ABU DHABI, UAE — Fluent Finance, a leading US-based blockchain company that specializes in deposit token infrastructure and its low counterparty risk stablecoin, announced its strategic expansion into the MEA region by establishing operations in Abu Dhabi. The initiative, with the support of the UAE Ministry of Economy, exemplifies Fluent's dedication to transforming the landscape of trade finance and cross-border payments and complements the UAE's ambitious vision to become a global hub of digital innovation.
Fluent Finance's CEO, Bradley Allgood, renowned for his expertise in establishing special economic zones, has been at the forefront of this initiative. Over the last two years, Allgood has meticulously evaluated jurisdictions worldwide before deciding on UAE as the prime location for Fluent's expansion. He has offered his insights across multiple roundtable discussions organized by Hub71 to optimize the regulatory sandbox for global trade finance and payment infrastructure.
"The UAE has positioned itself as a global leader for digital assets through their special economic zone initiatives, regulation foresight, and global trade expansion with strategic Memorandums of Understanding (MoUs)”, says Allgood. “We use Corda by R3 as our enterprise layer to bring CBDC-compatible deposit token infrastructure for borderless payments, complementing the UAE as they lead the charge on digital transformation.”
Deposit tokens, a novel form of digital assets, offer an innovative alternative to conventional stablecoins. Unlike stablecoins, which are pegged to traditional fiat currencies, deposit tokens are backed by actual deposits and issued by banks, offering more transparency, security, and stability to users.
The recent Memorandums of Understanding (MoU) between the UAE and other global partners like India and China marks a significant milestone in fostering a closer financial relationship between the nations. These MoUs account for more than $100 billion in bilateral trade, with a focus on strengthening the use of new technologies and settlement with digital currency. Deposit tokens issued by commercial banks are poised to offer a borderless missing link to accelerate trade settlement to CDBC.
Fluent Finance's new UAE entity, named Fluent Economic Bridge, will be focused on deposit token infrastructure, promoting cost-effective and borderless trade finance between Abu Dhabi banks and global markets. The company is currently procuring a trade license from Abu Dhabi Global Market (ADGM), an integral part of Fluent's mission to offer dependable digital asset services to its UAE partners and the global trade community.
As part of their move into the region, Fluent Finance is getting support from the office of the Ministry of Economy, further cementing their relationship with regulators and leaders in the region to unveil innovative solutions for cross-border payments.
“I am very much looking forward to seeing deposit tokens improve trade throughout developing regions. With transparent and borderless settlement available to any wallet in the world, those most affected by war or climate change with soul bound tokens could get immediate delivery of aid around the clock, any day of the year.”
About Fluent Finance
Fluent Finance is a US-based blockchain development and fintech company that is building deposit token infrastructure to help bring trade finance on-chain. Fluent's primary product is Plus, a stablecoin backed by a consortium of banks to ensure reliable and verifiable liquidity. Fluent aims to connect DeFi and TradFi without sacrificing the core tenets of Web3.
For more details on Fluent Finance, please visit www.fluent.finance
Media Contact
Hari Govindarajan
PR & Communications Specialist,Luna PR
hari@lunapr.io
