Zand Bank PJSC, the digital bank licensed by the Central Bank of the UAE, and Mantra, an RWA-focused Layer 1 blockchain, have signed a Memorandum of Understanding (MOU) to streamline the process of real-world asset tokenization, including the identification, listing, and distribution of RWAs.
According to Industry sources, the partnership between these two entities will also focus on developing frameworks to support the tokenization and distribution of RWA, in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA).ย
Industry sources added further that the frameworks focus on offering clear guidelines for the tokenization of RWAs, ensuring the process adheres to relevant compliance standards, investor protection measures, and regulatory requirements. In doing so, the collaboration seeks to foster trust, confidence, and widespread adoption of RWA tokenization across the UAE.
John Patrick Mullin, CEO of Mantra, stated “The agreement between Zand and MANTRA is a testament to both companies’ position at the vanguard of digital finance in the Middle East. The vision behind the collaboration aims to catapult both the custody and exchange of real-world assets as a permanent fixture in the suite of retail banking services in the region, as well as to establish industry standards for tokenization.”
Michael Chan, CEO of Zand stated “We are excited to leverage MANTRA’s blockchain, which is purpose-built for RWA to redefine the way we transact and manage ownership as well as transparency. This collaboration represents a step forward in our journey to amalgamate blockchain technology with our robust financial offerings to give our clients greater control over their investments, enhanced security, and more clarity into the lifecycle of their transactions. We aim to simplify operations, reinforce trust and authenticity in the assets’ legality, and broaden access to the wider market.”
