Fluent Finance and UAE Ministry of Economy to collaborate on deposit token technology

Odaily Planet Daily News American startup Fluent Finance announced that it will cooperate with the Ministry of Economy of the United Arab Emirates (UAE) to develop deposit token technology. Leveraging Nextgen FDI growth plans, the company will open operations in Abu Dhabi with plans to increase its headcount to over 100 employees. The Nextgen FDI program provides digital businesses with the necessary tools to launch and scale their operations in the UAE. Fluent Finance announced the initiative in July with plans to launch interconnection solution Fluent Economic Bridge within the UAE to gain feedback from banks and regulators in the region. Fluent Economic Bridge aims to leverage deposit tokens and blockchain technology to facilitate cross-border settlements. Deposit tokens are directly backed by bank deposits and are said to bring security and predictability to these transfers. It is reported that Fluent Finance was founded in 2020 and is dedicated to designing banking and Web3 interconnection solutions. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, said the move represents the culmination of all the work the UAE has done to establish itself as a Web3 and blockchain hub. (Bitcoin.com)