Latest news with #VARA-licensed
Al Etihad
02-05-2025
- Business
- Al Etihad
ruya becomes world's first Islamic bank to offer virtual asset investments
2 May 2025 14:19 REDDY (ABU DHABI)ruya, the UAE's digital-first Islamic bank, has become the first Islamic bank globally to allow customers to buy and sell cryptocurrencies directly through its mobile milestone was made possible through a collaboration with Fuze, an Abu Dhabi-based, VARA-licensed virtual asset service provider. In a freewheeling conversation with Aleithad, ruya CEO Christoph Koster explained the mission of the youngest Islamic digital community bank in the country, which was set up as recently as 2024.'ruya combines cutting-edge digital banking with community engagement,' Koster said. 'What that means is we have full digital onboarding and a completely mobile-first banking experience. It's digital native and cloud native, for both individuals and businesses in the country.' 'But we also have physical community centres. The first one is here in Ajman, where our head office and main community centre are located. We're building one in Abu Dhabi as well, and we're looking at a place in Dubai too.'Elaborating on ruya's community concept, Koster said: 'We have this hybrid approach of a 21st-century digital experience — the way it's supposed to be in this day and age — but at the same time, we provide that physical space where people can come and experience the brand, where they can learn about financial literacy. We even have co-working-like spaces. Customers can sit here with us, have a coffee during the day, and get personal advice from real human beings.'He likened ruya's centres to Apple stores, 'You don't go into an Apple store to buy a new phone, right? You go into an Apple store to experience the brand, to experience the products, to ask questions, to learn, to connect with other people — and that's what these community centres are for.''We are transparent, inclusive, and rooted in giving back to our community,' he it comes to cryptocurrencies, Koster said ruya customers can buy and sell approved crypto on the mobile app securely and seamlessly. At the moment, bitcoin and ethereum are available for purchase and sale.'Assets are split between hot wallets (online, 20%) and cold custody (offline, 80%) to ensure liquidity and safety,' he said. Cold custody is handled by Tungsten, a regulated custodian based in Abu Dhabi Global Market (ADGM), while hot wallets are managed using Fireblocks technology, trusted by leading financial institutions.'A closed-loop system means no external wallet deposits or withdrawals, further protecting customers,' Koster the tech partner, executes buy and sell orders and handles custody.'Everything happens inside the ruya app — no external redirection. ruya handles customer onboarding, while Fuze powers the regulated backend. You always stay within the ruya experience, but transactions are executed securely via Fuze,' he the question of Shariah compliance, Koster — a seasoned banker who spent 10 years at Emirates NBD and later helped build investment platforms for the Abu Dhabi government and G42 — said: 'Our Internal Shariah Supervisory Committee has issued a resolution allowing customers to buy and sell virtual assets, including bitcoin, through our platform in partnership with Fuze.'Every asset offered is explicitly reviewed and approved from an ethical Islamic banking perspective. 'We focus on long-term investments, not speculative trading — aligning fully with ethical Islamic finance principles,' he said. 'We operate within a very clear and independently validated ethical Islamic banking framework.'ruya has been expanding its footprint across the UAE. It has welcomed approximately 60,000 customers during its first year of operation. 'At the current growth rate, we are onboarding around 100,000 customers per year. By the second anniversary in 2026, the bank will have well over 160,000 customers,' the CEO about ruya's exposure to the Abu Dhabi market, Koster said almost 25% of its customers are from the capital, the second highest after Dubai. ruya is also building a community centre at Mohammed bin Zayed City in Abu Dhabi, which will be completed by the second half of choice of Ajman as headquarters may appear unconventional, but Koster pointed out: 'An innovation-first approach, strong support from local authorities, combined with community values that match our mission, was what made us choose Ajman.'Regarding ownership, Koster didn't name individuals but noted: 'ruya is privately owned by a group of strategic investors from the UAE. They share a common vision for ethical Islamic digital banking and community development.''We're not affiliated with any other bank or corporate, but stand alone and are fully licensed by the Central Bank of the UAE,' he whether the bank is planning an IPO, Koster said: 'It's too early — our focus right now is on building a strong foundation and delivering value to our customers.' For Koster, a German national who has lived in the UAE for 15 years, ruya is more than a job. 'Leading ruya combines my passion for financial innovation, ethical banking and community impact.'
