the Central Bank of Bahrain (CBB), demonstrative of the interest of both institutions in embracing cutting-edge financial technology.Central Bank of Bahrain Governor Rasheed Al Maraj praised the collaboration, stating:“After working closely with JP Morgan and Bank ABC over the past two years to experiment with cross-border commercial transactions between Bahrain and the US, leveraging the JP Morgan Coin System, we are pleased to witness the soft launch of this innovative banking solution by a Bahraini-based bank.”Embracing innovation and digitalizationThe initiative aligns with the CBB’s strategic vision to embrace innovation and digitalize the kingdom’s financial services sector. By eliminating inefficiencies in traditional cross-border payment systems, this solution aims to facilitate trade between Bahrain and the US, with the ultimate aim of stimulating greater economic activity.Bahrain has been demonstrating more recently a desire to move away from its oil-based economy and embrace blockchain technology as part of that diversification. Bank ABC Group CEO Sael Al Waary stated that it was playing a role as a key enabler of Bahrain’s vision for a digital economy.He expressed gratitude to the Central Bank of Bahrain for its support and leadership and recognized JP Morgan for its pivotal role in advancing cross-border payments. The bank’s CEO outlined the organization’s commitment to introducing innovative products and highlighted the benefits of the JP Morgan Coin Systems service. He explained:“Offering high-value cross-border payments via the JP Morgan Coin Systems service allows us to reduce traditional settlement periods considerably and be more cost-effective for our clients.”Naveen Mallela, Global Head of Onyx Coin Systems at JP Morgan, underscored the significance of the launch, stating: “Bank ABC has been one of the earliest adopters of the JPM Coin offering, and we are delighted to launch the first-of-its-kind commercial payment offering between JP Morgan and Bank ABC using distributed ledger rails.”Enabling cross-border transactionsThe service enables cross-border commercial transactions to occur instantly and with certainty between Bahrain and US corridors. While initially launched with USD and specific locations, the roadmap includes plans for additional locations and currencies, with the euro notably on the horizon. Furthermore, the introduction of programmable payment offerings will empower mutual corporate clients to execute event-driven and automated payouts, enhancing dynamic and real-time treasury management.The launch of this service is a pivotal step in Bank ABC’s digital transformation program, aimed at future-proofing and diversifying the bank’s offerings with the latest banking innovations. The initiative reinforces the bank’s undertaking to provide cutting-edge financial services while contributing to the evolution of Bahrain’s digital economy.As financial institutions across the world continue to explore the potential of blockchain and distributed ledger technology, Bank ABC’s collaboration with JP Morgan sets an example for others in the Middle East to evaluate.

XPLA and PERPLAY join forces to bolster rewarding mechanism to Web3 gamesSouth Korean gaming corporation Com2uS Group’s layer 1 blockchain XPLA has entered a business agreement with the mobile Game and Earn (G&E) platform PERPLAY to boost the sustainability of its ecosystem and take Web3 gaming to new heights, according to an official announcement on Thursday (KST).Photo by ROBIN WORRALL on UnsplashXPLA’s vision“XPLA is a project working towards promoting new levels of fun in Web3 gaming and building an ecosystem based on a fair system of sharing rewards with users,” said Paul Kim, Team Leader at XPLA. “Through this partnership with PERPLAY, we are one step closer to fulfilling our Web3 philosophy, which is centered around the participants in our ecosystem.”Rewards for everyoneThe PERPLAY app runs on a Proof of Play (POP) algorithm that employs a rewarding mechanism that distributes tokens to users based on their game playtime and collection of tiered NFTs. PERPLAY users can earn $XPER and $PER token rewards by playing any mobile game — existing or newly downloaded — that they have registered in the PERPLAY app.XPLA hopes to integrate this algorithm into its ecosystem to add a rewarding layer to various games on its mainnet, offering a unique and elevated gaming experience. The first of these games will be Com2uS Holdings’ popular mobile role-playing game (RPG) The Walking Dead: All-Stars.“We see this partnership with XPLA as an opportunity to further strengthen the PERPLAY user ecosystem,” said Lim Jae-chung, CEO of PERPLAY. “Starting with The Walking Dead: All-Stars, we will bring the PERPLAY experience to various Web3 games on XPLA.”In a related development, XPLA has partnered with Google Cloud, which will serve as a Volunteer Validator for its blockchain protocol. The collaboration with the cloud computing platform is expected to enhance the integrity of the XPLA network.

Regulatory Pressure Sees Binance Cease Card Offering in the Middle EastLeading global crypto exchange Binance has announced the discontinuation of its card services in the Middle East.Users hailing from the region will have until September 21 to maximize the utility of their Binance cards before the product will no longer be available to them. Latin America is another region which will be similarly affected by the decision. Binance Customer Support stated: “The Binance Card will regrettably no longer be accessible to users based in Latin America and the Middle East.”Photo by rupixen.com on UnsplashEnabling crypto spendingDistinct from conventional debit cards, these Binance cards have offered users the convenience of settling day-to-day expenses with crypto assets. However, this unique feature is now set to become a relic as the exchange shifts its strategy in response to evolving regulatory dynamics.It’s worth noting that this product curtailment will only impact less than 1% of users situated in these regions. Other Binance services around the world will continue unimpeded. That said, products like this one are significant as they help to bridge the gap between the crypto sphere and conventional commerce.As a substitute, Binance is actively championing its “Binance Pay” platform, touting it as “an advanced cryptocurrency payment solution that is both contactless and internationally accessible.”Checkout.com setbackFinancial pundits are speculating that this strategic move could be closely intertwined with recent realignments in Binance’s corporate partnerships. Notably, the UK-based payment processor, Checkout.com, severed its connections with Binance earlier this month amidst mounting regional regulatory interventions and concerns.Responding to this severed partnership, Binance has indicated a contemplation of legal recourse against Checkout.com’s decision. The backdrop of this collaboration has been problematic since its inception in 2020. Initial troubles surfaced when the absence of the 3-D Secure system facilitated a criminal syndicate to conduct a $10 million transaction spree on Binance.Clash with global regulatorsRecent months have seen Binance find itself entangled in a web of legal battles. The US Securities and Exchange Commission (SEC) leveled allegations against Binance, accusing the exchange of deceiving regulatory bodies and mishandling customer funds.Meanwhile, French authorities have intensified their scrutiny, suspecting Binance of potential involvement in money laundering activities. As a domino effect, Binance had to exit numerous markets due to its inability to meet the stringent compliance criteria. Over the course of just three months, the company has lost its ability to trade in Germany, Canada, Belgium, the Netherlands, and Cyprus.Asian pivotAs the company comes under pressure in Western markets, it has focused on furthering its offering in the Asian region. In May, its subsidiary, Gulf Binance, successfully acquired a trading license in Thailand. Later that month, the company announced plans for a dedicated platform for Japanese customers.Parrot Capital, a decentralized hedge fund, has issued a direct recommendation to Binance Card users in response to the news:“Check your daily limits. Withdraw via ATM all your funds or spend them ASAP or risk losing them for good.”This sustained and pervasive scrutiny underscores the formidable challenges faced by the leading crypto exchange. As the regulatory landscape evolves, exchanges like Binance are being forced to re-calibrate in order to navigate an ever-changing environment.