Zand Bank and MANTRA collaborate to transform tokenization of realworld assets
Zand Bank PJSC, a digital bank authorized by the Central Bank of the United Arab Emirates (UAE), has recently entered into a Memorandum of Understanding (MOU) with MANTRA, a blockchain platform focused on real-world assets (RWAs), according to the latest information provided to Finbold on June 5.
The objective of this partnership is to streamline the process of asset tokenization, including the identification, listing, and distribution of RWAs.
MANTRA CEO John Patrick Mullin stated that this agreement demonstrates the commitment of both parties to the Middle Eastern market. He said, “The agreement between Zand and MANTRA is a testament to both companies’ position at the forefront of digital finance in the Middle East. The collaboration aims to establish both custody and exchange of real-world assets as a permanent feature in the suite of retail banking services in the region, while also setting industry standards for tokenization.”
In addition, the collaboration will focus on developing frameworks to support the tokenization and distribution of RWAs in compliance with the Virtual Asset Regulatory Authority of Dubai (VARA). These frameworks will provide clear guidelines for tokenization, ensuring compliance with regulatory requirements and investor protection measures.
Michael Chan, CEO of Zand, expressed his enthusiasm for the opportunity to utilize MANTRA’s blockchain technology, stating, “We are excited to leverage MANTRA’s blockchain, which is specifically designed for RWAs, to redefine the way we transact and manage ownership with enhanced transparency. This collaboration represents a step forward in our journey to integrate blockchain technology with our robust financial offerings, giving our clients greater control over their investments, enhanced security, and more visibility into the lifecycle of their transactions. Our aim is to simplify operations, strengthen trust and authenticity in the legality of assets, and expand access to the broader market.”
This partnership highlights the innovative strides being made in the UAE’s financial sector, positioning Zand Bank and MANTRA as pioneers in combining traditional banking with cutting-edge blockchain technology. The ultimate goal is to build trust, confidence, and widespread adoption of RWA tokenization throughout the UAE.