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Coin Geek
14-05-2025
- Business
- Coin Geek
Maldives makes bold blockchain bid; Shanghai sets up center
Getting your Trinity Audio player ready... The Maldives is keen on ditching its dependency on tourism and warmly embracing blockchain technology to diversify its economy and offset the national debt. The South Asian country recently inked a deal with Dubai-based MBS Global Investments to build an $8.8 billion blockchain hub in the region. The deal will see the Dubai-based family office provide the funding to establish the blockchain and digital asset hub. MBS Global Investments has significant financial resources and an extensive network to support the deal, with over $45 billion in assets under management (AUM). A closer look at the details reveals a five-year timeline for constructing the Web3 hub for the Maldives. Christened the International Financial Center, the hub will be built in the capital, Malé, occupying an impressive 830,000 square meters. The Maldives is eyeing a long list of benefits of the incoming blockchain hub, seeing its construction as a real chance to diversify its local economy beyond tourism. With revenues from commercial fishing and foreign grants dwindling, the Maldives is turning to digitalization to inject capital into its local economy. The hub will employ up to 16,000 residents, up to 4% of the local population, with the potential for ripple effects. Apart from the mass employment opportunities, the Maldives targets a spike in foreign direct investment tied to the incoming Web3 hub. Designed to operate as a financial free-trade zone, the country is developing strategies to attract international digital asset service providers to establish operations at the new hub. The government of Maldives will offer low taxes, seamless registration and licenses, and a raft of incentives to attract global service providers. Upon completion, the hub expects revenues of over $1 billion each year. Maldives' total gross domestic product (GDP) is less than $8 billion, making the incoming digital asset hub a key part of its local economy. Already, the country has earmarked the earnings from the hub to offset a chunk of its national debt, which is currently around $8.2 billion. Maldives' transition to Web3 and its ambition to be a regional leader won't come easy. Currently, Maldives has no traction with Web3 apart from a previous Memorandum of Understanding (MoU) with Estonia to explore the viability of blockchain in public sector services. Maldives will have to contend with the dominance of Hong Kong and Singapore, the region's first movers in Web3 and digital assets. Hong Kong has launched blockchain incubators for banks while introducing tax breaks for digital currencies in an attempt to maintain its leading position. Shanghai positions itself as China's blockchain hub Elsewhere, the Chinese city of Shanghai has launched a blockchain evaluation center in its quest to become the regional leader in emerging technologies. The new evaluation center, which will offer a string of services to DLT-based companies in Shanghai and across Mainland China, is a joint effort between Shanghai's budding Blockchain Valley and the China Electronics Standardization Institute (CESI), a blockchain accreditation organization. The first-of-its-kind blockchain hub will provide uniform standards and technical assessments for Web3 service providers in the region. Apart from uniformity, the hub will attract new players to Shanghai's fledgling digital economy, with the Jing'an region expected to receive a chunk of the new market entrants. 'Jing'an is actively positioning itself as a hub for blockchain innovation,' said a government official. 'The center will strengthen the local ecosystem and support high-quality economic growth.' The Web3 firms have numerous incentives to turn to Shanghai as the new hub for their operations. The region is primarily home to Blockchain Valley, which accommodates nearly 150 blockchain companies within a 120,000-square-meter facility. Furthermore, the presence of government-backed blockchain institutions will rope in new market participants. Shanghai is stacked in this department with the Shanghai Blockchain Association, the Blockchain Technology Research Institute, and the Shanghai Institute for Digital Governance operating from the cluster. In 2023, Shanghai unveiled a two-year plan for blockchain development via a three-pronged strategy. Heavy capital injection and a clear plan have put the region on the map, with several real-world blockchain applications recording mainstream adoption. The blockchain-based smart parking system, merged with Shanghai's mobile app for public services, garnered stellar results in less than one year of operation. Shanghai is moving toward a robust digital transformation, tapping blockchain and other emerging technologies to lead the charge. A sizable investment in the metaverse and non-fungible tokens (NFTs) is expected to bring the tourism and cultural sectors up to speed. On the other hand, the region is warming up to a central bank digital currency (CBDC) to keep pace with the rapid changes in the financial sector. Keen on collaboration, Shanghai has expanded its blockchain initiatives to Hong Kong and Singapore to achieve an even pace of innovation in the region. Watch: Utilizing blockchain tech for data integrity title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
The National
07-05-2025
- Business
- The National
Tax-free Maldives financial centre ‘will not compete' with Dubai and Abu Dhabi hubs
