Sheikh Hamad Rakadh Salem Hamad Alameri, a notable Sovereign Wealth Fund (SWF) member of the Royal Family in Abu Dhabi, United Arab Emirates (UAE), has formally become a MaskEX investor following the signing of a Memorandum of Understanding (MOU) to develop a smart city in Dubai.
MaskEX is a Canadian company that has developed a payment-based system for its users to make and manage their financial transactions in a convenient & secure way. In addition, MaskEX uses advanced security measures to protect its users’ personal information from fraud and identity theft.
The company has met the requirements of the MSB compliance program, and it is now fully prepared to comply with the regulations in the SCA and VARA compliance programs in Dubai, United Arab Emirates.
The investor, Sheikh Hamad Rakadh Salem Hamad Alameri, is a key proponent of Abu Dhabi’s 2030 Vision which aims to make Dubai a sustainable & knowledge-based nation as well as increase the emirate’s social and human development.
MaskEX, the company built on the principle of “Your Wallet, Your Way”, has achieved many impressive feats in financial tech, and is now building innovative technologies for the development of smart cities. The partnership between MaskEX and Sheikh was initiated as a result of their shared vision of a smart city.
Last year, MaskEX gained a great deal of attention from investors & traders in the UAE market, which led to extensive research & ideas on developing a smart city in the UAE. The company aims to utilize its technology & innovative solutions to make the lives of the residents efficient & more comfortable. Additionally, MaskEX plans to collaborate with a BIG 4 audit firm to protect its ecosystem and blockchain infrastructure.
The company’s future plans include expanding its services to the MENA region by developing smart cities that will serve people and help them adapt to modern living.
MaskEX has begun working with lifestyle retailers to bring smart cities to life by enabling consumers to pay for goods and services using a simple scan of their wallet. The company has signed hundreds of memorandums of understanding with merchants in various countries to expand its seller base.
“The smart city concept covers many sectors. Start with healthcare, manufacturing, and many more. The most important is the new concept with our solutions. We will be contributing largely to the realization of this vision”, said the company’s CEO Eric Yang in a statement.
MaskEX plans to move its headquarters from Canada to Dubai, United Arab Emirates, with the backing of its new shareholder, Sheikh Hamad Rakadh Salem Hamad Alameri. The company plans to create a unique environment in the UAE market to attract foreign direct investment and create innovative solutions for the market.
At present, MaskEX offers various digital services which can be accessed through their app.