Blockchain for Banking News

Subsidiary of Government owned bank Emirates NBD inks RWA tokenization deal

dubai united arab emirates uae

Liv Digital Bank, a subsidiary of the UAE’s second largest bank, Emirates NBD, has inked a deal with real world asset (RWA) tokenization firm Ctrl Alt. A key driver is the perceived investment interest of millennials and Gen Z in alternative assets. These include private equity, private debt, real estate and infrastructure.

Additionally, people in Gen Z start investing earlier, hence the potential appeal of tokenization.

“Liv is the first bank in the UAE to explore offering tokenised real-world asset investing opportunities to customers, and we are delighted to co-partner with a leading infrastructure provider such as Ctrl Alt for this initiative,” said Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD. 

“As the innovation incubator in Emirates NBD Group, Liv has always remained at the forefront of digital innovation, seeking to collaborate with partners to explore and experiment with technologies that are in demand globally and in the UAE.”

Meanwhile, Emirates NBD has been a frequent blockchain user, particularly in the trade finance arena. It started working with the Dubai Chamber of Commerce on a trade finance blockchain in 2019. It also participated in UAE Trade Connect, the trade finance blockchain that started with an anti-fraud solution. Last year it invested in komgo, the Swiss-based trade finance platform backed by numerous global banks and energy firms.