Biptap (UAE-based Crypto-on-Ramp Solutions) and Al Fardan Ventures (the investment division of Al Fardan Group) have signed a memorandum of understanding to launch the Abu Dhabi-based global digital bank.
The main goal of this new digital bank is to provide secure, compliant Fiat and crypto services to international customers. This includes off encryption, lamps on and off, international payments, Defi and digital asset solutions.
There are no details about the licensing publication, but as it is in Abu Dhabi, it is likely part of the city and country's push for digital finance innovation, and is likely under the supervision of ADGM (Abu Dhabi Global Markets) or DFSA (Dubai Financial Services Authority).
Biptap's migration to licensed digital banks, known for its Crypto-on-Ramp service, translates these services into a regulated, scalable model.
Biptap CEO Jonathan Low shared his thoughts on the partnership. “This is more than just a digital bank. It is a financial revolution. By combining the strategic location of Abu Dhabi with the heritage of Alpha Dan ventures in high-tech innovation and banking operations in the United Arab Emirates and the Middle East, it democratizes Biptap's plug-and-play scalable infrastructure and banking access since the 21st century.”
Digital rise in Abu Dhabi
This is not just recent developments in Abu Dhabi's digital finance ecosystem. For example, ADGM will sign the MOU of Libre Capital and First Abu Dhabi Bank and pilot Chain RWA loans, a critical building block of digital banking.
Next is Abu Dhabi's MEEDAF (ADCB) and SC ventures, which also enhance fintech capabilities, highlighting AI, blockchain and specialized financial infrastructure.
With all these events combined, Abu Dhabi appears to be actively positioned to compete with Dubai's Vara and Singapore as a global fintech centre.
By utilizing both the Fiat and crypto markets through digital banks, the partnership between Biptap and Al Fardan Ventures is able to streamline capital inflows from investors and talent around the world.
That said, together with the creation of a global digital bank and the fusion of crypto and fiat services within a regulated framework, it will likely further position Abu Dhabi (and the UAE) as a large player in the global fintech arena.
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