In a move towards fostering digital asset adoption in the Middle East and Africa (MENA), Circle Internet Financial (Circle), a leading global financial technology firm, has inked a strategic partnership with Fuze, the UAE’s regulated digital assets infrastructure provider.
The collaboration aims to amplify the utilization of USDC, Circle’s US-dollar backed stablecoin, across the region.
The Memorandum of Understanding (MoU) signed by Circle and Fuze delineates their joint effort to introduce USDC to a broader spectrum of customers in MENA, including banks, fintech enterprises, traditional businesses, and Web3 firms.
Miriam Kiwan, VP of Partnerships & Business Development, MENA at Circle, emphasized the partnership’s significance in advancing financial inclusion. “This collaboration marks a significant milestone in our efforts to enhance financial inclusion and drive the adoption of full-reserve payment stablecoins across MENA,” Kiwan stated. She further added that the partnership aims to bolster accessibility and usage of USDC while fostering greater integration between regional and global finance networks.
Fuze’s Co-Founder and CEO, Mohammed Ali Yusuf (Mo Ali Yusuf), echoed the sentiment, highlighting the shared vision between Circle and Fuze. “Circle and Fuze share a common vision to create more efficient financial services and deliver digital assets infrastructure that builds a more connected, inclusive economy,” Yusuf stated. He expressed enthusiasm for the collaborative prospects in shaping the future of finance.
It is worth noting that Fuze has been pivotal in advancing digital assets infrastructure across the region. Founded by Mo Ali Yusuf (CEO), Arpit Mehta (COO), and Srijan Shetty (CTO), the company has rapidly secured robust regulatory frameworks and licensing while securing substantial seed funding, marking a significant milestone in MENA’s digital asset startup landscape. Fuze remains committed to accelerating product implementation and growth, working in close collaboration with local and regional regulatory bodies.
On another note, in an UNLOCK Blockchain interview with Miriam Kiwan, Vice President of Circle MENA, she explained that Circle’s vision as a financial technology player is to increase global economic prosperity through the frictionless exchange of value.
“We are looking to improve the adoption of USDC across the region and enable individuals and businesses to participate in the digital economy while fostering financial inclusion,” Kiwan stated.
Kiwan also pointed out the significance of the UAE, where 89% of residents are expats, making it an essential market for remittances. She believes that USDC is well-positioned to facilitate cross-border business transactions and individual remittances, leveraging the power of blockchain technology.
