Fluent Finance Joins Forces with UAE to Transform Banking and Web3

Fluent Finance Joins Forces with UAE to Transform Banking and Web3 

Fluent Finance, the US-based startup is on a mission to transform banking and Web3, joining forces with the Ministry of Economy in the United Arab Emirates (UAE) to pioneer exciting deposit token-based technology. This tech-savvy company, making the most of the NextGen FDI growth program, is setting its sights on Abu Dhabi. 

Fluent Finance to Pioneer Deposit Tokens and Stablecoin Tech in UAE

The Delaware-based startup, Fluent Finance was established in 2020 and is all about connecting traditional banking with the world of Web3. The company has announced plans to set up shop in the United Arab Emirates (UAE) thanks to the NextGen FDI program, an initiative designed to equip digital businesses with the perfect tools for growth on UAE soil.

The startup announced its plans to launch the interconnection solution in July, known as the Fluent Economic Bridge, from the UAE territory to gather valuable feedback from local banks and regulators. The primary objective of the Fluent Economic Bridge is to enable seamless cross-border settlements using deposit tokens and blockchain technology. The deposit tokens are backed by deposits, ensuring the safety and predictability of the transfers.

While their groundbreaking platform is already on a test flight in Kenya, Fluent Finance has plans to build a digital corridor with UAE institutions. 

UAE's Regulatory Web3-Friendly Push

The UAE has a regulatory framework that's about as Web3-friendly as it gets. Programs like NextGen FDI make it an inviting haven for startups. Bradley Allgood, Fluent Finance's Chief Executive Officer, couldn't be happier, calling the UAE the "obvious" choice for launching their settlement solution.

According to Allgood, "The UAE offers exactly the kind of supportive, enabling environment that Web3 companies such as Fluent require. The combination of thoughtful regulation, forward-looking vision, and advanced technology ambitions means we have the right foundations on which to develop our product and grow our organization."

Thani Al Zeyoudi, the Minister of State for Foreign Trade, has described the move as the culmination of the UAE's relentless efforts to establish itself as a Web3 and blockchain hotspot. He highlights the UAE's dedication to modernizing global trade and fostering the development of tools and applications to make it all happen. He is also optimistic about how digital currencies could improve the efficiency and accessibility of global supply chains.

What is your take on the UAE’s NextGen FDI program and Fluent Finance? Please share your thoughts and opinions in the comments section below.

Image source: Shutterstock