Abu Dhabi's IHC, ADQ and FAB to launch dirham-backed stablecoin
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Zawya
2 hours ago
- Zawya
Mastercard and First Abu Dhabi Bank hit major milestone – five credit cards launched in six months
Dubai, UAE: In a big step forward for the cards market, Mastercard and First Abu Dhabi Bank (FAB) have launched five new credit cards in just six months, redefining what collaborations can achieve when built on shared ambition and customer-first thinking. This milestone reflects the strong relationship between the two companies. Mastercard and FAB have combined deep market insight and consumers interests with innovation, creating cards that deliver unmatched value where it matters most – in people's everyday lives. Each card has been crafted with one clear purpose – to mirror the passions, needs and lifestyles of the bank's customers – from travel to wellness. Here's a quick look at the cards launched to date: FAB Emirati Islamic Credit Card Designed with pride in the UAE's culture and values, this card is all about celebrating heritage. The Sharia-compliant payment product offers benefits that reflect the Emirati lifestyle, such as discounts at Ounass, 6TH STREET and over 150 Emirati-favorite restaurants. Cardholders can also access padel courts and valet parking at premium locations across the UAE free of charge and earn higher FAB Islamic Rewards when shopping at beauty and fragrance stores. FAB Rewards Indulge Credit Card This card is made for those who love a little indulgence – from dining out and shopping to entertainment. The lifetime-free payment product rewards everyday moments and unlocks exciting discounts at more than 150 restaurants as well as top entertainment venues and attractions across the UAE. FAB Travel Credit Card This card brings the world closer to those who love to travel with savings that go the extra mile. The FAB Travel Card turns every trip into a rewarding experience. Among its benefits are a complimentary flight to one of 15+ destinations every year, 12% cashback on flights and hotel bookings, no foreign exchange fees or hidden charges and free global airport lounge access for the cardholder and two guests. In addition, it provides the option to convert FAB Rewards into airline loyalty points. FAB Rewards Elite Credit Card Complementing the lifestyle of affluent consumers, the FAB Rewards Elite card unlocks a world of privileges with complimentary adv+ membership offering access to premium gyms and beach clubs, discounts at five-star restaurants and 24/7 global concierge support. Discerning customers can feel good about every spend with guaranteed gifts of gold and tree planting as well as accelerated FAB Rewards on luxury and eco-friendly purchases. FAB Z Credit Card Designed to meet the needs of the UAE's Gen Z, the innovative payment product levels up young cardholders' lifestyle with complimentary Noon One and Careem Plus subscriptions, discounts at Virgin Megastore and savings on popular streaming, music and gaming platforms. The card features one of the lowest interest rates in the market, zero foreign exchange fees and easy access to smart financial solutions. 'At Mastercard, our goal is to put the right product in the right hands so every customer can pay, save and live on their own terms. By collaborating with FAB, we've translated powerful consumer insights into five distinct credit cards that reflect real passions—from travel and wellness to everyday cashback. This expanded portfolio gives people more choice than ever before and ensures that, whatever their lifestyle, there's a Mastercard card that feels like it was made just for them,' said Gina Petersen-Skyrme, SVP, Country Manager, UAE & Oman, Mastercard. FAB and Mastercard continue to explore bold new ideas to shape the future of payments in the UAE – with more to come. About Mastercard Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
Arabian Post
3 hours ago
- Arabian Post
Two Prime and Figment Partner for Staking Solutions
Two Prime, a prominent investment firm managing $1.75 billion in assets, has partnered with Figment, the leading independent staking infrastructure provider with over $15 billion staked across 1,000 clients. The collaboration brings forth an innovative offering, enabling institutional investors to access staking across more than 40 protocols, including advanced BTC yield strategies. The agreement marks a significant milestone in the evolution of blockchain-based investments, catering to the growing demand for diversified digital asset yield solutions. The partnership between Two Prime and Figment blends institutional expertise with cutting-edge blockchain infrastructure. Investors will now be able to simultaneously participate in Proof-of-Work and Proof-of-Stake mechanisms, two foundational components of the cryptocurrency ecosystem. This dual approach allows institutions to enhance their portfolio's earnings by leveraging the best of both worlds — the robust security of Proof-of-Work systems like Bitcoin and the scalability and yield potential of Proof-of-Stake networks. Proof-of-Stake, a consensus mechanism used in various blockchain networks, rewards participants who lock their assets in the network, enabling them to validate transactions and secure the blockchain. It is often seen as a more energy-efficient alternative to Proof-of-Work, which relies on miners to solve complex mathematical problems. By combining these two distinct methods, the partnership offers a unique opportunity for institutional investors to diversify their strategies and maximise their returns in an increasingly volatile market. ADVERTISEMENT Two Prime's strategy is rooted in its deep understanding of institutional investment dynamics, with a focus on building yield strategies tailored for high-net-worth individuals and large-scale investors. The firm has long been a trailblazer in the institutional BTC space, offering clients a comprehensive suite of digital asset products that include structured solutions and yield-bearing strategies. The collaboration with Figment represents a step forward in Two Prime's mission to create more opportunities for institutional clients to benefit from the growing world of digital assets. Figment, on the other hand, has built a strong reputation as the largest independent provider of staking services. The company's impressive track record includes $15 billion staked across multiple blockchain networks, making it a trusted player in the field. Its infrastructure supports a wide variety of clients, from individual stakers to large-scale institutions, offering tools and services that simplify the process of staking digital assets. With the new partnership, Figment expands its reach even further, providing clients with an extensive range of staking options across more than 40 different protocols. Both firms are capitalising on the increasing institutional interest in digital assets, particularly those that offer steady returns. As traditional financial institutions and wealth managers look to diversify their portfolios, cryptocurrencies have become an attractive option, thanks to their potential for high yields. The ability to generate income through staking adds an additional layer of appeal, allowing institutions to tap into passive income streams while supporting blockchain networks. The strategic partnership between Two Prime and Figment is poised to redefine how institutions approach digital asset investments. By offering an extensive array of yield strategies that cover both Proof-of-Work and Proof-of-Stake networks, the firms are not only creating new opportunities but are also helping to drive the adoption of blockchain technology in institutional investment circles. This collaboration comes at a time when the broader cryptocurrency market is showing signs of maturity. With the growing institutionalisation of digital assets, platforms and services that bridge the gap between traditional finance and the world of blockchain are becoming increasingly valuable. Two Prime and Figment's joint offering positions both firms as key players in this evolving landscape, providing investors with the tools to stay ahead of the curve.
