The Commercial International Bank, known shortly as “CBI” and based in Dubai, providing banking services to individuals and corporations, announced the signing of a memorandum of understanding with Fuze, a leading company in the field of digital asset infrastructure licensed in the Middle East and North Africa. This collaboration aims to stimulate cooperation to develop innovative digital asset products that comply with regulations in the United Arab Emirates.
This partnership marks an important step towards creating and implementing new and advanced use cases for blockchain technology and digital assets in areas such as investment and payments, benefiting from the Commercial International Bank’s extensive experience with corporations and individuals, and Fuze’s advanced infrastructure and extensive expertise. The collaboration seeks to develop a broad range of blockchain and digital asset products to support the use of cryptocurrencies in the UAE.
With the increasing demand for a regulated, secure, and reliable digital asset platform, this cooperation exemplifies responsible innovation, with Fuze committed to providing licensed and fully compliant products that enhance trust and adhere to the digital asset regulations in the UAE.
Giovanni Everduin, the Chief Strategy and Innovation Officer at the Commercial International Bank, emphasized the importance of this partnership, stating, “This collaboration represents a pooling of knowledge and expertise that characterizes both the Commercial International Bank and Fuze, allowing for the creation of new and innovative opportunities for our corporate and individual clients to benefit from the vast possibilities of digital assets while ensuring security and compliance with the regulatory framework for virtual assets in the UAE.”
Everduin added, “The signing of this memorandum of understanding today reflects our full commitment to the goals and directions of the UAE in promoting innovation and its pivotal role in driving positive change and achieving sustainable economic development.”
On his part, Mohamed Ali Yousuf, the co-founder and CEO of Fuze, commented on the partnership, saying, “We are excited to support the clients of the Commercial International Bank with blockchain infrastructure products that are an integral part of the future of financial transactions. This collaboration is a significant achievement in the field of digital assets in the UAE, and we look forward to providing more financial services that enable the bank’s clients to effectively use digital assets and cryptocurrencies.”
This cooperation between the Commercial International Bank and Fuze represents a meaningful step towards supporting and enhancing the digital asset ecosystem in the state, which is experiencing rapid growth and is considered among the most supportive and powerful regulatory environments in the world.