Latest news with #PhilSham
Fintech News ME
6 days ago
- Business
- Fintech News ME
Aquanow and SGB Partner to Enhance Fiat Banking for Digital Asset Sector in MENA
Aquanow, a Canada-based digital asset infrastructure provider, has formed a strategic partnership with SGB, a fully licensed digital bank regulated by the Central Bank of Bahrain (CBB), to improve access to fiat banking services for institutional and enterprise participants in the digital asset sector. SGB, backed by Bahrain's sovereign wealth fund Mumtalakat and Singapore's Whampoa Group, is the only bank in the MENA region authorised to digitally onboard clients worldwide. Through the partnership, Aquanow's clients, including exchanges, payment providers, over-the-counter (OTC) desks, neobanks, and fintech firms, will be able to open USD bank accounts, settle trades, and transfer funds by using SGB's full SWIFT membership and regulatory status. The arrangement allows for the movement of assets in major currencies such as USD, AED, SAR, BHD, SGD, EUR, HKD, and CNH on a 24/7 basis. Aquanow's digital asset services will also be integrated with SGB's regulated banking network and real-time settlement platform, SGB Net, enabling on- and off-ramping between crypto and fiat. 'As digital assets become part of everyday financial operations, institutions need more than access, they need reliable, compliant infrastructure to operate at scale,' said Phil Sham, CEO and Co-Founder of Aquanow. 'Our partnership with SGB addresses that head-on. By integrating with a regulated institution like SGB, we will enable a more crypto-friendly banking environment for various stakeholders. This is a critical step in closing infrastructure gaps and unlocking a more seamless, borderless financial system for our clients.' Shawn Chan, CEO of SGB, said: 'Our partnership with Aquanow marks a significant step forward in bridging digital assets with regulated banking infrastructure. By combining Aquanow's institutional-grade platform with SGB's banking capabilities and global onboarding reach, we're facilitating seamless access to fiat for digital asset users.' The collaboration comes as institutional adoption of digital assets grows, particularly in MENA and Asia, where progressive regulatory frameworks and demand for blockchain-based financial services are increasing. The integration is expected to pave the way for future fiat-crypto conversion features within SGB's platform, extending functionality for both retail and institutional account holders.
Khaleej Times
09-03-2025
- Business
- Khaleej Times
GCC crypto ecosystem gets closer to mainstream with new offering
The launch of a cryptocurrency offering by Emirates NBD's digital banking platform, Liv, marks a watershed moment for GCC crypto ecosystem, according to banking industry experts. As the UAE's second-largest bank by assets, Emirates NBD's entry into digital assets signals a strategic pivot toward mainstreaming blockchain-based finance. This move not only accelerates the UAE's ambitions to become a global crypto hub but also sets a precedent for financial innovation throughout the region. Emirates NBD's strategic move is expected to pressure regional peers to follow suit, potentially unlocking institutional capital. The GCC institutions currently manage around $2.1 trillion in assets, yet less than 5.0 per cent is linked to cryptocurrencies. Liv's framework — aligned with VARA's stringent anti-money laundering (AML) and counter-terrorism financing (CFT) protocols — provides a comprehensive blueprint for compliant crypto-fiat interoperability. This could encourage corporate treasuries and family offices to diversify their portfolios into digital assets In partnership with Aquanow, a global virtual asset service provider licensed by the Virtual Assets Regulatory Authority (VARA), Liv enables customers to buy, sell, and trade cryptocurrencies directly within its 'Liv X' app. This integration allows users to manage their day-to-day finances alongside their digital asset investments, creating a seamless banking experience. Custody services for the cryptocurrency assets are provided by Zodia Custody, ensuring that Liv adheres to robust security protocols. This commitment to security is crucial for building customer trust in a rapidly evolving financial landscape. Marwan Hadi, Emirates NBD's Group head of Retail Banking and Wealth Management, stated, 'Offering cryptocurrency on Liv X is the next step towards the overall vision of Liv being a pioneer in innovation and excellence. With the highest crypto adoption rate in the UAE, we are keen to launch our own virtual asset offering to capitalise on this trend.' The GCC's cryptocurrency market is projected to grow at a compound annual growth rate (CAGR) of 14.2 per cent through 2027. Liv's initiative could catalyse both institutional and retail adoption across the bloc. According to Statista, the number of users in the UAE's cryptocurrency market is expected to reach 3.78 million by 2025, with a user penetration rate projected to be 39.13 per cent. This growth underscores the increasing interest in digital assets among the population. Phil Sham, CEO of Aquanow, emphasised that the partnership with Liv exemplifies the UAE's emergence as a global crypto hub. He noted, 'This collaboration is a leading example of how banks and fintechs can work together to develop cutting-edge, secure, and seamless product propositions that truly benefit the retail customer.' Liv's user base, primarily composed of millennials and Gen Z, benefits from the bank's established reputation, which helps demystify