The UAE Ministry of Economy announced that US-based Fluent Finance, the developer of a cryptocurrency-based payment platform that facilitates cross-border trade, has joined its NextGen FDI program.
The web3 company, which was founded in Delaware in 2020, plans to launch operations in Abu Dhabi and plans to grow its workforce to between 100-125 people within five years.
Fluent will use its new UAE headquarters to deploy and scale its proprietary Fluent Economic Bridge, which can be used by importers and exporters to settle transactions via a bank-issued cryptocurrency, which are known as stablecoins or, increasingly, deposit tokens. By working with banks and regulators in the UAE capital, Fluent believes its platform offers the immediacy and transparency of cryptocurrency with the security and regulatory structure of the traditional banking system. They are already piloting the platform in Kenya, and now hope to develop a digital trade corridor with the UAE.
Fluent’s technology-led approach towards trade aligns with the Ministry of Economy’s TradeTech Initiative, in which they have partnered with the World Economic Forum (WEF) to promote the use of advanced technology tools in global supply chains, and also the country’s Comprehensive Economic Partnership Agreement program, which aims to achieve frictionless trade between the UAE and an increasing number of nations across the world.
Launched in 2022, NextGen FDI aims to support the growth of the nation’s knowledge-driven economy by enabling rapid incorporation processes to speed up licensing, facilitating the issuance of bulk or golden visas, accelerating banking services, and providing commercial and residential lease incentives for advanced technology companies seeking to relocate to the UAE.
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