News

Digital Dubai Issues World’s First Secured Digital Certificates

The technology uses Soulbound Token technology to prevent duplication.

Published

1 year ago

March 17, 2023

Nour Nasir

Digital Dubai

Digital Dubai recently issued the world’s first secured digital certificates. The technology is built using Soulbound Token technology, an advanced next-generation non-fungible token.

Soulbound Tokens use blockchain technology to represent a person’s identity and can be used for medical records, employment history, or any type of information concerning a person or entity. The certificates are permanently linked to a user’s personal account in their digital wallet, and ownership cannot be transferred to another party, sold, or disposed of.

“The accelerated pace of technological advancements has made the future closer than ever before, and here in Dubai, we are proud to have an agile government that wastes no time in embracing developments and putting them into practice to drive digital transformation and shape the future today,” says Digital Dubai’s director general Hamad Al Mansoori.

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The first secured digital certificate was issued by Dubai Cyber Innovation Park, an affiliate of the Dubai Electronic Security Centre at Digital Dubai. Tokens were granted to the first group of graduates from the Chief Information Security Officer Executive program, in which 17 government and semi-government entities participated.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.