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UAE based FiveICap to launch first of its kind Blockchain payments solution in GCC

FiveICap with headquarters in UK and UAE is building a solution on stellar and Ethereum platform

UNLOCK interviewed Mr. Alexander Lubin, Executive Director Five Islands Capital (FiveICap) to discuss their entrance into the UAE and what they dub as the outrageously innovative blockchain payments solution embedding regulation, data integrity and security as a core foundation that they will be launching in the MENA region and globally soon. The solution uses both Stellar and Ethereum platforms. The solution is set to be launched in Q2/early Q3 of 2020.

So first who is FiveICap? It is a company set to deliver cutting edge technology systems with headquarters in London and Abu Dhabi, UAE. It is affiliated with the Lubin family offices originally based in Zurich that dates back to the 1990s.

FiveICap has developed a fully integrated blockchain based payments platform utilizing both Steller and Ethereum based protocol that embeds regulation, data integrity, and security as a core foundation. As Lubin explained, “We are all bankers, so we don’t touch crypto but we do believe that blockchain technology and tokenization will disrupt the industry.

In terms of licenses and regulatory compliance, Lubin states, “We’re replicating our regulatory strategy in Europe in the ADGM (Abu Dhabi Global Market)  in UAE.” Our technology platform and regulatory infrastructure will provide access to markets to the masses that are currently underserved through a simple, secure and trusted platform.

According to Lubin, FiveICap was keen on having a presence in the UAE given the huge push for blockchain initiatives in the UAE and the region. He explains, “With the investment and governmental initiatives being implemented in the region, it allows us to move forward with propriety technology easily. Our main goal is to be able to implement blockchain systems into existing infrastructure allowing entities to benefit from blockchain without losing previous investments made in legacy systems. Our goal is to make sure that new systems are compliant and meet regulatory requisites whilst keeping up with innovation.”

Lubin explains, “Our solutions cater to the banking sector, payment and money transfer sectors. We also have a retail product that will be launched in Europe for digitization of assets, a B2C consumer secure payments product that allows people to access services and products otherwise in accessible before. This will be the first of its kind product to be launched globally, and will be so simple, utilizing three click technology. People won’t and don’t need to know they are using blockchain in the backend. We will be launching it in Europe and will have distribution partners in the UAE.”

FiveICap used the Ethereum protocol as well as Stellar in its solutions. When we asked Lubin why Ethereum he says, “95 percent of most platforms built have been built on Ethereum which is tried and tested and has proven to have robust security, while Stellar is Shariaa Compliant which is important if you are to offer solutions in the region.” In addition today Ethereum can be used as both public and private blockchain platform depending on client needs and wants.

FiveICap has brought together a strong team within the UAE that include names such as Jamal Al Ramahi who has 25 years’ experience at senior executive level in a number of AbuDhabi’s most important institutions, including the Supreme Petroleum Council, and ADNOC as well as Borouge Petrochemical, in addition to Dr Hamed bin Mohamed Khalifa Al Suwaidi who has previously held positions such as CEO (Middle East & Africa) National Bank of Abu Dhabi. Dr. Hamed will be taking over the reins of the UAE division. He is also the founder of the Abu Dhabi Arts Society (ADAS) and the Al Suwaidi Foundation (ASF).

As for other products, FiveICap has integrated a payment processing solution for fraud mitigation which uses tokenization to enable transfer of value whilst protecting the fiat currency itself. Lubin explains, “We have developed this solution to mitigate chargeback enhance consumer protection and enable financial institutions to manage their risk portfolios. This enhances transparency and integrates into existing legacy systems with minimum disruption. It is all about creating an ecosystem, embracing new technology whilst respecting and understanding the intricacies of implementation and preservation of capital.

When asked what sets their solutions apart from others in the blockchain payments scene, Lubin replies, “We as a group of experts understand the entire value chain, not just the payments space but cyber security, financial crime, AML etc which allows us to plan ahead. Our expertise in compliance and IT implementation is what will allow us to make a huge leap forward in the B2C & B2B (Business to Consumer) blockchain space, our products are game changing and truly revolutionary.”



Lara Abdul Malak

Lara has been a journalist and writer in the technology field since her graduation from AUB majoring in political science. She has had career in corporation communications in the telecom sector and was part of the launch of first 3G network in the GCC and MENA region. Since her return to journalism she has been focused with passion on blockchain, tokenization, crypto focusing on the GCC and MENA region.

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