Latest news with #digitalasset
Zawya
2 days ago
- Business
- Zawya
Drake Financial Limited and Al-Mabrook Financial Inc. unveil landmark joint venture
Abbotsford, B.C. and Toronto, Ontario: Drake Financial Limited (DFL) and Al-Mabrook Financial Inc.(MABROOK) proudly announce a transformative joint venture that marks a major breakthrough in the Canadian financial landscape. This partnership will launch a digital asset crowdfunding platform under DFL's brand, powered by MABROOK's proprietary blockchain technology, to deliver ethical, Shariah-compliant investment opportunities to a wide audience. This pioneering collaboration leverages DFL's Exempt Market Dealer registration alongside MABROOK's technological and Halal segment expertise to democratize access to ethical investments. By integrating tokenization using blockchain technology, the platform ensures transparency, security, and efficiency setting a new benchmark for legally compliant crowdfunding in Canada. Joint Statement Norman Holmes, Vice President and Managing Director of DFL: 'We are thrilled to partner with MABROOK, a collaboration that marks a pivotal step in enhancing our portfolio of services and delivering unparalleled value to clients across Canada and global markets. By uniting DFL's decades of expertise with MABROOK's innovative vision, we aim to redefine industry benchmarks in quality and innovation. This partnership fosters opportunities that empower our clients, teams, and communities while reinforcing our commitment to excellence. Today is a defining milestone for DFL, and we are energized to embark on this mutually prosperous journey.' Fahad Ahmed Siddiqui, Founder and CEO of MABROOK: 'This strategic alliance with DFL marks a transformative milestone for MABROOK as we launch the world's first Canadian securities-compliant and Ethical (Shariah-compliant) digital asset platform in our home market of Canada alongside DFL's diverse suite of investment opportunities. By uniting MABROOK's innovative vision with DFL's proven expertise, decades of market leadership, and robust infrastructure, we are accelerating our shared vision into reality. Together, we will unlock unprecedented opportunities, pioneer ethical financial innovation, and deliver enduring value for clients globally. This partnership is the cornerstone of a future redefined by groundbreaking potential. We extend our deepest gratitude to DFL for their trust and collaboration, and we are committed to ensuring the resounding success of this joint venture.' Key Highlights of This Breakthrough Partnership Strategic Alliance: DFL contributes its regulatory expertise, compliance framework, and investor network access, facilitating online and offline fundraising. MABROOK, in addition to providing its cutting-edge Asset Tokenization software platform, will be responsible for building the Halal segment under DFL's umbrella of products and services. A Game-Changer for Canadian Investors: This partnership redefines accessibility in ethical investing by democratizing institutional-grade opportunities, which were once reserved for high-net-worth individuals and organizations, to empower everyday Canadians. Leveraging pioneering blockchain infrastructure, the platform guarantees unmatched security and transparency, and establishes itself as a trailblazer in modern financial solutions. Rooted in a shared mission, this collaboration underscores both companies' dedication to integrity, financial inclusion, and leveling the financial playing field while unlocking untapped market potential. About Drake Financial Limited Headquartered at 2190 McCallum Road, Abbotsford, B.C., Drake Financial Limited is a trusted exempt market dealer and mortgage brokerage with over 30 years of experience. Specializing in asset-backed investments, DFL has a track record of delivering superior returns to investors through offerings like its Mortgage Investment Corporations (MICs), underpinned by a foundation of integrity and regulatory compliance. Learn more at: About Al-Mabrook Financial Inc. Based at 130 Queens Quay East, Suite 1018, Toronto, Ontario, Al-Mabrook Financial Inc. is a technology-driven financial services firm dedicated to ethical and Shariah-compliant investments. MABROOK's real-world asset tokenization expertise powers this joint venture, ensuring a seamless, secure, and innovative investment experience. Learn more at: Press Contact: For more information or media inquiries, please contact: Drake Financial Limited: info@ Al-Mabrook Financial Inc.: ahsan@
Arabian Business
4 days ago
- Business
- Arabian Business
Liquid assets: DMCC and AQUA-INDEX to launch world's first freshwater-backed digital asset token from Dubai
