Banks and fintechs across the Middle East will now have access to crypto and digital asset capabilities following a new partnership between Codebase Technologies, the open API banking solutions provider, and Fuze, the digital asset infrastructure company.
According to a new report by Chainalysis, the blockchain data platform, the Middle East and Africa (MEA) region saw over $566billion in crypto transactions between July 2021 and June 2022. This growth came from a rise of retail investors, banks and regulators all actively exploring how to bring digital assets into regulated financial environments. Codebase Technologies has helped with this growth, facilitating firms to launch their own digital banking propositions or even a fully-fledged digital bank.
This has been made possible due to Codebase Technologies’ Digibanc platform, the digital banking suite, which helps firms launch digital propositions built around local market realities and tight timelines. Partnering with Fuze, Codebase is improving the infrastructure it can offer its clients.
Fuze brings the experience and tools needed to help banks navigate the often-complex reality of launching digital asset products from infrastructure to ensuring compliance with regulators. Through a seamless integration with Digibanc, Codebase Technologies’ clients can plug into a set of tools that let them offer crypto products with less overhead and fewer moving parts.
“We’re not trying to ride a trend,” said Omar Mansur, managing director – APAC, at Codebase Technologies. “Our clients are asking how to offer digital asset services in a way that fits into their existing systems and without undue burden on their compliance and operations teams. This partnership gives them a practical and fast way to do that, to capitalize on the significant market potential.”
Taking the next step
This partnership aligns two areas of deep expertise to deliver a practical, institution-ready pathway into the expanding digital asset market. For banks and financial institutions, it represents a tangible opportunity to evolve their offerings in step with market demand, without disrupting core operations.
“Banks have been circling the digital asset space for a while,” said Mo Ali, CEO at Fuze. “What’s been missing is a setup that feels familiar, that fits how they already operate. That’s what we’re offering with Codebase Technologies.”
