Latest news with #FinancialServicesPermission
The Sun
25-05-2025
- Business
- The Sun
Carta Receives Financial Services Permission from ADGM's Financial Services Regulatory Authority, Unlocking New Phase of Growth in MENA's Venture Capital and Private Equity Ecosystem
RIYADH, SAUDI ARABIA - Media OutReach Newswire - 23 May 2025 - Carta, the software platform purpose-built for private capital, today announced its Financial Services Permission (FSP) from ADGM's Financial Services Authority (FSRA), unlocking a new phase of growth in Middle East and North Africa (MENA). This milestone significantly advances Carta's global mission to make private markets more accessible, transparent, and equitable. As the world's largest fund administrator for venture capital, Carta will support the private market ecosystem in the MENA region with its end-to-end software platform for fund operations, in addition to its equity management solutions for companies (including startups). Abu Dhabi, renowned as the 'capital of capital,' has shown exceptional growth in the financial services sector. Carta's expansion comes as the UAE establishes itself as a key player in the Middle East, constituting 40% of all funding rounds in the region—a 9% year-on-year increase—according to industry reports. In 2024, assets under management (AUM) within ADGM grew by 245%, with 134 fund and asset managers operating 166 funds by the end of 2024. Carta has strategically chosen ADGM as the location for its new Middle Eastern office, strengthening the company's commitment to aligning with regions that demonstrate significant market potential and robust economic policies. Located at Hub71 WeWork, in the heart of the financial district, Carta's new office serves as a strategic base for expanding sales and marketing efforts in the MENA region, a region the company sees as highly promising. 'The Middle East is the perfect place for Carta expansion,' said Bhavik Vashi, Managing Director of Carta APAC & MENA. 'The regulatory framework in ADGM is one of the most progressive we've seen globally—exactly the type of environment needed to fuel the private markets, which is why we have made a big bet here.' Over the past few years, Carta has been working closely with government regulators and is confident that its comprehensive suite of services—such as quarterly reporting, compliance services, and tax and audit readiness—will effectively address the needs of the local community. Arvind Ramamurthy, Chief of Market Development Officer at ADGM said; 'We congratulate Carta on receiving their FSP from ADGM. We are thrilled to welcome them to ADGM's dynamic ecosystem, where innovation, growth, and opportunity thrive. Your presence enriches Abu Dhabi's financial landscape, and we look forward to supporting your success in this vibrant and forward-thinking community.' Carta currently supports a number of prominent regional customers, including Global Ventures, BECO Capital, Cotu Ventures, Outliers VC, Dubai Future District Fund, and Middle East-based unicorns Foodics and Kitopi. With ADGM license approval, Carta will continue to collaborate with the local VC & PE ecosystem to further enhance the company's service offerings and deliver greater value for the Middle East's growing private markets.
Al Etihad
21-05-2025
- Business
- Al Etihad
Bitcoin Suisse to commence operations in Abu Dhabi
22 May 2025 01:24 ABU DHABI (ALETIHAD)Bitcoin Suisse, Switzerland's premier crypto financial services provider, is about to commence its operations in Abu Dhabi. In a statement, the company said its subsidiary, BTCS (Middle East) Ltd., has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).The approval enables Bitcoin Suisse to move closer to offering fully regulated crypto financial services in ADGM's internationally recognised regulatory environment. The firm intends to provide services including trading of virtual assets, crypto securities and derivatives, as well as local custody solutions for both private and institutional clients."This milestone represents a significant step forward in Bitcoin Suisse's strategic expansion, reinforcing its commitment to regulatory compliance, financial innovation, and global growth," the statement Majcen, Head of Global Expansion and designated Senior Executive Officer of BTCS (Middle East) Ltd., said, "The IPA reflects our strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance. Abu Dhabi, one of the Middle East's fastest-growing financial centres, presents a compelling opportunity for growth. We look forward to working closely with the FSRA to obtain our full licence."Bitcoin Suisse has earned a reputation as a trusted and compliant crypto financial services provider. With more than $6 billion (Dh22.2 billion) in assets under custody and $2.6 billion (Dh8.9 billion) in institutional staking services, the firm ranks among the world's largest custodians and staking platforms. Its service model is known for its precision, security, and client-centric approach, built over a decade of Swiss-based Ramamurthy, Chief of Market Development at ADGM, welcomed the development, "ADGM congratulates Bitcoin Suisse on receiving its IPA from the FSRA of ADGM. Their expansion plans to the region to provide regulated crypto financial services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Bitcoin Suisse receiving their Financial Services Permission (FSP) and their contribution to ADGM's dynamic ecosystem." "By entering ADGM, Bitcoin Suisse plans to leverage the UAE's progressive and globally acknowledged virtual asset framework to enhance its regulated service offerings," the statement said. Source: Aletihad - Abu Dhabi
Fintech News ME
21-05-2025
- Business
- Fintech News ME
Bitcoin Suisse Secures In-Principle Approval to Operate in ADGM
Bitcoin Suisse, a Swiss crypto financial services provider, has announced that its subsidiary, BTCS (Middle East), has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This development is part of Bitcoin Suisse's ongoing international expansion and will allow the firm to move toward obtaining full authorisation to operate within ADGM. Upon securing full licensing, BTCS (Middle East) Ltd. will be permitted to offer regulated crypto financial services in Abu Dhabi, including virtual asset trading, crypto securities and derivatives, as well as local custody services. ADGM is recognised for its advanced regulatory framework and is considered a key jurisdiction for virtual assets in the MENA region. The FSRA's virtual asset regulations are among the most comprehensive globally, positioning ADGM as a major hub for digital finance. Ceyda Majcen, Head of Global Expansion and designated Senior Executive Officer of BTCS (Middle East), commented: 'The In-Principle approval marks an important milestone in our global expansion journey. It reflects our strong commitment to maintaining the highest standards of transparency, security, and regulatory excellence. We look forward to working closely with the FSRA to obtain our full license and bring our decade of experience in crypto finance to the region's rapidly evolving digital asset ecosystem.' Arvind Ramamurthy, Chief of Market Development at ADGM, said: 'ADGM congratulates Bitcoin Suisse on receiving its IPA from the FSRA. Their expansion plans to the region to provide regulated crypto financial services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Bitcoin Suisse receiving their Financial Services Permission (FSP) and their contribution to ADGM's dynamic ecosystem.' Bitcoin Suisse currently manages over US$6 billion (AED 22.2 billion) in digital assets under custody and more than US$2.6 billion (AED 8.9 billion) in institutional staking services. With its entry into the ADGM ecosystem, the firm aims to operate within a regulated framework that supports the delivery of crypto financial services to clients in the region. The IPA indicates that BTCS (Middle East) has met the FSRA's initial regulatory standards. The company will continue to develop its product offerings and operations as it progresses toward full licensing.
