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Entrepreneur
4 days ago
- Business
- Entrepreneur
Tokenizing Vision 2030: Meet the Team Architecting the Future of Capital
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. It began with an audacious question: What if ownership could be reimagined? Not just digitized, but fundamentally transformed - decentralized, fractionalized and made programmable. That question sits at the heart of droppRWA, a pioneering real-world asset tokenization ecosystem that's not just riding the blockchain wave - it's helping shape it. Behind the momentum of droppRWA stands a team of visionary founders with roots as diverse as Wall Street trading desks, government Web3 sandboxes, global fintech ecosystems and early Bitcoin-backed trades. Together, Christopher J. Kelly, Faisal Al Monai, Koh Onozawa Martínez, and Gurps Singh Rai are writing the playbook for how real-world assets (RWAs) are turning from illiquid, inaccessible holdings into instantly tradeable, programmable units of economic potential. What is RWA Tokenization and How Does it Work? Real-World Assets (RWAs) refer to tangible or intangible assets that exist outside the blockchain, such as real estate, commodities, infrastructure, fine art or even intellectual property. Tokenizing RWAs involves creating a digital representation of these assets on a blockchain, enabling them to be traded, owned, and managed in a decentralized digital environment. The process starts with the identification and valuation of an asset. Once verified through legal, financial, and technical due diligence, a digital token is issued that represents ownership or economic rights to a portion (or the entirety) of the asset. These tokens are governed by smart contracts, which automate functions like income distribution, transfer restrictions, compliance checks, and voting rights. Ecosystems like droppRWA integrate additional infrastructure like oracle networks, custody layers and insurance coverage to ensure institutional-grade security and real-world data integration. For example, a tokenized residential tower in Riyadh may have each apartment unit represented as fractional shares, where token holders receive their share of rental income in real-time, automatically executed by smart contracts and validated by data from oracles. This approach not only increases liquidity in markets traditionally limited to large capital holders, but also expands financial inclusion. As Christopher J. Kelly put it: "Fractionalization, 24/7 settlement and programmable compliance open up Real World Asset investment to anyone with a smartphone - not just institutions." Moreover, the traceability and immutability of blockchain records enhance transparency and reduce fraud. The architecture allows regulators to monitor transactions in real-time, audit smart contract executions and enforce compliance directly through code. This technological shift is particularly significant in the Middle East, where massive infrastructure and real estate projects under Vision 2030 can now tap into a new generation of digitally empowered investors. From high-net-worth individuals to everyday citizens, RWA tokenization represents a powerful step toward democratized asset ownership and more efficient capital formation. The benefits are significant: increased liquidity for traditionally illiquid assets, enhanced transparency through immutable records, reduced transaction costs and broader investor participation - making it possible for someone to invest in high-value Real World Assets with just a smartphone and a few dollars The Opportunities in Real-World Assets Tokenization In a blockchain landscape often dominated by speculative cryptocurrencies and meme-driven tokens, Real World Assets stand apart. They offer something tangible, verifiable and inherently valuable. Christopher J. Kelly, whose career has transitioned from Goldman Sachs to co-founding droppRWA, sees RWA tokenization as the logical evolution of traditional finance. "Institutional rigor is timeless - whether on a Wall Street trading desk or deep in blockchain architecture," he says. "We brought those disciplines into droppRWA, ensuring every tokenized deal meets institutional-grade standards." For institutional investors, this means unlocking liquidity from assets like real estate, infrastructure and energy reserves and moving into a realm of fractional ownership, 24/7 settlement and programmable compliance. Kelly adds, "The lightbulb always goes off when they realize they can unlock liquidity from traditionally illiquid assets. But the learning curve still includes custody, smart contracts and regulatory frameworks. Where education is needed is around custody, smart contracts and the evolving regulatory perimeter. Many still conflate tokenization with cryptocurrency volatility - but RWA tokenization is about asset integrity, not speculative hype." Saudi Arabia, Vision 2030, and the Blockchain Revolution Saudi Arabia's Vision 2030 initiative represents one of the most ambitious national transformation projects in the modern era. It aims to diversify the Kingdom's economy beyond oil, develop public service sectors, attract global investment and create a tech-driven society powered by innovation. Within this transformative blueprint, blockchain and tokenization technologies have found fertile ground to flourish. Vision 2030 emphasizes digital sovereignty, inclusion, and economic empowerment - all of which align with the promise of real-world asset tokenization. Faisal Al Monai highlights how this alignment is intentional. "Tokenization isn't just a tech upgrade. It's a structural shift that aligns with Vision 2030's mandate to build a diversified, inclusive and high-growth economy," he explains. "droppRWA is helping lay the infrastructure that allows every citizen to be an investor, every asset to be