Monday, May 20, 2024

Fluent Finance, an American startup established in 2020 with a focus on bridging the gap between traditional banking systems and Web3 technologies, has declared a strategic collaboration with the Ministry of Economy of the United Arab Emirates (UAE). This partnership falls under the Nextgen FDI initiative, a program aimed at equipping digital enterprises with the resources needed to commence and expand operations within the UAE.

The company announced this collaborative endeavor in July and plans to roll out its technology solution, known as the Fluent Economic Bridge, within the UAE. This platform is designed to simplify cross-border financial transactions using deposit tokens and blockchain technology. Deposit tokens are inherently backed by actual banking deposits, purportedly ensuring both the safety and reliability of these transfers.

Already in the pilot phase in Kenya, Fluent Finance has ambitions to establish a digital conduit with financial institutions in the UAE.

The UAE’s Emphasis on Digital Assets

The UAE stands out for its Web3-friendly legal framework, which distinguishes it from other nations. This enables it to support startups like Fluent Finance through programs such as the Nextgen FDI. Bradley Allgood, CEO of Fluent Finance, indicated that the UAE was the natural choice for the debut of their cross-border financial settlement technology.

Allgood elaborated:

The regulatory landscape in the UAE is precisely what Web3 ventures like Fluent need for growth and product development. The UAE’s sophisticated combination of progressive regulatory policies, future-oriented vision, and technological aspirations provides the ideal foundation for our product and organizational expansion.

Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, expressed that this partnership epitomizes the country’s ongoing efforts to establish itself as a center for Web3 and blockchain technologies.

Al Zeyoudi articulated that the UAE has emerged as “a leading proponent for the modernization of the global trading system, while also being an encouraging setting for the development of the technologies and applications that can realize this ambition.”

He further emphasized that digital currencies bear “the ability to enhance the effectiveness and reach of global supply chains.”

What are your thoughts on the UAE’s Nextgen FDI initiative and its partnership with Fluent Finance? We invite you to share your views in the comments section below.

Frequently Asked Questions (FAQs) about Fluent Finance and UAE Partnership

What is the main objective of the partnership between Fluent Finance and the UAE Ministry of Economy?

The primary aim of this collaboration is to innovate in the area of deposit token technology, which is designed to facilitate cross-border financial transactions. Fluent Finance intends to leverage the UAE’s Web3-friendly regulatory framework to expand its operations within the country.

What program is facilitating the partnership?

The partnership is facilitated by the Nextgen FDI program, an initiative aimed at providing digital enterprises with the resources required to initiate and scale operations within the United Arab Emirates.

Where will Fluent Finance establish its operations?

Fluent Finance plans to establish its operations in the United Arab Emirates, particularly focusing on rolling out its technology solution known as the Fluent Economic Bridge.

Is Fluent Economic Bridge already operational elsewhere?

Yes, the Fluent Economic Bridge is already being tested in a pilot program in Kenya. Fluent Finance aims to establish a digital corridor between financial institutions in Kenya and the UAE.

What is the role of deposit tokens in this partnership?

Deposit tokens will serve as the foundation for the Fluent Economic Bridge technology. They are backed by actual banking deposits and are intended to bring safety and reliability to cross-border financial transactions.

What is the UAE’s stance on Web3 and blockchain technologies?

The United Arab Emirates has a Web3-friendly legal framework, which is conducive to the growth of startups in the field of digital assets and blockchain technologies. It aims to establish itself as a hub for these emerging technologies.

Who are the key individuals involved in this partnership?

Bradley Allgood, CEO of Fluent Finance, and Thani Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, are the key individuals publicly associated with this partnership.

What potential benefits does Thani Al Zeyoudi see in digital currencies?

Thani Al Zeyoudi emphasizes that digital currencies have the potential to enhance the efficiency and reach of global supply chains, thereby modernizing the multilateral trading system.

More about Fluent Finance and UAE Partnership

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