MANTRA, a well-known entity in the MENA region, has taken a significant step in the tokenization of RWAs. Reportedly, the platform has entered into a memorandum of understanding with Zand Bank, a licensed entity under the Central Bank of the United Arab Emirates. This move aims to streamline the process of tokenizing real-world assets.
MANTRA and Zand Bank Collaborate to Facilitate RWA Tokenization
The partnership between the two entities is expected to establish a robust regulatory framework in compliance with the Virtual Asset Regulatory Authority of Dubai. The focus of MANTRA’s L1 blockchain on RWAs is set to simplify the tokenization process by addressing the distribution, listing, and identification of real-world assets.
The collaboration will also focus on developing frameworks to support the distribution of RWAs, providing detailed guidelines for tokenization to ensure compliance with regulatory standards and investor protection. By promoting confidence and trust, the partnership aims to drive widespread adoption of real-world asset tokenization in the UAE. John Patrick Mullin, CEO of MANTRA, emphasized the vision behind the partnership, emphasizing the importance of both the exchange and custody of RWAs.
The Initiative Promises Increased Transparency, Security, and Accessibility for Users, Executives Say
The recent agreement between the two companies highlights their standing in the digital finance landscape of the Middle East. The focus is on enhancing the role of real-world assets in retail banking services within the region and setting market standards for tokenization procedures.
Michael Chan, CEO of Zand, expressed excitement about leveraging MANTRA’s blockchain, designed specifically for real-world assets. The platform aims to redefine the management of ownership and transactions of RWAs with transparency. Chan noted that the partnership marks a significant step in the company’s evolution, combining financial investments with blockchain technology to empower consumers with greater control over investments, as well as improved transparency and security.