Finoverse, a FinTech and Web3 community platform, expects blockchain co-operation between the UAE and Hong Kong to accelerate with the formal opening of its office in Dubai, its founder and chief executive has said.
Bridging two of the world's top business hubs will provide more avenues for entrepreneurs and investors to connect and grow the industry, Anthony Sar told The National at the Dubai leg of Finoverse Arabia on Sunday.
“There's a lot of complementary traits between the UAE and Hong Kong, and we've seen how rapidly the FinTech ecosystem developed,” he said.
“The level of excitement, the level of commitment from the government, from the regulators and the overall spirit of entrepreneurship gives us a lot of confidence in this part of the world in the years to come.”
However, activity will not be limited to between the two countries. Markets in their proximity can also tap into this partnership, such as Saudi Arabia and China, the biggest economies in their respective regions and ones that are at the forefront of technology.
“Hong Kong and the UAE bring together a lot of regional players … we want to be the one facilitating and helping stakeholders to exchange, learn and collaborate,” Mr Sar said.
Blockchain is the underlying technology behind cryptocurrencies and decentralised finance, which is generally considered to be a safer way to conduct transactions and one that could end up replacing middlemen, such as brokers and banks, in the financial system.
The UAE has taken several steps to integrate blockchain into its economy, government and society.
Blockchain, in particular, has received special focus, with a number of government initiatives established, including the Emirates Blockchain Strategy 2021 and the Dubai Blockchain Strategy, as well as the formation of the Global Blockchain Council.
“Blockchain is an enabler for a lot of other technologies, so it's an alternative economy,” Marwan Alzarouni, chief executive of the Dubai Blockchain Centre, told The National.
“It's important to be at the forefront of technology and make the most out of it by practical examples, not by theorising and anticipating what is going to happen. You need to get deep into the technology by actually practising it.”
Mr Sar acknowledged that there were challenges within the blockchain sector, particularly in trying to address the unfamiliarity around it.
He said connecting markets and promoting the technology's use can help ease that uncertainty and advance the adoption of blockchain.
“The industry is new and changing, and rapidly developing every day. So there's a lot of uncertainty,” Mr Sar said.
“This makes it even more important to have dialogues between regions so companies and founders can explore different markets and jurisdictions.”
Finoverse is based in Hong Kong but has offices in London, Paris, Shenzhen and cities across South-East Asia.
The Finoverse Arabia conference will make stops in Abu Dhabi and Riyadh this week.
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETuhoon%0D%3Cbr%3E%3Cstrong%3EYear%20started%3A%20%3C%2Fstrong%3EJune%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EFares%20Ghandour%2C%20Dr%20Naif%20Almutawa%2C%20Aymane%20Sennoussi%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Ehealth%20care%0D%3Cbr%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E15%20employees%2C%20%24250%2C000%20in%20revenue%0D%3Cbr%3EI%3Cstrong%3Envestment%20stage%3A%20s%3C%2Fstrong%3Eeed%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Nuwa%20Capital%2C%20angel%20investors%3C%2Fp%3E%0A
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
A list of the animal rescue organisations in the UAE
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed