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Hub71 To Invest $2 Billion In New Web3 Startup Ecosystem

Hub71+ Digital Assets will give startups access to venture capital companies and technology providers in Abu Dhabi and beyond.

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hub71 to invest $2 billion in new web3 startup ecosystem
Hub71

Abu Dhabi global technology accelerator Hub71 is seeking to disrupt the Web3 space with the announcement of a new ecosystem focused on startup funding and blockchain technologies.

Over $2 billion has already been committed in capital, enabling the new Hub71+ Digital Assets ecosystem to offer Web3 startups access to venture capital companies, customers, tech providers, blockchain platforms, and much more.

hub71 digital assets launch event

Hub71’s anchor partner is First Abu Dhabi Bank (FAB), and its research and innovation center, known as FABRIC, will, in turn, help FAB to leverage its financial services in the metaverse. Further corporate, government, and investment partners will support the project’s growth across the UAE and beyond.

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“Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof, will provide founders with an opportunity to fundraise, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the MENA region,” says Ahmad Ali Alwan, Deputy CEO of Hub71.

The new Hub71 alliance will help startups benefit from ADGM’s diverse ecosystem and efficient regulatory environment, which will help develop the UAE economy to keep pace with global trends.

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Lebanon Ministers Meet Visa Over National Digital Payment Platform

Finance and technology ministers say a comparative study and roadmap will follow before any decision on adopting a model.

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lebanon ministers meet visa over national digital payment platform

Lebanon’s finance and technology ministers met representatives from Visa last week to discuss a proposed unified national digital payment platform for government services, according to a readout from the Ministry of Finance.

The meeting brought together Finance Minister Yassin Jaber, Minister of State for Technology and Artificial Intelligence Kamal Shehadeh, a Visa delegation, and experts from both ministries. Discussion focused on whether Lebanon could establish a single platform through which citizens and institutions would pay taxes, fees, fines and other official transactions electronically, using mobile phones and other digital channels.

The Visa delegation presented examples from countries that have adopted unified government payment platforms, including the United Arab Emirates, Singapore, Estonia and Jordan. According to the readout, the examples were presented as having increased collection rates and expanded financial inclusion.

Talks covered settlement mechanisms, direct transfer to the treasury account, financial reconciliation, risk management, cybersecurity, fees, and an operational model that would involve the private sector. The parties agreed to continue technical and institutional consultations, prepare a comparative study, and develop an implementation roadmap before any decision on adopting a model for Lebanon.

Jaber said the Ministry of Finance had already enabled citizens to pay using credit cards and e-wallets through transfer companies, but described the proposed platform as a further step. He framed the development of electronic payment and collection systems as a priority within the ministry’s modernization plan.

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Shehadeh outlined the citizen-facing concept as a single mobile application through which users could settle obligations to ministries, government institutions and other bodies.

“The idea, in short, is that any citizen downloads an application on their mobile phone, through which they can pay all service obligations for all ministries, government institutions, or those owned by the Lebanese state, and others as well, as the platform is not limited only to state institutions,” he said.

Shehadeh added that the platform would not displace banks and money transfer companies that currently provide collection services to the state, calling it complementary to their work.

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