Page 83 - AAE PR REPORT - November 2024

recognized business-friendly environment that attracted major financial institutions and made
cross-border investment seamless,” he added.

In 2021, the Securities and Commodities Authority (SCA) introduced a new legal framework,
allowing companies to apply for financial derivatives broker licences. MultiBank was among the
first to both apply for and secure this licence with SCA. “Similarly, we have also embraced the
framework set forth by the Virtual Assets Regulatory Authority (VARA) who granted us exchange and
broker dealer licences in 2024. Additionally, this year, SCA and VARA have signed an agreement to
further strengthen the UAE’s position as a leading global hub for virtual assets, in alignment with the
‘The Principles of the 50’ and the government’s visionary aspirations to build the world’s best and
most dynamic economy. These initiatives exemplify the collaborative efforts between different
regulatory authorities to attract global businesses to operate within its financial sectors, including
that of virtual assets,” Taher said.

Dubai’s commitment to staying on the cutting edge of tech, especially with advancements in
blockchain and AI, strengthens its position as a top financial hub. With its ability to quickly adapt to
global economic shifts, Dubai offers a vibrant ecosystem where companies like ours can grow,
innovate, and thrive with confidence.

MultiBank Group’s daily turnover stands at $18.1 billion. “Since 2005, we’ve built a robust
regulatory track record working with 16 financial regulators globally. Our infrastructure is designed
for high-volume trading, backed by a solid financial foundation with paid-up capital of over $322
million, allowing us to handle large trades smoothly. We’re constantly innovating our technology
and expanding our product offerings to meet the diverse needs of our clients. Strategic partnerships
and a forward-thinking approach to tech have helped us reach our impressive daily turnover, setting
us apart in the industry,” Taher said.

MultiBank Group offers a wide range of trading options — from traditional forex to cryptocurrencies.
“Technology is a priority for us; we invest in keeping our platforms user-friendly and ahead of the
curve, and we’re also big on client education, offering tools and resources to help clients trade
confidently,” Taher said.

Blockchain and AI are game-changers for finance, Taher stressed. “We recently launched
MultiBank-AI, our dedicated AI division focused on integrating artificial intelligence to boost
efficiency and enhance client experience. Blockchain adds security and transparency, and we’re
pioneering ways for clients to trade cryptocurrencies versus traditional assets combined with a
state-of-the-art social copy trading platform, creating new opportunities in finance.

On the other hand, AI allows us to analyse data faster, improve risk management, and provide
clients with tailored insights for a personalized trading experience. These technologies make our
operations more efficient and pave the way for future advancements in financial services,” he
added.

https://www.khaleejtimes.com/business/finance/multibank-aims-to-expand-global-footprint-
from-uae-base