Fluent Finance, a US-based startup that aims to bridge banking and Web3, has announced that it will partner with the Ministry of Economy of the United Arab Emirates (UAE) to develop deposit token-based tech. The company, which takes advantage of the Nextgen FDI growth program, will open operations in Abu Dhabi, planning to grow its headcount to over 100 jobs.
Fluent Finance to Develop Stablecoin and Deposit Token Tech in UAE
Fluent Finance, a Delaware-based startup founded in 2020 that designs banking and Web3 interconnection solutions, has announced it is landing in the United Arab Emirates (UAE) under the Nextgen FDI program, an initiative that provides digital businesses with the tools necessary to launch operations and scale from UAE soil.
The startup, which announced this move in July, plans to launch its interconnection solution, dubbed the Fluent Economic Bridge, from UAE territory to get feedback from banks and regulators in the region. The Fluent Economic Bridge aims to facilitate cross-border settlements using deposit tokens and blockchain tech. Deposit tokens are directly backed by banking deposits, supposedly bringing safety and predictability to these transfers.
The platform is already being piloted in Kenya, and Fluent Finance aims to develop a digital corridor with UAE institutions.
UAE and Its Digital Asset Push
The UAE has a Web3-friendly regulatory framework which sets it apart from other countries, supporting startups that want to settle in the country with programs like Nextgen FDI. Bradley Allgood, Fluent Finance’s Chief Executive Officer, said that the UAE was the “obvious” location to launch their settlement solution.
Allgood detailed:
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, Minister of State for Foreign Trade, stated that this move represents the results of all the work that the UAE has been doing to present itself as a Web3 and blockchain hub.
Al Zeyoudi declared that the UAE has become “a prominent advocate for the modernization of the multilateral trading system, as well as a supportive place for the development of the tools and applications that can deliver it.”
Also, he stressed that digital currencies have “the potential to improve the efficiency and accessibility of global supply chains.”
What do you think about the UAE’s Nextgen FDI program and Fluent Finance? Tell us in the comments section below.
