In a world where digital assets are maturing beyond speculation into core components of institutional portfolios, a revolutionary partnership is setting the stage for the future of finance. It was in early April when OKX—one of the world’s largest and most liquid crypto exchanges—teamed up with banking powerhouse Standard Chartered and asset management giant Franklin Templeton to unveil a game-changing initiative: a collateral mirroring program that allows institutional clients to securely use crypto and tokenised money market funds as off-exchange collateral.

Read-Standard Chartered, OKX roll out crypto collateral pilot in Dubai

This isn’t just another crypto headline. It’s a seismic shift.

Backed by a Globally Systemically Important Bank (G-SIB), the program signals a fundamental rethinking of digital asset infrastructure. It promises what institutions crave most—security, capital efficiency, and credible custody.

“It’s our vision to be the leading institutional platform not only in the UAE and MENA but across every key market where we operate,” said Hong Fang, President of OKX, from a sleek meeting room overlooking Dubai’s innovation district. “We’re building a platform that’s future-proof—and this program is a cornerstone.”

Solving the custody conundrum

The journey to this innovation wasn’t accidental. For years, institutions have hesitated to dive deep into crypto due to one critical challenge: custody.

“For institutions, counterparty risk is non-negotiable. And they need diversification—not one custodian to rule them all,” Fang emphasised. “That’s why off-exchange custody matters. We’re not here to control the process; we’re here to empower it.”

Enter Standard Chartered, a legacy bank with digital ambition. When its digital assets division was launched in 2022 and officially operational in 2024, few imagined just how quickly it would move.

“We’ve been building custody infrastructure across 50 markets for decades,” explained Waqar Chaudry, Head of Digital Assets, Financing and Securities Services at Standard Chartered. “With crypto now gaining institutional scale, our role became inevitable. This partnership with OKX and Franklin Templeton proves that TradFi and DeFi don’t have to compete—they can integrate.”

Franklin Templeton: The visionaries of tokenisation

While banks and exchanges brought infrastructure, Franklin Templeton brought foresight.

Years before “tokenised real-world assets” became a buzzword, they were quietly building one of the first tokenized money market funds in the world—back in 2019.

“We saw blockchain’s power in managing mortgage-backed securities, and the lightbulb went off,” said Tony Pecore, SVP of Digital Asset Management. “Why stop at mortgage loans? We realized: asset management itself could be reinvented.”

Now, Franklin’s on-chain funds will serve as usable collateral in this program—a feat that brings together decentralized innovation and institutional-grade safety.

The hybrid future of custody

The question everyone’s asking: What does the future of digital asset custody look like?

“It won’t be one-size-fits-all,” Fang predicts. “We see a hybrid model—perhaps 50 per cent with regulated custodians, 30 per cent with exchanges like OKX, and 20 per cent self-custody. People still want convenience. Institutions still want accountability. This model balances both.”

And with OKX Pay—a new integrated payment platform that combines Web2 convenience with Web3 sovereignty—that hybrid vision is already taking shape. Users will soon be able to manage investments, spend crypto, and access self-custody, all from one app.

The $300tn prize

What’s at stake? Only the largest market transformation in modern finance.

“The global custody market spans up to $300tn. Digital assets are just getting started,” Chaudry noted. “Our ambition? To become the world’s largest sub-custodian for digital assets. We already serve over 50 countries—we’re not starting from scratch. We’re scaling.”

This isn’t about crypto anymore. It’s about the future of capital markets, built on blockchains, backed by banks, and secured by visionaries.

As cyber threats become more human-targeted and AI-driven, Proofpoint is expanding its footprint in the UAE. With local data centres, enhanced threat intelligence, and a growing partner network, the company is aligning closely with the region’s cybersecurity priorities — at a time when 74 per cent of UAE CISOs cite human risk as their top concern.

Here, we speak to CEO Sumit Dhawan about the cybersecurity challenges, opportunities and the way ahead for the company and businesses in the UAE.

What do you see as the biggest cybersecurity challenge for organisations in the UAE, and how is Proofpoint addressing them?

