A Memorandum of Understanding (MOU) has been struck by MANTRA, a RWA-focused Layer 1 blockchain, and Zand Bank PJSC, a digital bank licensed by the Central Bank of the United Arab Emirates, to expedite the real-world asset tokenization process, which includes RWA identification, listing, and distribution.
In accordance with the guidelines set forth by the Virtual Asset Regulatory Authority of Dubai (VARA), the cooperation between these two organizations will also concentrate on creating frameworks to facilitate the tokenization and distribution of RWA. The frameworks are intended to offer precise guidelines for the tokenization of RWAs, guaranteeing that the procedure complies with pertinent regulatory regulations, investor protection measures, and compliance standards. By doing this, the partnership hopes to promote confidence, trust, and the broad use of RWA tokenization throughout the United Arab Emirates.
John Patrick Mullin, CEO of MANTRA stated:
“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.”
Michael Chan, CEO of Zand stated:
“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.”
