MANTRA, a well-known entity in the MENA region, has taken a significant step forward in the tokenization of real-world assets (RWAs). The platform has recently signed a memorandum of understanding with Zand Bank, a licensed entity under the Central Bank of the United Arab Emirates, to streamline the RWA tokenization process.
The partnership between MANTRA and Zand Bank aims to establish a robust regulatory framework that complies with the Virtual Asset Regulatory Authority of Dubai. MANTRA’s L1 blockchain, which focuses on RWAs, plays a crucial role in simplifying the tokenization process by facilitating the distribution, listing, and identification of real-world assets.
In addition to simplifying tokenization, the partnership will also focus on creating frameworks that support the distribution of RWAs. These frameworks will provide comprehensive instructions and ensure compliance with regulatory standards and investor protection.
The collaboration between MANTRA and Zand Bank aims to promote confidence, trust, and widespread adoption of real-world asset tokenization in the UAE. John Patrick Mullin, CEO of MANTRA, expressed his vision for the partnership, emphasizing the importance of both the exchange and custody of RWAs.
This initiative offers users more transparency, security, and accessibility. The agreement between MANTRA and Zand Bank is a testament to their standing in the Middle East’s digital finance industry. It aims to elevate the position of real-world assets in retail banking services and establish market standards for tokenization procedures.
Michael Chan, CEO of Zand Bank, expressed his excitement about utilizing MANTRA’s blockchain, which is specifically designed for real-world assets. He highlighted the blockchain’s ability to redefine ownership and transaction management, promoting transparency.
Chan also noted that the partnership signifies a significant step forward for Zand Bank, as it combines resilient financial investments with blockchain technology. This integration will provide consumers with better control over their investments, enhanced transparency, and improved security.
