The newly-founded fintech company Jibrel Network has signed a Memorandum of Understanding with the Dubai-based blockchain startup ArabianChain to provide technical consultancy services.
Founded earlier this year, the jibrel network allows clients to digitize, list, trade, and sell currencies, bonds, and other traditional assets on chain. By this, the decentralized autonomous organizations can diversify their cryptoholdings into more stable assets. ArabianChain, founded in UAE and operating in Saudi Arabia and Kuwait, allows governments and businesses to build their transactions and contracts on its blockchain platform.
As stipulated in the agreement, Jibrel will support the ArabianChain’s operations in the financial services sector. Although Jibrel is a young company, its team has over 30 years of experience in financial securities and management consulting. It would provide technical advisory services to ArabianChain.
According to the ArabianChain founder and CEO Mohammed Alsehli, the partnership with Jibrel network will accelerate the adoption of its blockchain contract platform in the MENA region. Alsehli was convinced that the blockchain had the potential to transform the banking industry as we knew it.
Yazan Barghuthi, project lead at Jibrel Network, commented:
Financial services in the MENA region have some strict compliance requirements that must be accommodated. Development and deployment of blockchain technology that ensures on-chain compliance is a particular competency for our team, and one that we leveraged in the development of our platform.