WadzPay, a blockchain payments provider operating in the UAE, has partnered with DIFC (Dubai International Financial Centre) Fintech Hive and Emirates NBD accelerator program, to offer payment features in the metaverse. The metaverse economy is predicated to hit $13 trillion by 2030.
Dubai announced its metaverse strategy in July 2022. As per the strategy Dubai wants to attract 5000 blockchain and metaverse companies to the city by 2027. DIFC has been working through its regulatory arm DFSA to ensure the proper regulatory environment for crypto tokens, security tokens, and is considered by VARA as one of the entities that can house regulated companies in this sphere.
Raja Al Mazrouei, Executive VP of DIFC Fintech Hive stated, “The 10-week global accelerator programme for metaverse start-ups reaffirms our commitment to support Dubai’s ambition to be among the top 10 metaverse economies in the world.”
Emirates NBD intends to build up its 3D capabilities, creating virtual worlds to augment the customer experience and enabling a decentralised payment infrastructure for customers to create, monetise, buy and sell digital assets and services.
WadzPay is an interoperable and agnostic blockchain payments ecosystem that was founded in Singapore in 2018. It is currently operating across Asia and the Middle East with offices in UAE. As per their website, the company has been working with large payment companies, and banks, on CBDC rollouts and digital assets transactions and settlements. WadzPay also partnered with Algorand Blockchain to utilize Algorand platform in multiple proof of concept-stage projects including Asia and Africa-based CBDC launches.
Anish Jain Founder & Group Chief Executive Officer of WadzPay announced on LinkedIn, that the company is working with DIFC Fintech hub and Emirates NBD accelerator program to enable financial services in the metaverse.
In an interview, Jain stated, “WadzPay established its presence in UAE in 2020 with its DIFC entity. The DIFC FinTech hive provided tools to grow our business. It is also the breeding ground for innovation. WadzPay Chain is purpose built for payments and is metaverse ready. Together with the WadzPay payments ecosystem it will provide users with optionality, agility and access into the metaverse while making traditional payments efficient.”
The winning start-ups chosen to implement these projects with Emirates NBD will be announced during GITEX Global 2022.