The Maldives International Financial Centre will not compete with the Dubai International Financial Centre, Abu Dhabi's ADGM or other financial hubs, according to the chief executive of the company developing it. The $8.8 billion project announced this week is being developed by Dubai-based MBS Global Investments, the family office of Qatar's Sheikh Nayef bin Eid Al Thani, along with the Maldives government. The project, which will be located in Male, aims to attract global financial institutions, FinTech companies and entrepreneurs. Expected to be completed in 2030, it will feature three residential and office towers along with hotels, retail outlets and a school. 'In terms of financial centres … it's never really a competition,' chief executive Nadeem Hussain told The National in an interview this week. 'I think financial centres can create an ecosystem where many of the people that operate out of them have multiple geographical locations in terms of their operations. Obviously, with Asia, GCC and Africa, the Maldives is ideally located for maybe some of the emerging economy people who are involved in the types of businesses that we would support. 'So we're offering just another location for them, which is complementing the existing financial centres. We don't see that we would be competing with them. I'm sure when we start to operate, we will be working with the other financial centres to see what type of collaborations we can enter into.' The MIFC will seek to attract traditional financial institutions as well as those operating in virtual assets. Centres such as ADGM have a robust regulatory framework for crypto and digital asset activities. The Dubai Financial Services Authority also has a crypto token regime that provides a clear framework for businesses operating in the DIFC to ensure financial stability and consumer protection. 'Financial centres are now starting to mature in terms of how they are able to accommodate those asset classes,' Mr Hussain said. 'Digitalisation is where everything's going, so you have to cater to that new virtual asset kind of class. So yes, tokenisation, cryptocurrencies, these will be, obviously, heavily monitored and regulated, but that's the way forward in financial centres. A big part of our framework and who we're attracting will be involved in that.' The MIFC will have no residency requirements and will offer no corporate tax, tax-free inheritance and ownership. Residents will also have access to multi-currency banking and offshore private banking. Such incentives are key to attracting more businesses and entrepreneurs, but the centre will focus on regulations, Mr Hussain stressed. 'I think people appreciate that you can have a very strong, robust regulatory framework and still offer this ease of doing business,' he said. 'We've been very clear on looking at how to create that strong regulatory framework, we have to do that, particularly in new asset classes.' MBS Global expects work on the project to start by the end of this year or early next year, with the first hotels and residences scheduled to be commissioned and delivered by the fourth quarter of 2027 or the first quarter of 2028. While the land and infrastructure support is being provided by the government, the company is working with a large consortium of investors to fund the project, Mr Hussain said. The islands of the Maldives, spread over 90,000 square kilometres, face severe risks due to climate change. The World Bank has warned of significant threats to the country's natural capital and cautioned that the impact on coral reefs and fisheries, already visible, will worsen sharply by the middle of the century under both high and moderate emission scenarios. 'This degradation could have devastating effects on the Maldives' economy and environment,' it said in a September report, which assessed the impacts of sea-level rise and projected an increase of up to 90cm by 2100. 'Without effective adaptation strategies, coastal flooding could severely damage up to 3.3 per cent of the Maldives' total assets by 2050 during typical 10-year floods, resulting in damages of $0.7–1.1 billion of GDP.' However, strategic investments in adaptation could cut almost in half of the projected GDP impact, it added. Mr Hussain said the MIFC, being designed by architect Gianni Ranaulo, is focused on sustainability and that it will use 3D printing with organic and recyclable materials. Once ready, the plan is also not to use fossil fuels and instead rely on smart transport within the development. 'The Maldives is a beautiful place, it's fragile,' he said. 'We built a very resilient design through the architects and developers, we're mindful of what's happening in terms of the Maldives and sea levels and so, we've built in a very conscious way around that.' The project aims to employ about 16,000 people, with a push towards creating local jobs. 'I think people realise that we're not here just to throw up some large buildings and sell some real estate,' Mr Hussain said. 'That's not our intention. This is part of a very long thought-through process with the government about how we help them achieve their vision in terms of digitalisation and increasing the diversified revenue channels for them.' There has already been a lot of interest from companies, he added, although he did not disclose any names. 'It's such a beautiful place. It's not a hard job convincing someone to come and work in the Maldives. But to do that, they have to have that confidence that the infrastructure is there to genuinely support their business,' Mr Hussain said.
