MANTRA, a well-known entity in the MENA region, has taken a significant step forward in the tokenization of RWAs. The platform has recently entered into a memorandum of understanding with Zand Bank, a licensed entity under the Central Bank of the United Arab Emirates. This strategic move is aimed at simplifying the process of tokenizing real-world assets.
The partnership between MANTRA and Zand Bank is expected to establish a robust regulatory framework in line with the Virtual Asset Regulatory Authority of Dubai. MANTRA’s latest development, focused on RWAs on its L1 blockchain, aims to streamline the tokenization process by addressing the distribution, listing, and identification of real-world assets.
In addition, the collaboration between the two platforms will focus on creating frameworks to support the distribution of RWAs. These frameworks will provide detailed guidelines for RWA tokenization to ensure compliance with regulatory standards and investor protection. The partnership seeks to build confidence and promote widespread adoption of real-world asset tokenization in the UAE.
John Patrick Mullin, CEO of MANTRA, emphasized that the partnership aims to facilitate the exchange and custody of RWAs. The initiative is expected to offer users more transparency, security, and accessibility in their transactions.
The agreement between MANTRA and Zand Bank reflects their strong presence in the digital finance sector in the Middle East. The development aims to enhance the role of real-world assets in retail banking services in the region and set market standards for tokenization procedures.
Michael Chan, CEO of Zand Bank, expressed excitement about leveraging MANTRA’s blockchain technology specifically designed for real-world assets. He highlighted that the blockchain platform redefines ownership and transaction management of RWAs with transparency.
Chan noted that the partnership signifies a significant step in the company’s growth, combining financial investments with blockchain technology to empower consumers with better control over their investments and increased transparency and security.