programmable and every transaction to be transparent." "When we connected SADAD in the early 2000s between banks and government billers, we weren't just building a payment gateway, we were fundamentally reimagining how citizens interact with the government services," Monai recalls. "The skepticism was immense. People would ask, 'Why would I pay my electricity bill online when I can walk to the office?' Today, that same question echoes with tokenization." "But here's what I learned from SADAD experience," he continues, "transformational technology isn't about convenience, it's about possibility." Saudi Arabia's government isn't standing on the sidelines. Regulatory bodies such as the Capital Market Authority (CMA) are actively supporting innovation through sandbox programs and pilot initiatives. The RAFAL transaction, Saudi Arabia's first tokenized real estate deal, is a direct result of these progressive policies. "The same way SADAD redefined bill payments in Saudi Arabia, droppRWA is redefining asset ownership." adds Monai. "The difference today is speed and scale," he emphasizes. "With tokenization, we're building on decades of digital trust. The infrastructure exists, the regulatory framework is coming and most importantly, the vision - Vision 2030 - provides the North Star that we didn't have in the early 2000s." Tokenization serves the broader Vision 2030 agenda by enabling foreign direct investment, unlocking liquidity in infrastructure projects and democratizing access to the nation's growing portfolio of mega-projects - whether NEOM, Qiddiya or The Line. With blockchain, economic participation is no longer reserved for institutional investors or high-net-worth individuals. Instead, it's scalable, borderless and inclusive. One of the most ambitious national transformation projects in the modern era. It aims to diversify the Kingdom's economy beyond oil, develop public service sectors, attract global investment and create a tech-driven society powered by innovation. Within this transformative blueprint, blockchain and tokenization technologies have found fertile ground to flourish. Vision 2030 emphasizes digital sovereignty, inclusion and economic empowerment - all of which align with the promise of real-world asset tokenization. Faisal Al Monai highlights how this alignment is intentional. "Tokenization isn't just a tech upgrade. It's a structural shift that aligns with Vision 2030's mandate to build a diversified, inclusive and high-growth economy," he explains. "droppRWA is helping lay the infrastructure that allows every citizen to be an investor, every asset to be programmable and every transaction to be transparent." The RAFAL Milestone: Saudi Arabia's First Tokenized Real Estate Transaction The moment that catapulted droppRWA into the regional spotlight was the RAFAL real estate transaction, a historic milestone that marked the first-ever tokenized real estate transaction in Saudi Arabia. But for co-founder Faisal Al Monai, it wasn't just a tech demo. "Every revolution appears sudden, but it's always the result of meticulous preparation," he says. "The RAFAL deal is a 'first,' but it's standing on the shoulders of a decade of digital transformation work across the Kingdom." This transaction represents the convergence of regulatory clarity, institutional trust and sovereign-grade technology infrastructure. With ongoing work from government ministries to the CMA, droppRWA established the foundation that enabled the transaction to meet compliance, transparency and scale expectations. From SADAD to Sovereignty: Faisal Monai on the Saudi Vision Faisal Monai's journey Faisal Al Monai's journey from connecting SADAD, Saudi Arabia's national electronic bill payment system, to co-founding droppGroup and then droppRWA is a blueprint for how digital infrastructure can reshape a nation's economy. "When we connected SADAD in the early 2000s, we weren't just building a payment gateway, we were fundamentally reimagining how citizens interact with the government services," he says. Skepticism was high. "People would ask, 'Why would I pay my electricity bill online when I can walk to the office?' Today, that same question echoes with tokenization - 'Why would I own a fraction of a building through a token when I can buy property the traditional way?'" "But here's what I learned from SADAD," Al Monai reflects. "Transformational technology isn't about convenience, it's about possibility." SADAD democratized access to government services. Tokenization, he argues, is about democratizing wealth creation. "When a young Saudi can own a piece of premium real estate for the price of a coffee," Al Monai continues, "We're not just innovating technology, we're reshaping the very fabric of economic participation." The contrast lies in speed and scale. "SADAD took years to gain trust because we were building the first digital bridge that enabled online government services. With tokenization, we're building on decades of digital trust." Having led projects at Microsoft, HP and Oracle, Al Monai has seen first-hand the evolution of public sector technology. "In the past, we were solving operational problems - faster processing, better record-keeping. Today, under Vision 2030, it's about creating new economic sectors, enabling citizen empowerment and positioning the Kingdom as a global technology leader." He emphasizes how the Kingdom's approach to innovation has changed: "Back then, decision-makers wanted safe, proven solutions. Today, they are first movers. They're piloting blockchain, AI and tokenization in a considered and process driven manner because they understand that standing still is the biggest risk." One of the most telling signs of this shift is HUMAIN, a US$77 billion AI initiative announced under Vision 2030. "That level of investment signals a new kind of ambition - one where Saudi Arabia leads, not