Business Mayor
05-05-2025
- Business
- Business Mayor
Tropical Blockchain Boom: Maldives Unveils $9 Billion Crypto Investment Haven
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Malé, the Maldives capital, may soon be transformed. The government of the island nation has agreed on a multi-billion-dollar agreement with a family office – a private wealth management firm – in Dubai to construct a massive blockchain and cryptocurrency hub. The aim? To attract fresh investment and reduce the nation's heavy dependence on tourism and fishing. $9 Billion Project Bigger Than Nation's Economy The deal was struck on May 4 with MBS Global Investments, according to a report by Bloomberg. The project will cost $9 billion—higher than the Maldives' total annual GDP, which stands at approximately $7 billion. If the scheme goes ahead as planned, it will take approximately five years to complete. The planned location, the Maldives International Financial Centre, would occupy approximately 830,000 square meters of space. Upon completion, the center might employ a maximum of 16,000 individuals, the Financial Times disclosed. That's a drastic change for a nation with an all-time population of less than half a million. 💥BREAKING: MALDIVES TO BUILD $9 BILLION BLOCKCHAIN HUB TO ATTRACT GLOBAL INVESTORS! — Crypto Rover (@rovercrc) May 4, 2025 Other Nations Already In The Lead While the Maldives is making a big move, other places are already far ahead in the crypto race. Dubai is one of them. The city has been building itself up as a tech and crypto-friendly zone for years. In April, Dubai's Land Department teamed up with the Virtual Assets Regulatory Authority to put its land records on blockchain. That step helps with things like turning real estate into digital assets. BTCUSD trading at $94,662 on the 24-hour chart: Singapore and Hong Kong are also in the spotlight. Both locations host hundreds of Web3 and fintech companies within their jurisdictions. They've established ecosystems where businesses can develop without worrying about being closed by an abrupt change in rules. A scenic view of Maldives. Image: Nova Hotel/Glamour. Hong Kong Leverages Its Role To Draw Crypto Talent Hong Kong is particularly keen on attracting international crypto companies. Ivan Ivanov, the worldwide CEO of WOW Summit, explains the city serves as a bridge between China and the West. That position gives it an advantage. It also allows regulators to pilot new concepts before determining whether to implement them more broadly. Singapore, on the other hand, has quietly become a home base for numerous crypto projects. It boasts dozens of exchanges and a constant flow of investment, and now it's one of the most significant crypto hubs in Asia. Maldives Betting On A Big Change For the Maldives, this new plan is a significant departure. Constructing a financial center of this scale from the ground up won't be simple. Strong planning, clear regulations, and judicious investment will be required. But the nation appears willing to roll the dice. The push for crypto influence is growing fast around the world, and the Maldives is making it clear that it wants to be part of that conversation.
