Zand Bank and Mantra Forge Pact to Streamline Real-World Asset Tokenization

Zand Bank PJSC, the United Arab Emirates' (UAE) leading digital bank, and RWA-focused Layer 1 blockchain MANTRA have joined forces to simplify the tokenization of real-world assets (RWAs). This landmark Memorandum of Understanding (MOU) signed between the two entities signifies a significant step towards fostering the adoption of RWA tokenization within the UAE's financial landscape.

The collaboration between Zand Bank and MANTRA will focus on streamlining the entire RWA tokenization process, encompassing identification, listing, and distribution. This includes developing frameworks that adhere to the regulations set forth by the Dubai Virtual Asset Regulatory Authority (VARA). These frameworks will provide clear guidelines for the tokenization of RWAs, ensuring investor protection, compliance with relevant standards, and adherence to regulatory requirements.

By establishing these clear guidelines, the collaboration between Zand Bank and MANTRA aims to cultivate trust and confidence in RWA tokenization throughout the UAE. This, in turn, is expected to pave the way for widespread adoption of this innovative financial tool.

"The agreement between Zand and MANTRA underscores our commitment to being at the forefront of digital finance in the Middle East, " stated John Patrick Mullin, CEO of MANTRA. He further elaborated on the vision behind the collaboration, which is to make the custody and exchange of real-world assets a permanent fixture in retail banking services across the region. Additionally, the agreement aims to set the benchmark for industry standards in RWA tokenization.

Zand Bank, with its focus on digital innovation, is enthusiastic about leveraging MANTRA's purpose-built RWA blockchain technology. Michael Chan, CEO of Zand Bank, expressed his excitement about the collaboration, highlighting its potential to redefine how transactions are conducted and how asset ownership and transparency are managed.

"This collaboration represents a significant step forward in our journey to integrate blockchain technology with our robust financial offerings, " said Chan. "By doing so, we aim to empower our clients with greater control over their investments, enhanced security, and improved clarity into the lifecycle of their transactions. "

The collaboration's objectives extend beyond streamlining operations and fostering trust. It also aims to broaden access to the wider market by simplifying RWA tokenization and ensuring the authenticity and legality of the underlying assets.