Mega Matrix has signed a memorandum of understanding (MoU) with Ihsan Dhahab in January to finance and operate a an Islamic precious metals ecosystem.
Under the MoU, the parties agreed to collaborate on a range of projects, including:
- An integrated precious metals special economic zone located in the Middle East, primarily in KSA, Qatar or other locations, dedicated to the entire precious metals value chain, including refining, storage, trading, and manufacturing
- To design, structure, develop, and launch a shari'ah-compliant, real-world asset (RWA) gold-backed token and stablecoin
- To establish and operate a shari'ah-compliant digital exchange for the trading of precious metals, bullion, and other RWA-based financial instruments
- To create an Islamic digital bullion bank, providing shari'ah-compliant financing, vaulting, logistics, and other banking services for the precious metals ecosystem
- To collaboratively identify, assess, and develop other innovative fintech projects that align with the strategic objectives of the parties.
As part of the collaboration, Mega Matrix will draw on its technical experience in stablecoins and Web 3 to provide advisory support for capital raising and financing, including equity investments, debt arrangements and other compliant financial instruments. Mega Matrix will also provide expertise in corporate structuring, financial modelling, capital markets strategy and international governance standards, and will contribute its technology, intellectual property and global Blockchain and digital asset network to support project implementation and scalable development.
Ihsan Dhahab will act as the founders group and promoter, leveraging their local presence and market knowledge in KSA, Qatar and the wider region to provide strategic direction, sector expertise in Islamic finance and precious metals markets, and to lead regulatory approvals, licensing and day-to-day operations following project commencement.
Yucheng Hu, CEO of MPU commented: "Partnering with Ihsan Dhahab that has deep local experience and resources in the Middle East to develop the precious metals RWA sector represents a measured extension of MPU's stablecoin and its governance token DAT strategy. MPU is contributing to the development of global digital financial infrastructure while broadening its activities within the stablecoin and Web 3 landscape."
DAT stands for digital asset treasury.