Latest news with #VARA-regulated
Zawya
14-04-2025
- Business
- Zawya
Relm Insurance and Liva Insurance obtain Central Bank Approval in the UAE for Web3 Insurance Solutions
Through this partnership Liva and Relm aim to cater to businesses in high-growth innovative sectors often not covered by traditional insurance products and providers Regulatory approval for SIGMAWEB3 reinforces commitment to digital asset innovation in the UAE and potentially setting the base for further expansion in the region SIGMAWEB3 designed specifically for organisations developing or utilising blockchain technologies Dubai, United Arab Emirates: Relm Insurance - the only insurer dedicated to emerging sectors - and Liva Insurance, a leading insurance provider operating across the GCC, today announced UAE Central Bank approval for their dedicated multi-line insurance solution for WEB3 businesses - SIGMA WEB3, and its tailored version for VARA-regulated companies, SIGMA WEB3 VARA. This milestone follows the signing of Relm and Liva's strategic partnership in February 2025, aimed at empowering innovation and entrepreneurship in emerging sectors such as digital assets, biotech and AI. The UAE Central Bank approval reinforces Relm and Liva's commitment to deliver tailored insurance solutions that address the unique and complex needs of tech companies in the region. These businesses often struggle to get the right insurance due to a lack of understanding of their industries' rapidly evolving landscape. SIGMAWEB3 and SIGMAWEB3 VARA will help create the confidence and resiliency that WEB3 innovators require to tackle complex challenges and seize new opportunities, while meeting the necessary regulatory requirements. Both products are designed specifically for digital asset companies, blockchain startups, crypto exchanges, and fintech innovators, addressing the unique and complex financial, professional, crime, and cyber exposures inherent in their operations. SIGMA WEB3 VARA is specifically tailored to meet the requirements of Dubai's Virtual Asset Regulatory Authority (VARA), ensuring that crypto companies can operate with compliant insurance cover. 'Securing Central Bank approval for SIGMA WEB3 and SIGMA WEB3 VARA is a significant step for brokers and clients in the UAE. This milestone facilitates more comprehensive coverage tailored to the unique risks of the Web3 space. By closing the insurance gap, we're empowering businesses with the protection they need to innovate confidently in a rapidly evolving market' said Joseph Ziolkowski, CEO of Relm Insurance. "SIGMA WEB3 and SIGMA WEB3 VARA represent a significant step in our commitment to supporting growth and evolution of innovation within the insurance industry. This approval from Central Bank affirms both Liva Group's deep market insight and Relm's expertise in specialised insurance as well as reinforcing the vital role that regulatory collaboration plays in fostering a secure and thriving digital economy. Together, we aim to provide customers with solutions that meet their evolving needs, while strengthening our commitment to scale and diversify our business." Martin Rueegg, Group CEO of Liva Group. The approval recognises Relm and Liva's leadership in Web3 insurance and highlights the increasing regulatory acceptance of innovative insurance solutions. About Relm Insurance Relm Insurance Ltd. (Relm) is a Bermuda-domiciled specialty insurance carrier that supports emerging industries driving innovation and next-generation technologies. Launched in 2019, Relm offers a wide range of insurance products to high-growth markets, including digital assets, blockchain, AI, biotech, and the space economy. With a Financial Stability Rating of 'A, Exceptional' from Demotech, Relm is widely recognised for its industry expertise and solutions-driven approach, making it a trusted risk partner for businesses operating at the frontier of technological innovation. About Liva Group Liva is an insurance group operating across the GCC, founded on the belief that insurance is a pillar that supports both personal and professional lives. As one of the pioneering insurance players in the region, Liva's team of 1,200 employees is dedicated to offering products and services centred on customer needs, empowering individuals, businesses, and communities to thrive. Serving more than 1.5 million customers, Liva has a strong and growing presence in Oman, the United Arab Emirates, Kingdom of Saudi Arabia, Kuwait, and Bahrain across motor, home travel, health, life, and commercial insurance, as well owning subsidiaries such as NSSPL (India) and Inayah TPA (UAE), supporting its long-term strategy to scale and diversify the business. The word "Liva" signifies "protection" or "life', reflecting the Group's commitment to protecting what matters most to its people, its partners, and, most of all, its customers.
Gulf Business
14-04-2025
- Business
- Gulf Business
Standard Chartered, OKX roll out crypto collateral pilot in Dubai
Image credit: Getty Images Banking giant Standard Chartered and global crypto exchange OKX have launched a pilot programme in Dubai that could reshape how institutional investors trade digital assets. The new collateral mirroring programme allows institutions to use cryptocurrencies and tokenised money market funds as collateral for trading, without moving those assets onto an exchange. This reduces counterparty risk, a major concern in the crypto world, and enhances capital efficiency for large investors. It's the first such initiative to bring together a major global bank, a regulated crypto platform and a traditional asset manager to support secure crypto trading for institutions. The pilot is being rolled out under the regulatory oversight of Dubai's Virtual Asset Regulatory Authority (VARA), making it one of the most prominent real-world implementations of regulated digital finance in the region. Hong Fang, president of OKX, summed it up:'As the digital assets ecosystem becomes more ingrained within traditional finance, we strive to both drive growth and safeguard client assets in the most capital efficient manner. By leveraging Standard Chartered's position as a top custodian globally, as well as OKX's market leadership in cryptocurrency trading, the partnership sets an industry standard for current and potential institutional clients to deploy trading capital at scale in a trusted environment.' Using crypto as collateral Under the programme, Standard Chartered acts as the regulated custodian. The bank holds the collateral securely in the Dubai International Financial Centre (DIFC), while OKX facilitates trading activity through its VARA-regulated entity. Speaking about the launch, Margaret Harwood-Jones, global head of financing and securities services at Standard Chartered, said: 'We understand the critical importance of robust and secure custody solutions, especially in the evolving digital asset landscape, and our collaboration with OKX to enable the use of cryptocurrencies and tokenised money market funds as collateral represents a significant step forward in providing institutional clients with the confidence and efficiency they need.' She added that the bank is 'ensuring the highest standards of security and regulatory compliance, fostering greater trust in the digital asset ecosystem.' Backed by Franklin Templeton, Brevan Howard Digital One of the major components of the pilot is the inclusion of tokenised money market funds provided by Franklin Templeton, a traditional asset management giant with $1.58tn in assets under management. Roger Bayston, head of digital assets at Franklin Templeton, said: 'By ensuring assets are minted on-chain, we enable true ownership, allowing them to move and settle at blockchain speed – eliminating the need for traditional infrastructure.' This effectively turns traditional, low-risk financial products such as money market funds into on-chain assets that can be integrated into digital finance workflows. Also onboard is Brevan Howard Digital, the crypto arm of the global hedge fund. The firm is among the first institutional players to participate. Ryan Taylor, group head of compliance at Brevan Howard and CAO of Brevan Howard Digital, said: 'This programme is the latest example of the continued innovation and institutionalisation of the industry. As a significant investor in the digital assets space, we are thrilled to partner with industry leaders to further grow and evolve the crypto ecosystem globally.'
