Zand Bank and MANTRA join forces to transform realworld asset tokenization
Zand Bank PJSC, an innovative digital banking institution authorized by the Central Bank of the United Arab Emirates (UAE), has recently entered into a Memorandum of Understanding (MOU) with MANTRA, a cutting-edge blockchain platform specializing in real-world assets (RWAs), as per the latest details shared with Finbold on June 5.
The primary objective of this collaboration is to simplify the process of asset tokenization, which involves the identification, listing, and distribution of RWAs.
According to MANTRA CEO John Patrick Mullin, this partnership signifies the commitment of both entities to the Middle Eastern market:
“The agreement between Zand and MANTRA showcases the leading position of both companies in the realm of digital finance in the Middle East. The shared vision behind this collaboration aims to elevate both the custody and exchange of real-world assets to a permanent status within the suite of retail banking services in the region, while setting industry benchmarks for tokenization.”
– MANTRA CEO John Patrick Mullin
RWA tokenization in the UAE
Furthermore, the partnership will concentrate on establishing frameworks to support the tokenization and distribution of RWAs, ensuring adherence to the regulations set by the Virtual Asset Regulatory Authority of Dubai (VARA).
These frameworks have been meticulously designed to offer clear guidelines for tokenization, guarantee compliance with regulatory standards, implement investor protection measures, and adhere to regulatory requirements.
Expressing his enthusiasm for the opportunity to utilize MANTRA’s blockchain technology, Michael Chan, CEO of Zand, stated:
“We are thrilled to harness the power of MANTRA’s blockchain, specifically designed for RWAs, to revolutionize the way we conduct transactions and manage ownership with transparency. This collaboration marks a significant step in our efforts to integrate blockchain technology with our comprehensive financial services, empowering our clients with greater control over their investments, enhanced security, and increased clarity into the lifecycle of their transactions. Our goal is to simplify operations, strengthen trust and authenticity in the legality of assets, and expand access to a broader market.”
– Michael Chan, CEO of Zand
This partnership underscores the innovative strides being taken in the financial sector of the UAE, positioning Zand Bank and MANTRA as trailblazers in merging traditional banking practices with advanced blockchain technology.
The ultimate aim is to cultivate trust, confidence, and widespread adoption of RWA tokenization throughout the UAE.
