MANTRA, a well-known entity in the MENA region, has taken a significant step towards the tokenization of RWAs. According to reports, the platform has entered into a memorandum of understanding with Zand Bank, a licensed entity under the Central Bank of the United Arab Emirates. This strategic move aims to streamline the process of tokenizing real-world assets.
The partnership between MANTRA and Zand Bank is expected to establish a robust regulatory framework in line with the Virtual Asset Regulatory Authority of Dubai. MANTRA’s latest development on its RWA-focused L1 blockchain aims to simplify the tokenization process by addressing the distribution, listing, and identification of real-world assets.
The collaboration between the two platforms will focus on creating frameworks that support the distribution of RWAs. These frameworks will provide comprehensive guidance on RWA tokenization, ensuring compliance with regulatory standards and investor protection. The partnership aims to build confidence and trust in real-world asset tokenization across the UAE.
John Patrick Mullin, the CEO of MANTRA, emphasized the vision behind the partnership, which aims to facilitate the exchange and custody of RWAs. The initiative is expected to offer users more transparency, security, and accessibility.
The agreement between MANTRA and Zand Bank signifies their leading position in digital finance in the Middle East. The development aims to elevate the role of real-world assets in retail banking services and establish market standards for tokenization procedures. Zand Bank’s CEO, Michael Chan, expressed excitement about leveraging MANTRA’s blockchain, designed specifically for real-world assets. The blockchain is said to revolutionize ownership and transaction management of RWAs with enhanced transparency.
Chan highlighted that the partnership marks a significant milestone in the company’s growth, combining traditional financial investments with blockchain technology. This will empower consumers with greater control over their investments, while ensuring increased transparency and security.