3 December 2024, Tue |
9:39 PM
Fluent Finance, a blockchain company based in the United States, is taking the lead in driving digital transformation in the Middle East and Africa (MEA) region. The company specializes in deposit token infrastructure and has developed a stablecoin with low counterparty risk. It recently announced its expansion into the MEA region by establishing operations in Abu Dhabi, with the full support of the UAE Ministry of Economy. This move reflects Fluent Finance’s commitment to revolutionizing trade finance and cross-border payments, aligning with the UAE’s ambitious vision of becoming a global hub for digital innovation.
Bradley Allgood, the CEO of Fluent Finance, is a recognized expert in establishing special economic zones and has spearheaded this strategic initiative. Over the past two years, Allgood thoroughly evaluated various jurisdictions worldwide before selecting the UAE as the ideal location for Fluent Finance’s expansion. He has actively contributed his insights to multiple roundtable discussions organized by Hub71, aiming to optimize the regulatory sandbox for global trade finance and payment infrastructure.
Allgood acknowledges the UAE’s position as a global leader in digital assets due to its special economic zone initiatives, forward-thinking regulations, and strategic Memorandums of Understanding (MoUs) for global trade expansion. Fluent Finance utilizes Corda by R3 as its enterprise layer to introduce CBDC-compatible deposit token infrastructure for borderless payments, which complements the UAE’s pioneering efforts in digital transformation.
Deposit tokens, a novel form of digital assets, offer an innovative alternative to traditional stablecoins. Unlike stablecoins that are tied to fiat currencies, deposit tokens are backed by actual deposits issued by banks. This provides users with enhanced transparency, security, and stability.
The recent signing of MoUs between the UAE and global partners such as India and China signifies a significant milestone in fostering closer financial relationships between nations. These MoUs encompass bilateral trade worth over $100 billion and emphasize the use of new technologies and settlement with digital currency. Deposit tokens issued by commercial banks are expected to serve as a borderless link to accelerate trade settlement with CBDCs.
Fluent Finance’s newly established entity in the UAE, called Fluent Economic Bridge, will focus on deposit token infrastructure to facilitate cost-effective and borderless trade finance between Abu Dhabi banks and global markets. The company is currently in the process of obtaining a trade license from the Abu Dhabi Global Market (ADGM), which is integral to its mission of providing reliable digital asset services to its UAE partners and the global trade community.
As part of its expansion into the region, Fluent Finance is receiving support from the office of the Ministry of Economy, further strengthening its relationship with regulators and leaders in the region. This collaboration aims to unveil innovative solutions for cross-border payments.
“I am eager to witness deposit tokens enhancing trade in developing regions. With transparent and borderless settlement accessible to any wallet worldwide, those most affected by war or climate change can receive immediate aid delivery around the clock, any day of the year,” expresses Allgood.