follows," he says. "Tokenization is part of this broader transformation." Critically, Al Monai sees blockchain not as a disruption but as an evolution of sovereignty. "Just as SADAD gave Saudi Arabia control over its payment rails, tokenization gives us control over our asset infrastructure. We're not adopting Western models - we're building indigenous capabilities that serve our own context." "There's often prudence in our institutions, which I respect," he adds. "But prudence without vision is paralysis. The institutions that led on digital payments became regional powerhouses. The same will happen with blockchain." With droppRWA's work on the RAFAL tokenized real estate deal - the first of its kind in the Kingdom - Al Monai and his team have proven tokenization isn't speculative hype, but a foundation for the new economy. "It's not an experiment. It's a business transformation tool aligned with Vision 2030's mission of economic diversification." He concludes, "We're not just implementing blockchain - we're creating public goods. We're building the digital infrastructure of the future Saudi and GCC economy. This isn't just about innovation. It's about sovereignty, inclusion and opportunity for all." From Archeology to Architecture: Koh Onozawa's Global Perspective Koh Onozawa Martínez, CEO and Co-Founder of droppRWA, brings an unconventional background to the world of blockchain and real-world asset tokenization. With a career that spans from crafting bamboo speakers to practicing marine archaeology and building one of Spain's largest digital asset platforms, Bit2Me, Onozawa's interdisciplinary path fuels his strategic vision. "My weird mix of experiences shapes everything I build," he says. "Crafting bamboo speakers taught me to obsess over user-friendly design - blockchain products need that same intuitive feel to go mainstream. Marine archaeology trained me to solve puzzles with incomplete data, which is basically what I do when stitching together blockchain protocol with legal frameworks or ensuring smart contract reliability." His experience scaling Bit2Me across Spain, Brazil and the UAE helped crystalize a clear understanding of how regional culture and regulation shape blockchain adoption. "In Spain, crypto adoption is high but conservative - it's about AML compliance and stable offerings. In Brazil, it's a hedge against inflation. In the UAE, it's a full-scale institutional play," Onozawa explains. "Each market demands a tailored approach." Working from Abu Dhabi, he describes the emirate as "a unique trifecta of support: a progressive regulatory framework through ADGM, active capital initiatives from government entities, and a growing talent pool via programs like Hub71." He sees the Middle East - especially the UAE and Saudi Arabia - as offering unparalleled opportunity. "We can pilot sovereign-grade blockchain systems here that wouldn't get regulatory approval in slower jurisdictions. That gives us a first-mover advantage in shaping global tokenization standards." Onozawa also acknowledges the underestimated complexity of tokenization. "People hype tokenization but don't realize that the simplest things - regulatory clarity, data integrity, liquidity - are the hardest to execute. We've built an ecosystem that prioritizes these fundamentals." A strong advocate of lean, high-performing teams, Onozawa emphasizes that AI and blockchain must work together. "We use AI as a force multiplier - to focus our human capital on what AI can't do yet: creativity and empathy. That's how we scale without losing our edge." His long-term vision? "To make tokenized assets as usable and trusted as any traditional investment. Maybe one day we'll even tokenize underwater relics to preserve cultural heritage on-chain." The Gurps Rai Perspective: Scaling Proof Over Hype Before tokenizing real world assets, Gurps Singh Rai was already redefining value. As a one of the pioneering team members of the digital currency VEN (2007) and in early Bitcoin commodity trades, he witnessed firsthand the leap from theory to trillion-dollar execution. Few voices in the blockchain space combine experience with vision like Gurps Singh Rai, who brings a legacy of pioneering stable currencies and executing the first-ever Bitcoin-backed commodity trade. His conviction is rooted in practice: "A decade ago, we asked institutions to take a leap of faith. Today, we walk in with proof - real deployments, real economic value, real outcomes." "We moved from evangelism to evidence," he reflects. "Today, institutions don't ask 'Will this work?' They ask 'How do we not get left behind?'" With sovereign-grade deployments across entities like Aramco and the Saudi government, Rai's droppOne operating system proved tokenization isn't just possible - it's essential. He adds, "Our institutional partners don't care about blockchain hype. They care about solving real capital formation, liquidity and compliance problems." For Rai, droppGroup's partnership with Saudi Aramco underscores that shift. "We didn't sell Aramco blockchain technology - we solved their business problems using blockchain and AI infrastructure," he explains. It's this ability to create "sovereign-grade systems" that's enabled droppRWA to earn the trust of global corporations and governments alike. Rai, with Chief Strategy Officer Aly Dahya, led the platform's "compliance-by-design" architecture based on TradFi logic marrying DeFi efficiencies. Drawing lessons from his work with Bermuda's forward-thinking regulatory approach, he brought that same level of rigor to the Kingdom. "Regulators don't want to chase innovation - they want visibility and trust. That's what we're giving them," he says. Beyond compliance, Rai believes that tokenization isn't digitization - it's reinvention. "Most executives think we're just putting a stock certificate on-chain. That's like saying