Securrency to Develop Digital Securities Trading in Saudi Arabia

Securrency, the developer of institutional-grade blockchain-based financial and regulatory technology, has partnered with Musharaka Capital to develop a compliant platform for issuing digital securities in Saudi Arabia.

The Saudi-based investment management and banking firm will be developing its digital securities platform in line with Saudi Vision 2030, which aims to support private sector growth, empower SMEs, and spur innovation leading to the advancement of the capital market.

John Hensel

John Hensel, Chief Operating Officer of Securrency, said: “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.”

Ibrahim Fahad Al-Assaf, CEO of Musharaka Capital 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.”

Securrency’s proprietary, patent-pending Compliance Aware Token technology provides multi-jurisdictional compliance and unprecedented convenience to financial services providers and market participants to facilitate the issuance, trading, and servicing of digital securities and other digital assets. Securrency’s technology is blockchain-agnostic and its compliance and policy-enforcement tools support ledger-to-ledger transactions across multiple blockchains.

Earlier this year, the leading developer of institutional-grade blockchain-based financial and regulatory technology raised $17.65 million in a Series A funding led by WisdomTree Investments. The funds will be used to advance its software and platform development, integrate with key strategic partners and other customers, and build out its operational structure. Other participants in the round include the Abu Dhabi Investment Office through its Ventures Fund, Japanese financial services giant, Monex Group, Inc., and venture capital firms
RRE Ventures, Strawberry Creek Ventures, and Panthera Capital Investments, a venture arm of Fujairah Holding.

Securrency is headquartered in the United States and has a growing presence in the Abu Dhabi Global Market (ADGM) in the United Arab Emirates.