Menachain Solutions DWC-LLC, a startup in the United Arab Emirates (UAE) announced that it would be building a blockchain-based payment platform, as well as a cryptocurrency, targeting the Middle East and North Africa (MENA), especially to the unbanked
With his base in Dubai, Menachain says he is developing "the most used cryptocurrency in the world" with the purpose of supporting the digital transformation of the region and serving its unbanked population.
84% of this region is not banked, according to the company, that is, about 440 million people. In this sense, they will provide customers and businesses in the region with a payment solution that complies with Islamic regulations that allow them to transfer money and pay for daily purchases in a safe, fast and decentralized manner.
In addition, they will develop the MenaPay ecosystem, which consists of a stock token (MenaPay) and MenaCash, a stablecoin backed by the US dollar to be used in the MenaPay payment system.
On this matter, Princess Hanadi, member of the board, pointed out the potential of this currency and how it fits into the program of Saudi Vision 2300, a long-term development plan that seeks to diversify the economy and promote the development of the nation.
"MenaPay is what people need throughout the Islamic world in MENA. We firmly believe that MenaCash will be the most holistic currency in Saudi Arabia, and will be the solution for 84% of the unbanked population in the region by decreasing the time and costs of transactions while remaining transparent and safe, "he added.
In this way, MenaPay aims to reach 10 million users for next year, and ensures that it already has 50 businesses interested in using its service.
