The startup will use the Tezos blockchain to develop the infrastructure of the platform, backed by the regulatory sandbox program of the Bahraini central bank. Tezos is a blockchain network that executes peer-to-peer transactions.
Inablr plans to launch the platform in 2022 in Bahrain, and scale to other markets in the Gulf and the wider Middle East.
“FinTech has become increasingly competitive within the last few years, with numerous individuals and organizations launching industry-disrupting projects,” its co-founder Faraz Amjad said.
The move is also seen to be revolutionizing the investment landscape with the use of blockchain technology.
“Leveraging blockchain, the company is using its innovative technology solution to lower entry to these kinds of investment to as little as a $1,000 from the more traditional $200,000 currently needed in the bond or sukuk market,” the statement read.
Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).