Dubai Multi Commodities Centre (DMCC) has signed a landmark Memorandum of Understanding (MoU) with AQUA-INDEX, a global innovator in water commodities trading, to support the launch of the world's first freshwater-backed digital asset token. The pioneering initiative aims to transform how water is valued, traded, and distributed globally. The token will be backed by verified, drinking-quality water stored in certified reservoirs worldwide. DMCC adds water as tradeable commodity in Dubai Once launched, it will allow institutional investors, hedgers, traders, and even retail users to trade, hold, and take delivery of freshwater as a recognised commodity in Dubai. By bringing together blockchain-based financial innovation and water resource management, the collaboration between DMCC and AQUA-INDEX introduces an entirely new asset class—water. The token offers a practical mechanism for unlocking liquidity, transparency, and accessibility in global water supply chains. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said: 'Nearly half the global population experiences water scarcity for at least part of the year, yet water remains the only critical resource without a mature, regulated market. 'We are proud to partner with AQUA-INDEX to drive a transparent, neutral, and legally coherent structure and marketplace for water to secure the future of a resource that has long been undervalued. 'This is the next clear milestone in the formation of DMCC Water Centre, where we will not only bring the conversation of water to the forefront, but also attract the sector's leading companies to create a global centre in Dubai for water innovation, security, sustainable best practice, knowledge and education, while ensuring that the world's most transported commodity has the ability to reach water distressed areas.' Yaacov Shirazi, Chairman and Founder of AQUA INDEX, said: 'Pricing water by the value of its usage, standardisation of water by its mineral content and quality, and turning water to a new asset class for a financial trading, is a gamechanger in the world economy. 'It will establish new levels of water management which prevents scarcity, contamination, and lack of access.' Under the MoU, AQUA-INDEX will leverage DMCC's extensive global network, cutting-edge infrastructure, and thriving commodities marketplace to facilitate effective trading and investment in freshwater assets. While DMCC will not directly manage the token, the collaboration will foster knowledge-sharing around water pricing and usage, and open up new hedging opportunities for member companies in Dubai. This announcement is part of DMCC's wider strategy to establish the DMCC Water Centre—a first-of-its-kind global ecosystem dedicated to water trading, technology, and logistics. The centre will unite WaterTech firms, commodity traders, logistics providers, and policy leaders on one platform, all working to ensure water security and innovation on a global scale.
Zawya
4 days ago
- Business
- Zawya
DMCC signs deal with aqua-index to support first water-backed digital token
DUBAI - DMCC, the leading international business district that drives the flow of global trade through Dubai, has signed a Memorandum of Understanding with AQUA-INDEX, a global pioneer in water commodities trading. This landmark collaboration supports AQUA-INDEX's initiative to launch the world's first digital asset token backed directly by freshwater resources, revolutionising how water is traded, valued, and managed globally. The token – the first of its kind globally – is backed by verified, drinking-quality water stored in global reservoirs and will enable investors, hedgers, traders and the general public to trade, hold and take delivery of fresh water as a commodity. By combining financial innovation with water market expertise, the partnership offers a practical mechanism for unlocking new liquidity and transparency in global water supply chains. Under the partnership, AQUA-INDEX will benefit from DMCC's extensive global network, world-class services, advanced infrastructure, and leading commodity marketplace, facilitating the effective trading and investment in water assets. AQUA-INDEX will enhance the availability and exchange of knowledge around global water usage and pricing and provide access to essential trading and hedging products for DMCC and its member companies. DMCC will not directly own or manage the token itself. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, 'Nearly half the global population experiences water scarcity for at least part of the year, yet water remains the only critical resource without a mature, regulated market. We are proud to partner with AQUA-INDEX to drive a transparent, neutral, and legally coherent structure and marketplace for water to secure the future of a resource that has long been undervalued. This is the next clear milestone in the formation of DMCC Water Centre, where we will not only bring the conversation of water to the forefront, but also attract the sector's leading companies to create a global centre in Dubai for water innovation, security, sustainable best practice, knowledge and education, while ensuring that the world's most transported commodity has the ability to reach water distressed areas.' Yaacov Shirazi, Chairman and Founder of AQUA INDEX, said, 'Pricing water by the value of its usage, standardisation of water by its mineral content and quality, and turning water to a new asset class for a financial trading, is a gamechanger in the world economy. It will establish new levels of water management which prevents scarcity, contamination, and lack of access." The announcement forms part of DMCC's ongoing efforts to establish the DMCC Water Centre, a dedicated ecosystem for the global water industry that positions Dubai as a central, neutral hub for water trading and innovation. The Water Centre brings together WaterTech innovators, logistics providers and commodity traders under one platform.
