GreenX and Nahdlatul Ulama (PWNU) Sign LOI for Shariah-Compliant Real World Asset Tokenization
GreenX and Nahdlatul Ulama (PWNU) have signed a Letter of Intent (LOI) to develop Shariah-compliant Real World Asset (RWA) tokenization. This collaboration aims to create a new digital asset class that adheres to Islamic financial principles for the Indonesian market. The signing ceremony, held on June 6, 2024, included key representatives from both entities and highlighted three significant RWA listings: Dignity Gold, Brighsun , and Tai Shan Digital. GreenX plans to leverage Indonesia's vast natural resources and large Islamic community to build a robust digital ecosystem. GreenX's leadership expressed optimism about meeting the growing demand for Shariah-compliant digital financial products.
- GreenX forms strategic partnership with one of the largest Islamic organizations, PWNU.
- Collaboration targets Shariah-compliant digital asset class for a vast market of over 120 million PWNU members.
- GreenX reiterates the Shariah compliance of high-value asset listings: Dignity Gold, Brighsun , and Tai Shan Digital.
- Potential to leverage Indonesia's extensive natural resources for tokenization.
- GreenX aims to enhance the social economy with innovative digital financial solutions.
- No financial data provided to assess immediate impact on revenue or profitability.
- Potential regulatory and compliance challenges in integrating Shariah-compliant tokenization.
The partnership between GreenX and Nahdlatul Ulama (PWNU) represents an innovative approach toward merging Islamic financial principles with modern digital assets. The tokenization of real-world assets (RWA) compliant with Shariah law can open a significant market segment, particularly in Indonesia and other Muslim-majority regions. This development can potentially democratize access to high-value assets, offering an appealing alternative to traditional investment products for the growing Muslim investor base.
From a short-term perspective, investor excitement could drive an increase in GreenX's platform activity, boosting token and asset listings. This enthusiasm might attract a surge of users exploring the new Shariah-compliant investment opportunities. However, long-term success will hinge on the actual uptake of these tokenized assets by the target audience, regulatory compliance and the practical integration of these digital assets into everyday financial practices.
For investors, it is essential to understand tokenization, which is the process of converting rights to an asset into a digital token on a blockchain. This can increase liquidity and access while adhering to specific financial principles—in this case, Shariah law. The integration of green projects and technologies further aligns with global sustainability trends, potentially enhancing the appeal among socially conscious investors.
From a financial standpoint, the LOI signed by GreenX and PWNU could be a strategic move to tap into a large, under-served market segment. With GreenX being a relatively new platform launched in 2022, establishing a connection with one of the largest Islamic organizations globally provides immediate credibility and a substantial user base. This collaboration illustrates the adaptability of financial technology to cater to specific cultural and religious needs, which could be a game-changer for the digital asset market.
Revenue growth could potentially increase as more assets are tokenized and listed on the platform, enhancing trading volume and associated fees. However, the success is not guaranteed without extensive education and outreach to the target communities about the safety, regulatory compliance and benefits of these new digital financial products. Additionally, the competitive landscape for digital assets remains fierce and GreenX needs to ensure it remains at the forefront of innovation and user engagement.
Investors should keep an eye on regulatory developments in Indonesia and other key markets, as compliance with both local laws and Shariah principles will be important for the sustained success of this initiative. Moreover, the operational execution of tokenizing real-world assets, ensuring their liquidity and maintaining high transparency standards will be critical components to monitor.
KUALA LUMPUR, MALAYSIA / ACCESSWIRE / June 20, 2024 / GreenX is honoured and excited to announce the signing of a Letter of Intent (LOI) this month, with Nahdlatul Ulama (PWNU) in Surabaya, Indonesia, one of the largest Islamic organizations globally with more than 120 million members. This collaboration aims to develop Shariah-compliant Real World Asset (RWA) tokenization, forming the basis of a new digital asset class that aligns with Islamic financial principles for the Indonesian community.
