Zand Bank signs MoU with MANTRA

Inayat-Ur-Rahman, Business Editor

The collaboration between these two entities will also focus on developing frameworks to support tokenisation and distribution of RWA, in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA). The frameworks aim to provide 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 tokenisation across the UAE.

“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,” stated John Patrick Mullin, CEO of MANTRA.

Michael Chan, CEO of Zand, “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.”