Tencent Cloud Partners with UAE's Crypto-Centric Free Economic Zone to Boost Start-Up Growth
Summary:
Tencent Cloud, the cloud computing division of Tencent, has forged a partnership with the Ras Al Khaimah Digital Asset Oasis (RAK DAO), a cryptocurrency-centric free economic zone in UAE. The Memorandum of Understanding (MoU) aims to accelerate the growth of startups and involves the creation of a Tencent Cloud training center within RAK DAO. The collaboration, welcomed by Ras Al Khaimah Ruler, Sheikh Saud bin Saqr Al Qasimi and Tencent Cloud CEO, Dowson Tong, aims to explore collective growth possibilities and set new standards in the Web3 sector. RAK DAO, established on February 28, focuses on virtual asset providers (VASPs) keen on Web3 technologies like metaverse, blockchain, NFTs, DApps, and DAOs.
Tencent Cloud - the cloud computing division of Chinese tech giant Tencent - has entered into a Memorandum of Understanding (MoU) with a cryptocurrency-centric free economic zone in the United Arab Emirates (UAE), with the aim of propelling start-ups to the next growth stage by way of multiple initiatives. The Ras Al Khaimah Digital Asset Oasis (RAK DAO) disclosed the signing of this MoU with Tencent Cloud on March 7, marking a venture to explore pathways for collective growth. The crux of the agreement involves bolstering the expansion of start-ups registered within the RAK DAO, a dedicated cryptocurrency zone situated in Ras Al Khaimah, one of the UAE's seven emirates.
The MoU mandates the creation of a training center by Tencent Cloud within RAK DAO, focusing on building skills and knowledge. It also provides for internships for firms licensed under RAK DAO and its partners within Tencent Cloud's system. The Ras Al Khaimah Ruler, Sheikh Saud bin Saqr Al Qasimi, hailed the MoU signing as an influential milestone for the emirate, expressing his welcome to Tencent Cloud and acknowledging that this collaboration solidifies Ras Al Khaimah as a tech hub. Concurrently, Dowson Tong, Tencent Cloud CEO, described the collaboration's objective as setting new standards in the Web3 sector and "unraveling new possibilities within the digital economy".
The "free-trade zone" in the UAE allows entrepreneurs to entirely own their businesses. These zones function under their own regulatory and tax framework, autonomous from mainland laws save for UAE's criminal codes. Launched on Feb. 28, RAK DAO is one such free-trade zone dedicated to virtual asset service providers (VASPs) focusing on Web3 technologies such as the metaverse, blockchain, nonfungible tokens (NFTs), decentralized applications (DApps), and decentralized autonomous organizations (DAOs). The UAE free zone has also initiated partnerships with different companies within the crypto landscape, signing an MoU with the HBAR Foundation in July 2023 to facilitate its ecosystem members in leveraging the Hedera blockchain.
Published At
3/7/2024 4:12:04 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.