The National
05-05-2025
- Business
- The National
Dubai firm unveils plan to build skyscraper-studded tax-free financial centre in Maldives
The Maldives government has partnered with Dubai-based MBS Global Investments to set up an $8.8 billion financial centre at capital Male, as the country seeks to attract more digital nomads and diversify its economy. The Maldives International Financial Centre will have no residency requirements and will offer no corporate tax, tax-free inheritance and ownership as per the country's constitution. Residents will have access to multi-currency banking and offshore private banking, while regulations will support digital assets and green finance, MBS Global, the family office of Qatar's Sheikh Nayef bin Eid Al Thani, said in a statement on Sunday. It is aimed at attracting global financial institutions, FinTech companies, digital nomads and entrepreneurs. The plan includes three residential and office towers, with offices, seafront branded residences, hotel brands, retail outlets, an Oceanographic Museum, mosque and an international school. MIFC will also have a conference centre with capacity for 3,500 people to host global conferences, cultural events and hackathons. The total size of the mixed-use development is 780,000 sqm, with capacity for 6,500 residents and an expected daily footfall of 35,000. It is slated to be completed by 2030. This project is aimed at increasing the country's gross domestic product within four years with projected revenue to be more than $1 billion by the fifth year. 'With the MIFC, we are shaping the Maldives of tomorrow,' Maldives' President Dr Mohamed Muizzu, said. 'The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come.' The Maldives' economy is expected to grow by 5 per cent in 2025, mainly due to robust tourism activity, according to the International Monetary Fund. However, macroeconomic imbalances have continued to widen and risks are tilted to the downside, it warned after a mission to the country in February. Inflation is expected to rise to 2.3 per cent in 2025, partly due to higher import duties. 'External vulnerabilities remain, amid a persistently large current account deficit and pressures on foreign exchange reserves,' said the IMF's Piyaporn Sodsriwiboon, who led the mission. The overall fiscal deficits and public debt are projected to stay elevated, she said, calling for urgent policy adjustment. Over the medium term, the Maldives is highly vulnerable to climate change risks, due to sea level risk, floods and the degradation of its natural environment. 'The Maldives is navigating a pivotal moment to urgently restoring macroeconomic stability and debt sustainability,' she added. The MIFC project 'offers a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best businesses and visionary entrepreneurs in the world', said Moosa Zameer, Minister of Finance and Planning for the Maldives. MIFC will have a 'fully climate-resilient infrastructure', and the architecture and public spaces will be powered exclusively by renewable energy, the statement said. The upper level of the development will be car-free, with all transport and logistics infrastructure located underground. It will also feature sports facilities, longevity and wellness centres, and running and cycling tracks.
Yahoo
05-05-2025
- Business
- Yahoo
Maldives Could Soon Become a Crypto Hub Thanks to Dubai Family Office's $9B Commitment
Honeymoons and luxury vacations could soon be outpaced by crypto as the main draw for the island nation of Maldives. A Dubai-based family office plans to invest up to $8.8 billion in a blockchain-focused financial hub in the Maldives, part of an effort by the island nation to expand beyond its reliance on tourism and fisheries and address mounting debt obligations. The investment, led by MBS Global Investments, will be deployed over five years and is structured around a new joint venture with the Maldives government. The planned capital outlay exceeds the country's GDP of around $7 billion. It will be funded through equity and debt, with preliminary commitments already exceeding $4 billion. Finance Minister Moosa Zameer described the initiative as a step toward economic diversification in an FT interview. Zameer said the Maldives faces 'the biggest challenge' in repaying external debt maturing over the next two years and that the project 'could help ease some of the financial pressures we are facing.' Under the proposed masterplan, the Maldives International Financial Centre will span 830,000 square meters, accommodate 6,500 residents, and generate employment for up to 16,000 people. It is being pitched as a global financial free zone centered on blockchain and digital asset services. MBS Global Investments manages $14 billion in assets and is the family office of Qatari royal Sheikh Nayef bin Eid Al Thani. The hub is one of the first major forays of the island-nation into the crypto and blockchain ecosystem. Sign in to access your portfolio
