Solowin, a company listed on Nasdaq, has initiated operations in Dubai and is pursuing a Category 3C asset management license from the Dubai International Financial Centre (DIFC).
The DIFC is recognised as a major financial hub in the Middle East, known for its regulatory framework that aligns with international standards. This move comes after Solowin’s collaboration with CITIC Construction to enhance financial technology infrastructure in Saudi Arabia.
As part of its strategy to enter the Middle Eastern market, Solowin has signed a memorandum of understanding (MOU) with a notable UAE-based enterprise. This partnership aims to leverage established client networks for a swift market entry.
According to Solowin, the decision to establish its hub at DIFC is strategic due to the regulatory framework’s mutual recognition with Hong Kong’s Securities and Futures Commission (SFC). This alignment could streamline the licensing process, potentially completing it within three months.
Solowin plans to offer services tailored for institutional clients seeking Sharia-compliant products. These services will include structured products backed by real-world assets and computing power, aiming to strengthen capital and asset connectivity between the Middle East and Asia.
Solowin CEO Peter Lok said: “The Dubai Operations Centre is a pivotal addition to Solowin’s global compliance network.
“By integrating Saudi-based infrastructure resources, we are fully committed to contribute a cross-regional ‘digital financial silk road’.”
Recently, Solowin entered into an equity purchase agreement to acquire 19% of GPL Remittance, a Singapore-based cross-border payment institution.
GPL has a Major Payment Institution license from the Monetary Authority of Singapore (MAS) and has global operational experience spanning over 30 years.
This acquisition is expected to enhance Solowin’s digital payment infrastructure.
Founded in 2016, Solowin operates in both traditional and Web3 finance sectors. The firm provides a full-spectrum ecosystem that integrates traditional finance with decentralised finance.
Using its licenses from Hong Kong’s SFC, Solowin operates a Web3 Infrastructure division focusing on compliant traditional finance, real-world asset tokenisation, and global digital payment solutions.
