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Venture Capital Fund Manager Token Bay Capital Granted In-Principle Approval To Invest In Tokens With First of Its Kind License in Abu Dhabi Global Market (ADGM)

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  • License will permit investment in both the equity and tokens of crypto start-ups
  • Opening of Token Bay’s new offices in ADGM aligns with planned second fund

Token Bay Capital Limited (“Token Bay”) is expanding its venture capital footprint in the capital of the UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities in the ADGM. Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay brings niche capabilities to manage both token and equity investments in early-stage crypto start-ups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.

Founded in 2021, Token Bay is a leading Crypto Venture Capital Fund that has adopted a regulatory-first approach from day one. Token Bay invests in start-ups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on the success of its first fund, Token Bay is now launching its second fund and will continue to back outstanding entrepreneurs building infrastructure solutions for the new token economy. In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.

Founder and Managing Partner of Token Bay, Lucy Gazmararian: “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centres and digital assets hub.”

ADGM’s progressive regulatory framework, English common law legal framework, status as a leading centre for financial innovation and vibrant blockchain and digital assets ecosystem have attracted Token Bay to set up offices in the capital of the UAE.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend a warm welcome to Token Bay Capital as they join ADGM’s international financial centre and commence their establishment in Abu Dhabi, marking the beginning of their global expansion journey. ADGM is dedicated to cultivating innovation and excellence in the financial sector, particularly within the virtual asset space. With progressive regulatory frameworks that facilitate companies like Token Bay Capital, ADGM’s vibrant ecosystem stands as the optimal platform for initiating their global growth trajectory.”

Token Bay’s Venture Funds offer institutions, multi-national companies, private banks, family offices and high-net-worth individuals the opportunity to invest in an emerging asset class right at the start of a multi-decade cycle.

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H-E-B Opens Additional E-Commerce Fulfillment Center Featuring Swisslog Automation

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H-E-B’s new e-commerce fulfillment center

H-E-B recently announced the opening of a new e-commerce fulfillment center in Cibolo, Texas, to support curbside and home delivery orders throughout Cibolo, New Braunfels and surrounding cities around the San Antonio area.

The 55,000-square-foot facility marks H-E-B’s eighth e-commerce fulfillment center the company has opened since 2018 and features AutoStore empowered by Swisslog and operating on synchronized intelligence from Swisslog’s SynQ software. The most recent of these facilities was opened in Plano, Texas in July 2023.

Five members of the Swisslog team attended the ribbon-cutting ceremony to mark the opening of the facility and showcase the ongoing partnership between the two companies. Swisslog continues to help H-E-B achieve their automated fulfillment goals and provide unmatched service and support to their communities.

H-E-B said the e-commerce fulfillment center further expands the retailer’s commitment to integrate innovative technologies that drive omnichannel growth and provide a more convenient and better shopping experience for Texans. The company further explained that these facilities have enabled H-E-B to grow its supply chain capacity to help improve and power the expansion of its curbside and home delivery services, which are available at more than 270 stores in Texas.

With this facility now operational, H-E-B said it plans to continue to open additional facilities across the state to help support the retailer’s expansion plans.

About Swisslog

We shape the future of intralogistics with robotic, data-driven and flexible automated solutions that achieve exceptional value for our customers. Swisslog helps forward-thinking companies optimize the performance of their warehouses and distribution centers with future-ready automation systems and software. Our integrated offering includes consulting, system design and implementation, and lifetime customer support in more than 50 countries.

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RemotePass Simplifies HR and Payroll for UAE Companies with New Direct Employee Feature

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Abu Dhabi, UAE – June 5, 2024 – Leveraging its experience as a global platform offering contractor management and employer-of-record services in 150 countries, RemotePass, an HR and fintech platform, has launched ‘Direct Employee.’ This new solution empowers UAE companies, whether in free zones or the mainland, to onboard, manage, and pay their local and global employees through a single platform.

