Friday 19 July 2024

The MoU being signed

Zand Bank and Mantra sign landmark MoU

DUBAI, June 7, 2024

Zand Bank PJSC, a digital bank licensed by the Central Bank of the UAE, and Mantra, an RWA-focused Layer 1 blockchain, have signed a Memorandum of Understanding (MoU) to streamline the process of real-world asset tokenisation.
The collaboration between these two entities will also focus on developing frameworks to support tokenisation and distribution of RWA, in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA). 
The frameworks aim to provide clear guidelines for the tokenisation of RWAs, ensuring the process adheres to relevant compliance standards, investor protection measures, and regulatory requirements. In doing so, the collaboration seeks to foster trust, confidence, and widespread adoption of RWA tokenisation across the UAE.
Vanguard of digital finance
“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 tokenisation,” stated John Patrick Mullin, CEO of Mantra.
"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." said Michael Chan, CEO of Zand.--TradeArabia News Service


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