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

du Considers Adding Crypto & Investment Tools To New Service

The company plans to bridge gaps in one of the financial market’s most underserved demographics, according to its CEO.

Published

8 hours ago

April 23, 2024

Nour Nasir

du considers adding crypto and investment tools to new service

The Emirates Integrated Telecommunications Company, better known as Dubai-based du, is contemplating incorporating cryptocurrency and investment tools into its recently launched financial technology platform, according to CEO Nicolas Levi.

According to Levi, the potential enhancements would enable improved portfolio management for investors. The new tools and features would be realized through future partnerships while continuing to adhere to strict UAE regulations.

“Cryptocurrencies are being used as an investment. Will we have an investment product one day potentially? I’m not saying no to that. Will we use crypto for our own transactions? There are some plans with the [UAE] central bank to work on that,” Levi said in a recent interview.

The UAE Central Bank does not currently recognize cryptocurrencies as legal tender. However, the regulator began implementing its own form of digital currency back in March 2023, known as Digital Dirham. Additionally, the UAE Central Bank’s endorsement of legitimate crypto enterprises for banking services underscores the Emirates’ commitment to addressing real-world financial needs.

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du Pay, the company’s inaugural venture into the FinTech sector, had a soft launch earlier this month after UAE Central Bank authorization. Offering an array of financial services like domestic and international transfers, bill payments, recharges, and salary receipts through a unique IBAN, du Pay marks a significant strategic move by the telecom firm into the digital finance space.

The rising trend of mobile-based financial services in the UAE, including digital wallets and online payments, mirrors global trends. Statista projects the digital payments market to balloon to $16.7 trillion by 2028, at a CAGR exceeding 9.5% from 2024’s estimated $11.53 trillion.