Fintech News ME
20-05-2025
- Business
- Fintech News ME
Klickl, WeBank and Goldford Group Partner to Drive Cross-Regional Fintech Innovation
Klickl, a regulated Web3 financial services provider, has signed a tripartite MoU with WeBank, a digital bank from Mainland China, and Goldford Group, an innovation-focused conglomerate in Hong Kong. The agreement sets out to create a cross-regional fintech innovation alliance connecting Mainland China, Hong Kong, and the Middle East. The MoU was signed during an official visit to Qatar by a delegation from Hong Kong and Mainland China, led by Hong Kong Chief Executive John Lee. This collaboration represents the first structured initiative linking fintech ecosystems across the Greater Bay Area and the Middle East. Klickl contributes its regulatory knowledge and experience in Web3 financial services within the Gulf region. WeBank provides technological expertise from Mainland China, while Goldford Group supports integration across Hong Kong's innovation landscape. The alliance will focus on several areas including the development of a blockchain and AI incubation platform, support for startup acceleration between Asia and the Middle East, delivery of next-generation financial services for cross-border applications, digital transformation support for traditional financial institutions, localisation of fintech solutions for Gulf markets, and the exploration of quantum technology for financial use cases. 'This partnership is more than symbolic, it is strategic,' said Michael Zhao, Founder and CEO of Klickl. 'As the only homegrown Web3 financial services provider in the region, we are proud to help bridge capital, compliance, and technology across three economic hubs. This alliance reflects not only our infrastructure readiness, but also the trust we've built with institutions across Asia and the Middle East.' Klickl is licensed by the Abu Dhabi Global Market (ADGM) under its Financial Services Permission (FSP) and holds Virtual Asset Service Provider (VASP) registration in the European Union. The firm provides Web3-native financial services including digital wallets (Klickl4U), institutional accounts (KlicklONE), payment infrastructure (KlicklPay), stablecoin services, asset custody, and trading infrastructure. It has also participated in official economic delegations to Malaysia, Poland, and Japan.
Yahoo
14-05-2025
- Business
- Yahoo
Fortress Investment Group Establishes Office in Abu Dhabi to Advance Global Strategy
New office underscores Fortress's long-term commitment to the Gulf and strengthens alignment with strategic capital partners in the region ABU DHABI, United Arab Emirates, May 14, 2025--(BUSINESS WIRE)--Fortress Investment Group ("Fortress"), a leading global investment manager, today announced the opening of a new office in the Abu Dhabi Global Market (ADGM), and permission to undertake regulated activities through receipt of its Financial Services Permission from the ADGM Financial Services Regulatory Authority – marking a significant milestone in the firm's global expansion. The establishment of a permanent presence in Abu Dhabi—the capital of the United Arab Emirates and one of the world's most sophisticated financial centers—reflects Fortress's long-term view of the Gulf region as a key pillar of global capital formation and deployment. The new office will enable Fortress to expand its local footprint, deepen relationships with regional investors, and accelerate co-investment across private credit, real estate, and asset-based strategies. "Our decision to establish an office in Abu Dhabi is a strategic step that reflects our conviction in the Gulf as a long-term investment and capital partner," said Drew McKnight, Co-Chief Executive Officer and Managing Partner at Fortress. "The region is increasingly influential in shaping the future of global private markets, and we are committed to being here—on the ground, fully engaged, and ready to invest alongside partners who share our long-term orientation." The opening follows the April 2025 announcement of a $1 billion strategic partnership between Mubadala Investment Company and Fortress, focused on credit and special situations co-investment opportunities. The ADGM office will serve as a key hub for executing on that mandate and cultivating new opportunities across the region. "Our global growth strategy is rooted in performance, alignment and solutions —and this expansion exemplifies that," said Joshua Pack, Co-Chief Executive Officer and Managing Partner at Fortress. "Being on the ground in the Gulf gives us a direct connection to some of the world's most forward-looking institutional partners and enables us to collaborate with greater scale and speed, and we look forward to further expanding our presence in the region in the years ahead." Jack Neumark, President and Managing Partner at Fortress, added: "Our new office in the ADGM will help us to accelerate our partnerships across the Gulf. The region's investment landscape is incredibly dynamic and evolving quickly, and we are excited to bring Fortress's strengths in private credit, real assets, and asset-based strategies to the region and to grow alongside our partners." The ADGM office will be led by executives with deep regional and sectoral expertise. The firm plans to grow its local team to support origination, underwriting, and asset management across core strategies, while also serving as a regional gateway to Fortress's global investment capabilities. About Fortress: Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $50 billion of assets under management as of 31 December 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment refers to assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed more information, please visit View source version on Contacts Mark Lanemlane@ C: +1 917.842.4228
