Botim Money, the financial services arm of Botim, has signed a Memorandum of Understanding with Binance to look into avenues of providing access to digital assets to millions of users in the UAE.
The MoU signals the transition by botim towards becoming a communications-centered platform, towards becoming a single fintech environment where users can pay, transfer, and invest all in the same application.
Therefore, the agreement was signed at the Binance Blockchain Week in Dubai. The two companies will examine how Binance’s digital asset capabilities can be integrated with Botim’s fintech reach in the UAE.
The discussions revolve around identifying practical and compliant solutions, which may provide users with safe access to digital assets. The move comes after the increased level of global and regional interest in cryptocurrencies, which are backed by regulatory frameworks that facilitate responsible financial innovation in the Middle East.
Both parties will assess the potential services in terms of their compatibility with the existing rules of the UAE and their potential to increase digital financial involvement.
Botim money has a significant pool of underserved and unbanked customers with minimal familiarity with the traditional financial platform.
Under the MoU, the firms will also identify easier and safer access points into digital assets for these communities through regulated channels.
Head of VIP and Institutional at Binance, Catherine Chen, said that crypto is becoming part of mainstream financial services. She adds, “Crypto is no longer a niche asset class, and it is increasingly becoming integrated into everyday financial services. Our collaboration with botim money to make digital assets accessible to botim’s tech savvy customers exemplifies this shift. The UAE is taking exciting steps to connect traditional finance with digital assets, and we are pleased to keep supporting the local community and ecosystem.”
Chief Strategy Officer of Astra Tech at Botim stated that the company’s payments infrastructure supports key transaction flows. She reported that “Our international and national P2P rails support large and growing transaction flows every day, showing how deeply integrated botim money has become in people’s financial lives. Unlocking crypto capabilities with Binance allows us to build on this foundation and offer customers new ways to engage with the digital economy. Our focus remains on giving people simple and secure tools to manage and grow their money.”
The Binance Blockchain Week signing highlights the emergence of Dubai as one of the primary locations of blockchain and crypto activity in the world.
