Fluent Finance, a US-headquartered firm specializing in a cryptocurrency-driven payment platform, has become a participant in the UAE’s NextGenFDI initiative and is preparing to launch its operations in Abu Dhabi.
Established in Delaware in 2020, Fluent’s objective is to simplify international trade. Over the course of five years, it envisions expanding its team to a size of 100-125 employees.
Fluent’s UAE Hub: Base for Expanding the Fluent Economic Bridge Platform
The company intends to utilize its UAE headquarters for the implementation and expansion of its proprietary Fluent Economic Bridge platform, according to The National News.
This innovative platform allows importers and exporters to settle transactions using bank-issued cryptocurrencies, commonly referred to as stablecoins or deposit tokens.
“I am optimistic about the possibilities of the Fluent Economic Bridge, and the potential for digital currencies to improve the efficiency and accessibility of global supply chains,” said Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade.
Through collaboration with banks and regulators in Abu Dhabi, Fluent’s objective is to enhance cryptocurrency’s transparency while incorporating the security and regulatory framework of the conventional banking system. The company is presently conducting a trial run of its platform in Kenya.
“The UAE offers exactly the kind of supportive, enabling environment that Web3 companies such as Fluent require,” said Bradley Allgood, Fluent Finance’s chief executive.
“The combination of thoughtful regulation, forward-looking vision and advanced technology ambitions means we have the right foundations on which to develop our product and grow our organisation.”
UAE’s Initiative: Attracting Tech Firms with Incentives and Efficiency
This initiative is geared towards expediting the licensing process, increasing the issuance of bulk or golden visas, enhancing banking services, and offering attractive commercial and residential lease incentives to advanced technology firms considering a move to the UAE.
Fluent’s strategy aligns with the Ministry of Economy’s TradeTech Initiative, which, in collaboration with the World Economic Forum, seeks to promote the utilization of cutting-edge technology tools in global supply chains.
It also complements the country’s comprehensive economic partnership agreement programme, which is aimed at facilitating seamless trade between the UAE and other economies.
