In a noteworthy development, MRHB Network, recently granted a license to offer blockchain technology solutions in the Kingdom of Saudi Arabia, has proudly disclosed a strategic partnership with Aligne, a distinguished UK-based technology consulting and AI engineering firm. This groundbreaking collaboration signifies the pooling of expertise between the two companies to deliver cutting-edge solutions in the realms of enterprise blockchain, digital assets, and artificial intelligence (AI) tailored for the region.
Pioneering in Halal Digital Assets and Blockchain
Known for its pioneering experience in the halal digital assets and blockchain sector, MRHB Network, in conjunction with Aligne, which has a robust history in banking technology and an evolving AI-based product offering, aims to provide consulting and engineering services designed specifically for financial institutions eager to leverage the rapid growth of digital assets and AI.
Navigating Growth Opportunities Amid Regulatory Landscape
Despite regulatory challenges, a recent Chainanalysis report identified Saudi Arabia as the world’s fastest-growing crypto economy, showcasing a 12% year-on-year increase, one of only six markets globally to exhibit such growth. The Kingdom’s domestic Islamic finance sector, valued at nearly US$900 billion, presents an extraordinary opportunity to lead the US$6 trillion Islamic economy into the realm of blockchain. This strategic partnership between MRHB Network and Aligne is poised to target this sector, bringing together knowledge, experience, and resources to empower institutional clients to fully harness the potential of emerging technologies.
Strategic Projects and Market Expansion
The initial projects arising from this collaboration will focus on tokenized commodities, catering to client interest in enterprise and Software as a Service (SaaS) versions of MRHB’s established halal web3 product suite. This strategic move will enable clients to swiftly deploy solutions with the necessary regulatory support, addressing the growing demand in the market. Additionally, the collaboration will extend into applying AI tools for enterprise risk management and investments, combining Aligne’s AI expertise with MRHB Network’s local presence in the Kingdom.
Leadership Perspectives on the Partnership
Chairman of MRHB Network, Khalid Howladar, expressed his thoughts on the partnership, emphasizing the Kingdom’s global leadership in digital assets and Islamic banking. He sees this unique collaboration as servicing the untapped intersection of these markets, reinforcing MRHB Network’s mission to drive the digital asset transformation of the $6 trillion Islamic Economy.
Nadeem Siddique, CEO of Aligne and an IBM partner, highlighted the significance of this collaboration as a major milestone in expanding services into the high-growth digital assets space. He noted the partnership’s delivery of an engineering base in one of the most critical growth markets of the next decade, aligning with their mission to empower local businesses with best-in-class tools for risk management, including their growing AI risk and compliance suite, Axion.
In conclusion, the strategic alliance between MRHB Network and Aligne not only signifies a convergence of expertise but also represents a pivotal step in unlocking the potential of blockchain, digital assets, and AI in the Kingdom of Saudi Arabia, marking a significant milestone in the evolution of the region’s technology landscape.