the internet is just a digital fax machine. What we're actually doing is enabling programmable economies." Rai's team is building programmable assets that execute income distribution, track asset performance via data oracles and handle real-time compliance. These features, once impossible or operationally complex, are now automated, transparent and instantaneous. Perhaps most importantly, Rai understands that trust scales through interoperability. "Aramco's trust becomes RAFAL's proof point. RAFAL's success becomes PIFs' blueprint. Each deployment creates compounding credibility - not just for us, but for the entire tokenization ecosystem," he explains. In his words: "Tokenization solves the real problems - capital formation, liquidity and governance. That's why droppRWA isn't just a project. It's a movement." Institutionalization of Tokenization What sets droppRWA apart in the global tokenization ecosystem is its unrelenting commitment to institutional-grade compliance, regulatory clarity and operational integrity. The team has engineered a system where compliance is not retrofitted - it's embedded from day one. Christopher J. Kelly, a Goldman Sachs veteran and co-founder, explains: "We brought TradFi logic into droppRWA, ensuring every tokenized deal meets institutional-grade standards." This ethos is reflected in droppRWA's "Insurance Tower" model, designed to mitigate risk through layers of protection - from smart contract auditing and data oracle security to global reinsurance coverage. "We're building risk frameworks that mirror structured finance," says Kelly. "And we expect rating agencies to evolve alongside this market." Gurps Singh Rai underscores the importance of practical utility: "Institutions aren't adopting droppRWA because it's flashy. They're adopting it because it makes capital formation more agile, liquidity more accessible and compliance more programmable." To that end, droppRWA has developed real-time regulatory APIs, automated audit trails, and a modular architecture that enables interoperability with traditional financial systems. "It's not about replacing the old system overnight," Rai adds. "It's about building a better one - alongside it, with clearer transparency and smarter governance baked in." This commitment to institutional adoption is why droppRWA is gaining the trust of sovereign wealth funds, commodities trading groups, traditional banks and even government bodies. The result is a tokenization infrastructure that feels less like a blockchain experiment - and more like the future of finance. Scaling Trust Through Infrastructure One of the most distinguishing features of droppRWA is its belief that infrastructure - not speculation - drives the future of tokenization. The founders agree that without dependable, transparent and interoperable infrastructure, no tokenized asset can gain institutional trust or regulatory approval. As Gurps Singh Rai puts it: "We're not in the business of hype. We're building programmable economies. And programmable economies require programmable trust." This means smart contracts must not only automate ownership and revenue distribution but also integrate real-time compliance checks, data oracle-based asset tracking and instant dispute resolution. droppRWA's infrastructure supports modular APIs that enable regulators and financial institutions to plug into the system without friction. Christopher J. Kelly highlights the parallels to traditional finance: "We're introducing concepts like tranching, securitization, insurance and credit rating - within a blockchain-native framework. It's a fusion of Wall Street fundamentals and Web3 transparency." The team's Insurance Tower architecture provides layered risk mitigation through comprehensive coverage spanning both Web2 and Web3 environments. Traditional insurance providers handle underlying asset protection, while Bermuda-based specialists like BREACH and Web3 insurance wrappers protect against smart contract vulnerabilities and oracle failures. "Companies like Breach are crucial because they understand both traditional risk assessment and blockchain-specific exposures," Kelly adds. "This hybrid approach is what unlocks real institutional capital - investors need to see that every layer of risk, from physical asset damage to code exploits, has proper coverage and clear liability frameworks. As Rai emphasizes, "droppRWA's mission isn't to disrupt traditional finance - it's to provide it with cryptographic truth. "We're building the infrastructure layer that makes every asset programmable, every transaction verifiable and every economic relationship mathematically certain." So, What's the Future of Real-World Asset Tokenization Tokenization, the founders agree, isn't about revolution - it's evolution. "Within a decade, the majority of securities will be natively digital," Kelly predicts. "Tokenized will be as normal as digitized." Al Monai points to Vision 2030 and the birth of digital-first infrastructure that includes retail investors, foreign capital and AI-led platforms. "We're creating the rails for a digital economy - not just in Saudi, but globally." Onozawa sees AI and blockchain as symbiotic enablers. "The more we use AI to manage complexity, the more human creativity can focus on building value." And Rai? He says "We're making it possible for a kid from the Bronx to own a piece of a Ugandan goldmine with the same ease as buying a pair of sneakers. That's not just technology - that's economic democracy at scale." The rise of droppRWA signals a broader transformation underway in global finance. As governments, enterprises and individuals rethink value, ownership and inclusion, real-world asset tokenization is no longer a speculative concept. It's a deployed reality. With vision, regulation and trust aligned, droppRWA isn't just watching the future happen. It's building it.
Saudi Gazette
03-06-2025
- Business
- Saudi Gazette
droppRWA and RAFAL Real Estate set to launch Saudi Arabia's first Tokenized Real Estate Transaction
droppRWA, a subsidiary of droppGroup, the world's leading provider of sovereign-grade Web3 AI and blockchain infrastructure, today announced a landmark partnership with RAFAL Real Estate Co., one of Saudi Arabia's leading developers, to execute the Kingdom's first-ever Real World Asset (RWA) tokenization transaction. This transaction is not just a technological milestone; it is a strategic inflection point. The RAFAL pilot will serve as a national feasibility benchmark for the future of tokenized property markets in Saudi Arabia. Redefining real estate ownership, the collaboration aims to introduce fractional ownership of high-value real estate assets, enabling Saudi citizens to invest everyday with amounts starting as low as single-digit riyals. This democratized access model aligns directly with Vision 2030's goals of financial inclusion, digital transformation and citizen empowerment. The initiative is also designed to attract institutional-grade foreign capital through compliant digital rails, unlocking trillions in both local and foreign direct investment (FDI) capital through a fully regulated, blockchain-based investment channel. From feasibility to future state under the terms of the agreement: droppRWA, in collaboration with leading consultancies, will conduct a full feasibility study for property tokenization across RAFAL's portfolio. A fully regulated proof-of-concept will be developed and executed, with RAFAL supplying live real estate assets for controlled transaction testing. Faisal Al Monai, droppRWA Co-Founder, said: "This transaction marks a paradigm shift. Around the world, we are witnessing the greatest digital transformation of the 21st century - the transformation of capital itself. The mission of this partnership positions Saudi Arabia at the forefront of programmable economies, with real-world impact for every citizen - starting at just 1 riyal. Elias Abousamra – CEO, RAFAL Real Estate: "At RAFAL, we have always believed that real estate should be both aspirational and accessible. This partnership with droppRWA is not just about technology - it's about democratizing real estate investment and creating a global platform for foreign direct investment into the promising Saudi market. For the first time, a young Saudi can own a piece of a premium development with just a few riyals. That's a powerful idea. Together with our partners, we are proud to pioneer a new model of ownership that speaks to the inclusive and innovative spirit of Vision 2030. Built for Vision 2030, this initiative directly supports multiple pillars from the Vision 2030 initiative: Digital Infrastructure: Bringing a sovereign-grade blockchain system powered by advanced AI to real estate markets Capital Market Sophistication: Introducing compliant, blockchain-based investment instruments Citizen Empowerment: Enabling Saudis to co-own real estate with accessible digital investment rails Foreign Investment Attraction: Establishing trusted infrastructure for institutional-grade RWA flows This transaction is more than a milestone - it's a signal. A new era of programmable economies is unfolding, where access to wealth is no longer gated by privilege but powered by code. With this step, Saudi Arabia positions itself not just as a participant in the future of finance, but as one of its leading architects. RAFAL is one of Saudi Arabia's leading real estate developers, known for shaping vibrant, high-quality lifestyle communities. Since its establishment in 2007, RAFAL has earned a strong reputation for excellence, with the backing of respected partners including Lafana, A.K. Al Muhaidib & Sons Group, and Arabian Tawazon. Guided by a commitment to luxury, reliability, and forward-thinking design, RAFAL continues to set new standards in the Kingdom's real estate landscape. droppRWA is a strategic subsidiary of droppGroup, designed as the institutional on-and-off ramp for foreign direct investment into sovereign economies. This sovereign-grade tokenization ecosystem enables regulatory-grade trust and real-time settlement across real-world assets, from commodities and real estate to sovereign debt, unlocking compliant, cross-border capital flows for governments and enterprises.
