Members of the blockchain platform’s E24P include royal Emirati family, fintech banking platform, tech research institute
Hong Kong-based open-source software nonprofit The Aergo Foundation and South Korean blockchain tech startup Blocko announced the launch of the Execution Intelligence Group (E24P) in a statement yesterday. The E24P is an alliance of organizations seeking to facilitate innovation in Middle East, Africa, and South East Asia (MEASEA) economies through emerging technologies.
According to the statement, the collective aims to provide smart business and governance solutions in government, tourism, supply chains, and finance to MEASEA countries. It will rely on leveraging a host of emerging technologies such as trusted computing, quantum, cryptography, green energy, Internet of Things, smart identities, blockchain, and artificial intelligence to power its efforts.
Abu Dhabi’s ruling Al Nahyan family is one of the early members of the Group. The family is currently in the news for a reported $1 billion investment in LuLu Group International, which owns one of the Middle East’s largest hypermarket chains. The investment was reportedly made through a firm led by Sheikh Tahnoon Bin Zayed Al Nahyan.
Other members include Western Union-owned borderless banking service provider Topos, and an undisclosed United Kindom- and China-based tech research institute that develops innovations in advanced technologies such as quantum computing, lattice cryptography, and machine-to-machine supply chain communication.
The core members of the E24P recently implemented large-scale blockchain-based digital finance and land registrations solutions in the Middle East for sponsorship from the Al Nahyan family, which is one of the United Arab Emirates’ (U.A.E.) six royal families, the statement noted.
It added that the Group’s strategic goal is to build capacity for progressive technology in MEASEA countries. It is undertaking government briefings in Abu Dhabi in the U.A.E., as well as Jeddah and Riyadh in Saudi Arabia, to identify partner government authorities and companies to this end, the statement noted.
It also said that the Group aims to digitize the landscape in these regions in order to create opportunities and improve social outcomes, while also utilizing efficient business and governance models.
Samsung-backed Blocko has previously deployed the Aergo hybrid blockchain technology in South Korea for over 38 clients including Hyundai Motors, Lotte Card, and Korea’s National Stock Exchange, the statement noted.
The platform raised over $7 million in a Series B+ round from Shinhan Bank, KEB Hana Bank, LB Investment and Dadam Investment, boosting its total funding haul to over $20 million.
Aergo, which is backed by Sequoia Capital China, partnered with crypto asset management and broking firm Troy Trade earlier this month to optimize and scale Troy’s decentralized trading and settlement protocol by adopting Aergo’s advanced public ledger.
Late last year, Aergo and Blocko also collaborated on a hybrid blockchain platform Aergo Enterprise, launched in the U.A.E. in Novebmer 2019. The collaboration aims to make blockchain technology available for both private and public sectors in the country.
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