Musharaka, Securrency sign agreement to introduce tokenized digital securities into Saudi Arabia

The strategic cooperation puts Saudi Arabia at the forefront of the global digital assets universe

Musharaka Capital and the US-based Securrency Inc. have signed today a framework agreement to create a compliant platform for issuing security tokens in Saudi Arabia to digitally encode financial assets by registering in a blockchain.

The signing of this agreement is in line with Saudi Vision 2030, as the cooperation between the two companies aims to support private sector growth, empower SMEs, and spur innovation leading to the progress and advancement of the capital market. After obtaining the regulatory approval the platform contributes to putting Saudi Arabia at the forefront of the global digital assets universe. With the advancement of financial services technologies and the increased deployment of technology in all financial activities, security tokens introduce new levels of efficiency, security, compliance, and transparency for financial services providers and market participants.

Commenting on the agreement and the cooperation, Musharaka CEO, Ibrahim Fahad Al-Assaf, said, "This is surely a Fintech leap. Such projects were not feasible a few years ago due to the lack of consumer demand. However, as the economy shifts to digital trading and consumer trends develop, we are introducing developments that didn’t exist in the Saudi market."

"Our ability to be dynamic and adapt to consumer needs while having an agile and well-equipped team is essential to grow and succeed in our current business environment," Al-Assaf added.

Senior Executive Officer of Securrency MENA, John Hensel, also commented, "We are pleased and honored to be working with Musharaka Capital on this groundbreaking initiative. Saudi Arabia is the largest market in the region and, by combining Musharaka’s deep financial markets expertise and our cutting-edge technology, this venture will create new opportunities for capital formation and enhanced liquidity."

"Together with Musharaka’s strong leadership team, Securrency aims to stimulate the growth of businesses in Saudi Arabia and streamline foreign investment into the Kingdom," Hensel added.

Securrency Inc. is the only company in the world to have Compliance Aware Security Tokens and Interoperability enabling these tokens to move among all types of blockchains and traditional systems while maintaining self-compliance rules that do not require human intervention.