Direct Employee enables companies to instantly create compliant employment contracts, track expenses and time off, generate essential HR documents, and gain crucial insights through comprehensive analytics and reports. Additionally, the solution offers convenient approval workflows and seamless integrations with popular communication tools and finance systems like QuickBooks.

This product launch aligns with the UAE’s strategic goals to attract and retain top talent, both locally and internationally. The nation leads the Arab world in global talent competitiveness, according to the 2023 IMD World Talent Ranking, thanks to strong quality of life, high salaries, healthcare, education, and recent reforms. By addressing critical HR and payroll challenges, Direct Employee supports the UAE’s efforts to create a conducive environment for skilled professionals, enhancing the country’s attractiveness as a global hub for talent.

Kamal Reggad, CEO and Co-Founder of RemotePass, shares the inspiration behind Direct Employee: “As a UAE-based company, we have been able to identify unique challenges, which inspired the development of the Direct Employee product. Last year, we built this product specifically to support our local UAE employees and to centralize all of our HR & Payroll on RemotePass. After initially testing it with select clients earlier this year, we are now excited to make it available to all our UAE clients. We’re eager to see how this will transform the way UAE businesses manage their local & global workforce”

Existing RemotePass clients in the UAE can try Direct Employee for a free trial until September 31st, 2024, and experience the benefits firsthand.

About RemotePass:

RemotePass offers an all-in-one platform for companies to efficiently onboard, manage, pay, and retain remote contractors and employees in over 150 countries, ensuring compliance. The platform features HR tools like multi-currency expense management and time-off tracking with multi-level approval flows, along with mass payroll processing.

Additionally, remote teams get access to the RemotePass Super App, which offers financial services and benefits, including a USD Payroll card for instant payments, health insurance options, 7 payout methods, and 90+ currencies.

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Snowflake secures Dubai Electronic Security Centre certification, expanding provision of its Data Cloud in Dubai

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Snowflake, the Data Cloud company, has achieved the Dubai Electronic Security Centre (DESC) certification, enabling the company to extend its services to all markets within the Emirate of Dubai, including government and semi-government organizations.

The DESC certification is crucial for cloud service providers operating in Dubai, ensuring they meet the stringent cybersecurity standards necessary to serve government entities. Snowflake engaged with an assigned independent third-party assessor to complete the certification assessment. This accreditation involves a rigorous audit and is essential for providers who must demonstrate compliance with both international standards, such as ISO/IEC 27001, ISO/IEC 27017, and ISO/IEC 27018, and local regulations outlined in the DESC Information Security Regulation (ISR).

With this certification in place and licensed by DESC, Snowflake is meeting the increased expectations of cloud service providers, and providing a framework for technical and governance measures to securely serve government entities in Dubai. The certification covers the company’s operations in the Azure UAE North region. For a full list of Snowflake regions, please refer to the Supported Cloud Regions page.

Mohamed Zouari, Regional Director at Snowflake, commented on the development, “As the Middle East rapidly advances its digital transformation and AI adoption, the need for reliable and secure cloud services is more critical than ever. Snowflake’s DESC certification not only underscores our dedication to meeting the highest standards of data security, but also positions us as a key player in supporting the region’s economic diversification and digital and AI strategies. This accelerates our growth and unlocks new business opportunities, while strengthening the cybersecurity posture of our services across the Middle East.”

This certification comes at a time when the potential for cloud computing and digital transformation in the Middle East is immense. The rapid adoption of cloud technology is supported by the governments’ increasing recognition of its benefits, and how the cloud is propelling AI adoption in the Middle East, with PWC estimating a $320 billion impact for the region.

For further information on Snowflake’s DESC certification or to inquire about security and compliance, visit the Snowflake Compliance Page.

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About Snowflake
Snowflake makes enterprise AI easy, efficient, and trusted. Thousands of companies around the globe, including hundreds of the world’s largest, use Snowflake’s AI Data Cloud to share data, build applications, and power their business with AI. The era of enterprise AI is here. Learn more at snowflake.com (NYSE: SNOW).

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