cryptocurrency for these demographics. By integrating digital asset trading into everyday banking, Emirates NBD effectively lowers the entry barriers for risk-averse users. Last May, Liv Bank signed a deal to start offering tokenized real-world assets (RWAs) to its clients, viewing this as an essential path to wealth management for younger generations. Liv has also introduced innovative products, including Money Ahead Deposits that pay interest upfront, Goal Accounts with pre-defined rules for automated savings, Digital Gold Investment Accounts, and Cashback Cards offering up to Dh1,500 per month in rewards. These offerings position Liv as a market leader among digital banks in the region. The UAE has established itself as a regulatory trailblazer in the crypto space, founding the Virtual Assets Regulatory Authority (VARA) in 2022. The country ranks third globally in crypto adoption, with 27 per cent of residents owning digital assets. Dubai's proactive approach to blockchain regulation and innovation has attracted over 1,000 blockchain firms since 2020, including industry giants like Binance and CoinMENA. Liv's cryptocurrency offering complements this growth by enhancing retail liquidity. According to Chainalysis' Geography of Crypto Report 2024, the UAE experienced a 42 per cent year-on-year growth in crypto transactions, with total transactions amounting to $34 billion between July 2023 and June 2024. Experts suggest that the integration of mainstream banking could further amplify these transaction volumes.
Zawya
07-03-2025
- Business
- Zawya
Emirates NBD enters the digital asset space offering crypto on the Liv X App
Dubai, UAE: Liv, UAE's first and largest digital bank launched by Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has consolidated its position as a pioneer of innovation and excellence with the launch of a cryptocurrency offering within its mobile banking app – Liv X. The new offering has been introduced in partnership with Aquanow, a global virtual asset service provider licensed by VARA. Liv is committed to introducing innovative products to its customers and this new cryptocurrency offering, with crypto infrastructure operated by Aquanow and custody services performed by Zodia Custody, will give users an intuitive experience that is straightforward and efficient to use. Customers will be allowed to buy, sell and trade cryptocurrencies within the Liv X app, whilst also managing their day-to-day finances. Additionally, Liv follows robust security protocols to enable secure transactions, providing further assurance to customers. The UAE continues to see rapid growth in crypto activity, driven by a balance of regulations, and institutional and consumer interest. A survey by the International Financial Group Ltd suggests that UAE residents have been increasingly investing in cryptocurrencies to generate inflation-resistant returns. The report found that one in ten UAE residents displayed an appetite for digital currencies, with Emiratis showing more interest. Between July 2023 and June 2024, a Chainalysis report estimates the UAE received over USD 30 billion in crypto, ranking the country among the top 40 globally in this regard and making it MENA's third-largest crypto economy. Phil Sham, Chief Executive Officer, Aquanow, said: 'We are proud to partner with a storied financial institution in Emirates NBD, and excited to bring our globally deployed crypto solutions to a regional audience. Our partnership is a testament to the UAE's emergence as a global crypto hub and is a leading example of how banks and fintech's can collaborate to develop cutting edge, secure, and seamless product propositions that truly benefit the retail customer. Incumbent institutions like Emirates NBD will play a pivotal role in driving the next wave of digital asset adoption and Aquanow is proud to be the leading crypto provider chosen by financial institutions both here in the GCC and globally.' Liv offers many first-in-the-region products among digital banks, including Money Ahead Deposits which pay interest upfront, Goal Accounts with pre-defined rules that automate savings, Digital Gold Investment Accounts and the recently introduced Cashback Cards offering AED 1,500 per month in rewards are some of the important additions to Liv's product portfolio positioning it ahead of the market. About Emirates NBD Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2024, total assets were AED 997 billion, (equivalent to approx. USD 271 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 848 branches and 4,601 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.87 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water. For further information on Emirates NBD, please contact: Ibrahim Sowaidan Senior Vice President Head - Group Corporate Affairs Emirates NBD Telephone: +971 46094113 / +971 506538937 Email: ibrahims@ Burson Dubai, UAE Telephone: +971 44507600 Email: emiratesnbd@ About Aquanow Aquanow is a leading institutional digital asset platform, powering fast-growing banks, neobanks, brokerages, and payment companies. The company operates technology infrastructure and underwrites billions of dollars in monthly crypto brokerage and payment transactions. Established in 2018, Aquanow employs over 125 team members across offices worldwide. In 2024, for the second consecutive year, Aquanow was recognized on the Deloitte Technology Fast 500 list, achieving a four-year revenue growth rate of 3,022%. For further information on Aquanow, please visit or contact: Luna PR Dubai, UAE Telephone: +971 504239431 Email: shubhi@
