MANTRA, a well-known entity in the MENA region, has taken a significant step forward in the tokenization of real-world assets (RWAs). The platform recently announced the signing of a memorandum of understanding with Zand Bank, a licensed entity under the Central Bank of the United Arab Emirates. The purpose of this partnership is to streamline the process of tokenizing RWAs.
The collaboration between MANTRA and Zand Bank aims to establish a robust regulatory framework in compliance with the Virtual Asset Regulatory Authority of Dubai. MANTRA’s L1 blockchain, with a focus on RWAs, is at the forefront of simplifying the tokenization process. This includes the distribution, listing, and identification of real-world assets.
The partnership will also focus on creating frameworks to support the distribution of RWAs, providing comprehensive guidelines for tokenization that adhere to compliance standards and regulatory requirements, ensuring investor protection.
The goal of this collaboration is to build confidence, trust, and promote widespread adoption of RWA tokenization in the UAE. John Patrick Mullin, CEO of MANTRA, highlighted that the partnership aims to facilitate the exchange and custody of RWAs.
The initiative is expected to bring more transparency, security, and accessibility to users, according to executives from both companies. The agreement between MANTRA and Zand Bank underscores their leadership in digital finance in the Middle East, elevating the position of real-world assets in retail banking services and setting market standards for tokenization procedures.
Zand Bank’s CEO, Michael Chan, expressed excitement about leveraging MANTRA’s blockchain, specifically designed for RWAs. The blockchain technology redefines ownership and transaction management of RWAs, offering transparency.
Chan emphasized that the partnership represents a significant step in the company’s evolution, combining financial investments with blockchain technology to empower consumers with greater control, transparency, and security over their investments.