This article has been republished with permission from Binance News.
According to Bitcoin.com: Delaware-based start-up Fluent Finance, established in 2020 with the vision to bridge the gap between banking and Web3, has announced its partnership with the Ministry of Economy of the United Arab Emirates (UAE) to develop technology based on deposit tokens. The partnership comes as part of the Nextgen FDI program, an initiative designed to empower digital businesses to launch and scale their operations from the UAE.
Fluent Finance, set to establish operations in Abu Dhabi, plans to extend its workforce to over 100 jobs. The company aims to launch its interconnection solution, the Fluent Economic Bridge, in the UAE and gather feedback from local banks and regulators. The solution leverages deposit tokens and blockchain tech to facilitate cross-border settlements. Deposit tokens, backed directly by bank deposits, aim to bring security and predictability to transactions.
The platform has already seen trial runs in Kenya, and Fluent Finance now seeks to establish a digital corridor with UAE-based organizations.
This strategic move reflects the work the UAE has undertaken to position itself as a hub for Web3 and blockchain innovations, offering a supportive regulatory framework and initiatives like the Nextgen FDI program. Notably, the UAE has been lauded as an advocate for the modernization of the multilateral trading system and offers an environment conducive to the growth of Web3 ventures.