MANTRA, a well-known entity in the MENA region, has taken a significant step forward in the tokenization of RWAs. The platform has recently entered into a memorandum of understanding with Zand Bank, a licensed entity under the Central Bank of the United Arab Emirates. This strategic move aims to streamline the process of tokenizing real-world assets.
The partnership between MANTRA and Zand Bank is expected to establish a robust regulatory framework in line with the Virtual Asset Regulatory Authority of Dubai. MANTRA’s L1 blockchain technology will play a crucial role in simplifying the tokenization process for RWAs, including their distribution, listing, and identification.
The collaboration will focus on creating frameworks to support the distribution of RWAs, providing comprehensive guidelines for tokenization while ensuring compliance with regulatory standards and investor protection. The goal is to promote confidence, trust, and widespread adoption of real-world asset tokenization in the UAE.
John Patrick Mullin, CEO of MANTRA, expressed his vision for the partnership, emphasizing the importance of facilitating the exchange and custody of RWAs. The initiative aims to offer users more transparency, security, and accessibility.
The agreement between MANTRA and Zand Bank signifies their leadership in the digital finance sector in the Middle East, aiming to elevate the position of real-world assets in retail banking services and establish market standards for tokenization procedures. Zand Bank’s CEO, Michael Chan, highlighted the platform’s excitement to leverage MANTRA’s blockchain technology, designed specifically for real-world assets to redefine ownership management and transactions with transparency.
Chan further mentioned that the partnership represents a significant step forward in the company’s development, combining financial investments with blockchain technology to empower consumers with greater control, enhanced transparency, and security.