Arabian Post
17 hours ago
- Arabian Post
Norway's Wealth Fund Expands Bitcoin Holdings to Record Levels
Norway's Sovereign Wealth Fund, managed by Norges Bank Investment Management, has achieved a new milestone in its investment portfolio with an increased exposure to Bitcoin. This exposure, reaching a record high, is now valued at the equivalent of 7,161 Bitcoin, achieved through investments in companies that hold Bitcoin on their balance sheets. This move signifies a notable shift in the fund's diversification strategy, as it moves further into the digital asset space. The fund's strategy typically involves investing in a broad spectrum of assets, including global equities, bonds, and real estate. However, the rising value of cryptocurrencies and their growing acceptance in mainstream financial markets have prompted the fund to increase its indirect exposure to Bitcoin. NBIM's current indirect holdings represent a stake in Bitcoin through companies that have embraced cryptocurrency, such as MicroStrategy and Tesla, which have allocated significant portions of their balance sheets to the digital currency. With Bitcoin's price having seen significant volatility over the years, the fund's exposure to the digital asset has raised questions about the risks and benefits of investing in such a volatile commodity. As of the latest figures, the total value of these Bitcoin-linked investments stands at approximately 1,387 Norwegian kroner per Norwegian citizen, based on the current exchange rates and Bitcoin's market price. ADVERTISEMENT This development underscores the growing integration of digital currencies into traditional investment portfolios. The Norwegian Sovereign Wealth Fund, traditionally focused on more conventional assets, has now ventured into a more speculative investment arena. While the fund's management has assured that this exposure remains minimal compared to its total assets, the move reflects broader trends within institutional investment. NBIM's strategy aligns with increasing interest among large-scale investors in diversifying into Bitcoin and other cryptocurrencies. Over the past few years, several prominent investment funds and financial institutions have adjusted their portfolios to include Bitcoin as a hedge against inflation or as a long-term store of value. These entities view Bitcoin's finite supply and its potential as an alternative investment vehicle in a world of low-interest rates and global economic uncertainties as key drivers behind their investment decisions. However, the fund's Bitcoin exposure remains highly indirect. Instead of holding Bitcoin directly, NBIM's stake comes from investments in companies like MicroStrategy, whose CEO, Michael Saylor, is a known advocate for Bitcoin. Tesla, another key player in the space, made headlines in 2021 when it disclosed its investment in Bitcoin, which led to an immediate surge in the digital currency's value. The Norwegian government, which oversees the fund's operations, has expressed cautious optimism about its cryptocurrency exposure. While the fund is generally conservative in its investment approach, there is recognition that digital assets could play a role in long-term portfolio diversification. The Fund has made it clear that its current exposure is small and that the risk of loss is something it continues to monitor. While Bitcoin has proven to be an incredibly volatile asset, some argue that its performance over time, including periods of significant appreciation, has made it an attractive speculative asset. Proponents believe that as Bitcoin becomes more integrated into the financial system and more institutional investors enter the market, its volatility will decrease, and its value will continue to appreciate in the long term. Conversely, critics caution that Bitcoin's lack of intrinsic value and its exposure to regulatory scrutiny could render it a risky bet for long-term investors. ADVERTISEMENT The Norwegian Sovereign Wealth Fund's growing interest in Bitcoin is part of a wider trend that is seeing institutional investors increasingly embrace digital currencies. In addition to companies like MicroStrategy and Tesla, several other financial entities have made substantial investments in Bitcoin, such as Grayscale Investments and the publicly traded Bitcoin ETF, which tracks the price of Bitcoin directly. As this trend continues, it raises broader questions about the role of cryptocurrencies in the global financial system. While Bitcoin and other digital assets were once viewed primarily as speculative investments or a form of digital gold, they are now starting to be considered by more traditional investors as part of a diversified investment strategy. The Norwegian Sovereign Wealth Fund's increasing exposure to Bitcoin may serve as a bellwether for other institutional investors contemplating similar moves.
