Fluent Finance, a US-based startup, is collaborating with the UAE Ministry of Economy to create deposit token-based technology. This initiative aims to facilitate cross-border settlements using deposit tokens and blockchain tech. Learn more about this partnership and the UAE’s Web3-friendly regulatory framework.
Fluent Finance, a startup from Delaware founded in 2020, is making strides in the world of banking and Web3 connectivity. They’ve recently announced a partnership with the Ministry of Economy of the United Arab Emirates (UAE) to develop deposit token-based technology. Under the Nextgen FDI program, designed to empower digital businesses, Fluent Finance is expanding its operations to Abu Dhabi, with plans to create more than 100 jobs.
This move, which was unveiled in July, is significant. Fluent Finance aims to launch its interconnection solution, known as the Fluent Economic Bridge, from the UAE. This solution is designed to enable cross-border settlements through the use of deposit tokens and blockchain technology. Deposit tokens are directly backed by banking deposits, enhancing the safety and predictability of such transactions.
Notably, the platform is already undergoing testing in Kenya, and Fluent Finance aspires to establish a digital corridor in collaboration with UAE institutions.
The UAE’s Web3-friendly regulatory framework, along with initiatives like Nextgen FDI, make it an ideal destination for Fluent Finance’s settlement solution. The supportive environment, forward-looking vision, and advanced tech ambitions in the UAE offer an ideal foundation for product development and organizational growth.