Al Bawaba
4 days ago
- Business
- Al Bawaba
Dmcc Signs Strategic Mou With Aqua-index to Support First Water-backed Digital Token
DMCC, the leading international business district that drives the flow of global trade through Dubai, has signed a Memorandum of Understanding with AQUA-INDEX, a global pioneer in water commodities trading. This landmark collaboration supports AQUA-INDEX's initiative to launch the world's first digital asset token backed directly by freshwater resources, revolutionising how water is traded, valued, and managed token – the first of its kind globally – is backed by verified, drinking-quality water stored in global reservoirs and will enable investors, hedgers, traders and the general public to trade, hold and take delivery of fresh water as a commodity. By combining financial innovation with water market expertise, the partnership offers a practical mechanism for unlocking new liquidity and transparency in global water supply the partnership, AQUA-INDEX will benefit from DMCC's extensive global network, world-class services, advanced infrastructure, and leading commodity marketplace, facilitating the effective trading and investment in water assets. AQUA-INDEX will enhance the availability and exchange of knowledge around global water usage and pricing and provide access to essential trading and hedging products for DMCC and its member companies. DMCC will not directly own or manage the token Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: 'Nearly half the global population experiences water scarcity for at least part of the year, yet water remains the only critical resource without a mature, regulated market. We are proud to partner with AQUA-INDEX to drive a transparent, neutral, and legally coherent structure and marketplace for water to secure the future of a resource that has long been undervalued. This is the next clear milestone in the formation of DMCC Water Centre, where we will not only bring the conversation of water to the forefront, but also attract the sector's leading companies to create a global centre in Dubai for water innovation, security, sustainable best practice, knowledge and education, while ensuring that the world's most transported commodity has the ability to reach water distressed areas.'Yaacov Shirazi, Chairman and Founder of AQUA INDEX, said: 'Pricing water by the value of its usage, standardisation of water by its mineral content and quality, and turning water to a new asset class for a financial trading, is a gamechanger in the world economy. It will establish new levels of water management which prevents scarcity, contamination, and lack of access. Water as a collateral will have a significant monetary impact enabling countries and municipalities to increase infrastructure capabilities. AQUA-INDEX, with a new initiative of tokenized water resources, presents the validation of the concept. The collaboration of AQUA-INDEX's patented innovations with the DMCC Water Centre will ensure a leading breakthrough in water ecosystems.'The announcement forms part of DMCC's ongoing efforts to establish the DMCC Water Centre, a dedicated ecosystem for the global water industry that positions Dubai as a central, neutral hub for water trading and innovation. The Water Centre brings together WaterTech innovators, logistics providers and commodity traders under one platform. The introduction of a water-backed token forms a key pillar of DMCC's Water Centre strategy, offering new tools for hedging risk, improving allocation and financing critical infrastructure across water-stressed regions. Further details on the token's trading mechanism, delivery points and relevant regulatory frameworks will be announced in due course.
Finextra
12-06-2025
- Business
- Finextra
My Big Coin founder fined for crypto fraud
The Commodity Futures Trading Commission today announced the U.S. District Court for the District of Massachusetts entered a final default judgement against Mark Gillespie of Michigan, John Roche of California, My Big Coin Pay, Inc., and My Big Coin, Inc., both of Nevada. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The order requires Gillespie, My Big Coin Pay, Inc., My Big Coin, Inc., and Roche to pay, jointly and severally a $19,326,324 civil monetary penalty and $6,442,108 in restitution to defrauded victims in connection with their role in a digital asset fraud scheme. The order also imposes a permanent injunction against the defendants and bans them from trading in any CFTC-regulated markets; entering into any transactions involving commodity interests or digital asset commodities; and registering with the CFTC. Case Background The default order finds from at least January 2014 through June 2017, Gillespie, My Big Coin Pay, Inc., My Big Coin, Inc., and Roche, together with co-defendant Randall Crater, one of the other co-defendants named in the CFTC's amended complaint, operated a digital asset scheme in which they fraudulently offered the sale of a fully-functioning virtual currency, My Big Coin (MBC), a commodity in interstate commerce. The CFTC dismissed its enforcement action against named co-defendant Michael Kruger because of his death. The defendants obtained more than $6 million from at least 28 customers through fraudulent solicitations, including false and misleading claims and omissions about MBC's value, usage, and trade status, and that MBC was backed by gold. Crater misappropriated virtually all the money solicited from customers, using those misappropriated funds wrongfully. The order resolves the claims against Gillespie, Roche, My Big Coin Pay, Inc., and My Big Coin, Inc., in the CFTC's enforcement action. [See CFTC Press Release 7678-18] The court had previously entered a consent order resolving the CFTC's claims against Crater, who is currently imprisoned for his role in the scheme. [See CFTC Press Release 9051-25] The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable. Parallel Criminal Action On January 18, 2022, a grand jury returned an eight-count superseding indictment charging Crater with wire fraud, unlawful monetary transactions, and operating an unlicensed money transmitting business based on the same conduct alleged in the CFTC's amended complaint. [United States v. Randall Crater, No. 1:19-cr-10063-DJC (D. Mass. Jan. 18, 2022)).] Crater was found guilty of those charges on July 21, 2022, and was sentenced to 100 months in prison and ordered to pay $7,668,317.50 in restitution to defrauded customers and to forfeit $7,668,317.50, which represented the proceeds he received from his violations. The CFTC appreciates the assistance of the U.S. Attorney's Office for the District of Massachusetts, the Fraud Section of the U.S. Department of Justice, and the FBI. Division of Enforcement staff responsible for this case are Traci Rodriguez, Daniel Ullman II, Chrystal Gonnella, Dmitriy Vilenskiy, Paul G. Hayeck, and former Division staff members Jonah E. McCarthy, Jason Mahoney, John Einstman, Hillary Van Tassel, Patricia Gomersall, and Kyong J. Koh.
