Zand Bank and MANTRA partner to revolutionize real-world asset tokenization
Zand Bank PJSC, a digital bank licensed by the Central Bank of the United Arab Emirates (UAE), has signed a Memorandum of Understanding (MOU) with MANTRA, a blockchain platform focused on real-world assets (RWAs), as per the latest info shared with Finbold on June 5.
The partnership aims to streamline the process of asset tokenization, encompassing identification, listing, and distribution of RWAs.
As MANTRA CEO John Patrick Mullin has said, the agreement is a testament to both sides’ dedication to the Middle Eastern market:
RWA tokenization across in the UAE
The collaboration will also focus on developing frameworks to support the tokenization and distribution of RWAs, ensuring compliance with the Virtual Asset Regulatory Authority of Dubai (VARA).
These frameworks are designed to provide clear guidelines for tokenization and ensure adherence to compliance standards, investor protection measures, and regulatory requirements.
Michael Chan, CEO of Zand, expressed his excitement for the opportunity to leverage MANTRA’s blockchain, stating:
The partnership underscores the innovative steps being taken in the UAE’s financial sector, positioning Zand Bank and MANTRA as pioneers in merging traditional banking with cutting-edge blockchain technology.
The overarching goal is to foster trust, confidence, and widespread adoption of RWA tokenization across the UAE.