The LOI signing ceremony took place after the TV9 Nusantara on June 6, 2024, and was attended by PWNU's Director of Economy, H. Hambali, along with key representatives from GreenX. H. Hambali commented, "This partnership represents a significant step towards integrating innovative digital financial solutions with our commitment to Shariah principles. We look forward to leveraging this collaboration to benefit our community." GreenX also invited their Malaysian Shariah Scholar and lawyer, Khairil Anwar from Kuala Lumpur, to share their experiences and challenges in the tokenization of various RWA over the past two years.
During the event, GreenX reiterate the Shariah pronouncement on three significant RWA listings: Dignity Gold, Brighsun Limited and Tai Shan Digital. These projects are currently listed on GreenX, and highlight the potential of tokenizing high-value assets and making them accessible to a broader audience.
Indonesia, with its vast natural resources and one of the largest Islamic communities in the world, presents a unique opportunity for GreenX. The vision is to leverage the tokenization of Indonesia's green projects and technologies to develop a robust digital ecosystem and enhance the social economy.
Philip Tam, Chief Exchange Officer of GreenX, stated, "GreenX will adhere to its mission as the leading Shariah-compliant Digital Asset Exchange to provide high-quality tokenized assets to our community and the web3 space."
Dr. CK Lee, Chief Executive Officer of Greenpro Capital Corp, stated, "Since the launch of GreenX in 2022, we have been receiving request from Muslim and Middle East communities to deliver digital financial products that fulfill their ever-growing demands, especially on the Shariah aspect. Our STO and RWA tokens are innovative alternative investment products and we look forward to gaining more traction with the Muslims and Middle East communities in the coming months."
About Nahdlatul Ulama
Nahdlatul Ulama (NU) can be classify as the largest Islamic organization worldwide, with around 121 million members. It has a long and proud history of promoting peace, tolerance, and social justice and has been a strong advocate for a moderate vision of Islam. In addition, the organization has been a leader in promoting inter-religious dialogue and has played an essential role in building bridges between different religious communities in Indonesia.
More information can be found at www.nu.or.id
About Green-X Corp
Green-X™ is a wholly-owned subsidiary of Greenpro Capital Corp (NASDAQ:GRNQ) and operate one of the world's leading Shariah-Compliant ESG Digital Asset Exchange licensed under Labuan Financial Services Authority (LFSA), Malaysia. The Green-X exchange can be found at https://www.green-x.io/
About Greenpro Capital Corp
Headquartered in Kuala Lumpur and a Nevada corporation, Greenpro Capital Corp. (NASDAQ:GRNQ), is a business incubator with strategic offices across Asia. With a diversified business portfolio comprising of finance, technology, banking, and Green-X for STOs, health and wellness as well as 30 years of experience in various industries, Greenpro has been assisting and supporting businesses and High-Net-Worth-Individuals to capitalize and securitize their value on a global scale. This is done through the provision of cross-border business solutions, spinoffs on major stock exchanges and accounting outsourcing services to small and medium-size businesses located in Asia. The comprehensive range of cross-border business services include, but are not limited to, trust and wealth management, listing advisory services, transaction services, cross-border business solutions, record management services, accounting outsourcing services and tax advisory services. Greenpro also operates venture capital businesses, including business development for start-ups and high growth companies.
For further information regarding the company, please visit http://www.greenprocapital.com.
Forward-Looking Statements
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
GRNQ has 7,575,813 shares issued and outstanding with a float of 4,089,641 shares
Gilbert Loke, CFO, Director
Greenpro Capital Corp.
Email: ir.hk@greenprocapital.com
Phone: +852-3111 7718
Contact Dennis Burns. Investor Relations.
Tel (567) 237-4132
dburns@nvestrain.com
Phone: +603-2201 3192
mycorp@greenprocapital.com
SOURCE: Greenpro Capital Corp.
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