Singapore-backed blockchain platform, dltledgers, has launched in MENA (Middle East and North Africa). The company supports regular trades flowing into, out of, or through the region, so the company’s executive team has picked Dubai as its first strategic location there. More may follow, with advanced commercial conversations already underway in several of the nearby trading hubs. Building a physical presence in MENA is proof of dltledgers’ commitment to be a truly global platform for cross-border trade digitization.
Since its inception in late 2017, dltledgers has grown into one of Southeast Asia’s leading enterprise blockchain platforms. Customers have executed nearly $3 billion worth of live trade transactions via the platform, supported by 45+ banks and 4500 other ecosystem partners. Blockchain is perhaps best known as the software behind cryptocurrencies like Bitcoin, but enterprise adoption of the underlying technology is still relatively nascent. dltledgers is at the forefront of those trying to change that. The company’s 400-strong list of customers includes large trading firms, multinationals, global supply chain firms, natural resources firms, and international banks.
Now, dltledgers aims to replicate its Southeast Asian success across the Middle East and Africa. To do so, it is leveraging assistance from the Singapore government. The “island nation” has, for some time, positioned itself as a global tech hub, with particular emphasis on fintech (financial technology). dltledgers benefits from support from two of its most active agencies: Enterprise Singapore, which champions enterprise development, and the Infocomm Media Development Authority (IMDA), which is mandated to boost technology, IP, and innovation capabilities in the city-state. The approach is already bearing fruit. dltledgers recently partnered with ADGM, one of MENA’s most progressive financial centres, to obtain commercial license to operate in the region.
Going forward, dltledgers is focused on scale. From its office in Dubai, the most populous city in the United Arab Emirates (UAE), it will support key customers and partners like IFFCO, ETG, RAK Ceramics, ADCB, and Standard Chartered Bank, which are already on the platform, as well as onboarding an expanding pipeline of new businesses. Dubai itself has a forward-thinking blockchain strategy. It aspires to digitize 50% of its government transactions by next year, saving 25.1 million hours of manual work. This is clearly an appropriate headquarters for dltledgers, which will support trade digitization both locally and with neighbouring regions and trading partners. The company’s short-term objective is to digitize 2% of cross-border trades in MENA by 2022.
Samir Neji, CEO at dltledgers stated, “Entering UAE has been critical for us as we aim to expand operations globally. It is home to the region’s most progressive institutions and was first on our radar. We are grateful to both our facilitators – EnterpriseSG and ADGM – which have helped us achieve this dream. I firmly believe with our expertise and resources, we will be able to deliver blockchain within the region, and with it, the digitization of crucial trade flows. I’m excited that dltledgers has been chosen as a preferred partner”.
Satvinder Singh, Assistant Chief Executive Officer at EnterpriseSG, added, “dltledgers is one of Singapore’s most exciting blockchain businesses. We are committed to advancing the reach of Singapore FinTech across the globe, and we’re delighted to see its adoption in the MENA region in partnership with ADGM”.