Zawya
18-02-2025
- Business
- Zawya
HKVAX and Tokinvest announce strategic alliance
Dubai, UAE/Hong Kong — Tokinvest, a leading marketplace for real-world asset tokenisation, and HKVAX, a virtual asset trading platform, have announced a landmark partnership aimed at transforming global digital asset markets. By strategically linking Hong Kong's established financial infrastructure with Dubai's rapidly expanding virtual asset ecosystem, this alliance paves the way for a new era of tokenised investments. This partnership unites two of the world's most dynamic financial centres in their pursuit of digital asset innovation. Hong Kong, Asia's premier financial hub, has long been at the forefront of regulatory advancements in virtual assets. Meanwhile, Dubai has emerged as the Middle East's leading digital asset centre, thanks to its progressive regulatory framework and commitment to blockchain technology. By bringing together HKVAX's SFC-regulated platform in Hong Kong and Tokinvest's VARA-licensed broker-dealer operations in Dubai, this collaboration establishes a cross-regional tokenisation corridor. The alliance will enable seamless token offerings, asset structuring, and secondary market trading, providing institutional investors with greater market accessibility while ensuring regulatory compliance across jurisdictions. A Bridge Between Asia and the Middle East The partnership is set to drive cross-border liquidity, enhance market efficiency, and unlock new investment opportunities in tokenised real-world assets (RWAs), such as real estate, private equity, and alternative assets. In an industry that is still in its early stages, this strategic collaboration marks a significant step towards mainstream adoption of regulated digital asset markets. Industry Leaders on the Partnership "This strategic bridge between Hong Kong and Dubai represents more than just a partnership – it's a gateway to seamless digital asset flows between two of Asia's most dynamic financial centers." said Sam Fok, Co-founder and COO of HKVAX. "Through our collaboration with Tokinvest, we're creating new pathways for institutional investors while upholding the highest regulatory standards in both markets." Scott Thiel, CEO of Tokinvest, added: 'Tokenisation is the future of finance, but to reach its full potential, we need strong regulatory frameworks and seamless market connectivity. This partnership with HKVAX creates a vital link between two global financial powerhouses, enabling investors to access previously untapped opportunities with greater security, liquidity, and efficiency. The future of real-world asset tokenisation is borderless, and this is just the beginning.' About Tokinvest Tokinvest is a regulated, pioneering marketplace that connects real-world asset issuers with investors globally. Our advanced platform simplifies the investment process by creating virtual tokens representing rights to assets and providing comprehensive lifecycle services from ideation to trading to asset servicing. Headquartered in Dubai, we leverage the region's robust regulatory environment to offer all investors access to the most desirable assets. About HKVAX Hong Kong Virtual Asset Exchange (HKVAX) is a virtual asset trading platform licensed by Hong Kong's Securities and Futures Commission under Type 1 (Dealing in securities) and Type 7 (Providing automated trading services), along with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) licence. HKVAX aims to be a key global player in virtual finance, headquartered in Hong Kong. Beyond OTC trading, exchange, and custody services, HKVAX focuses on Security Token Offerings (STO) and Real-World Asset (RWA) tokenization. It combines traditional finance with blockchain technology to serve institutional and professional investors. HKVAX prioritizes security and compliance. It actively cooperates with regulators to promote industry standards and forms strategic alliances with brokers, Money Service Operators (MSOs), Exchange Traded Fund (ETF) issuers, and other platforms to build a compliant virtual asset ecosystem. Through these efforts, HKVAX drives Hong Kong's financial innovation and advances the global virtual asset market.