Today’s cyber threats are growing in sophistication. Attackers are no longer simply targeting infrastructure — they’re targeting people. This is the biggest challenge for security leaders in the region, with 74 per cent of UAE CISOs viewing human risk as their biggest cybersecurity concern.

Organisations in the UAE, and globally, are facing multifaceted threats that exploit human vulnerabilities — from business email compromise (BEC) and ransomware to impersonation and supplier-related breaches.

Proofpoint addresses this by protecting the human layer of cybersecurity — the intersection of people, data, and collaboration tools. Human vulnerabilities drive over 80 per cent of breaches, making this the most important layer of defense.

We provide tailored solutions that combine advanced threat detection, data security and governance, automated posture management, and intuitive education tools to reduce risk at scale. Traditional, siloed controls aren’t enough.

Proofpoint is building the only truly adaptive human-centric security platform that protects every individual and secures their data.

You’re announcing significant investments in the UAE. What are you focusing on and how will this help address local cybersecurity needs?

Proofpoint is deeply committed to the Middle East. We’re currently trusted by 50 per cent of the UAE and Saudi Arabia-based companies listed in the Forbes Global 2000.

Two key needs stood out in discussions with customers and government leaders:

• First, there’s strong demand for cloud-based security paired with data sovereignty — many local businesses need data to remain within national borders.
• Second, there’s unanimous agreement on the importance of human-centric security as a pillar of next-generation cybersecurity alongside XDR and SASE.

To meet these needs, we launched local data centres in the UAE and Saudi Arabia, offering world-class threat protection with full data sovereignty.

We’ve also expanded our local team, opened a new office, and built a regional partner network of 550 strong.

With the rise of AI and machine learning, what new threats are emerging, and how is AI being used to fight back?

AI has lowered the barriers for attackers. Language models now allow cybercriminals to craft convincing, localised attacks. In 2024, the UAE saw a 29 per cent increase in BEC attacks.

At the same time, AI is revolutionising cyber defense. It enables faster detection, adaptation, and prevention of threats at scale. Proofpoint’s edge lies in our vast human-centric threat data — our AI learns from millions of signals to stay ahead of attackers.

In 2025, we will further integrate AI advancements into our platform, strengthening our lead in proactive, adaptive threat protection.

How is Proofpoint helping businesses protect their data amid regulatory change and growing compliance pressure?

Data is increasingly at risk due to human behaviour and digital sprawl. The rise of generative AI, multi-cloud use, and fragmented collaboration tools make it difficult for businesses to maintain visibility and context.

Proofpoint’s human-centric platform helps unify data security, threat protection, and compliance. Our 2024 acquisition of DSPM leader Normalyze strengthened this capability. With our solutions running through local data centres, businesses in the UAE can ensure compliance while safeguarding critical and personal data.

What’s ahead for Proofpoint and how does this align with the UAE’s cybersecurity vision?

In 2025, our focus is clear: to cement our position as the leader in human-centric security and address growing challenges around sophisticated threats, stricter compliance, and fragmented security ecosystems.

We were honoured to host Dr Mohammed Al Kuwaiti, head of the UAE Cybersecurity Council, at our Protect Tour event in Dubai. Proofpoint’s mission is fully aligned with the UAE Cybersecurity Strategy — to build a secure, resilient digital future.

As AI, cybersecurity, and human behavior intersect, that’s where we’re investing and innovating.

Online food delivery outfit Talabat has kicked off the year with a sharp surge in profitability, reporting a near fourfold increase in net income to $103m for the first quarter of 2025, marking a strong performance in a sector known for tight margins and growing competition.

The Dubai-headquartered company, which operates in eight MENA markets — the UAE, Kuwait, Qatar, Bahrain, Oman, Egypt, Jordan and Iraq — now serves over 6.5 million active users.

The strong Q1 performance underscores rising consumer demand for digital convenience and the platform’s ability to diversify beyond restaurant orders.

Gross merchandise value (GMV) climbed 30 per cent year-on-year to $2.1bn in the quarter to March. Revenue rose 34 per cent to $846m, and adjusted EBITDA — a key profitability measure — was also up 34 per cent to $140m, representing a margin of 6.7 per cent.

Adjusted net income, which excludes volatile items such as foreign exchange effects and shareholder loan interest, came in at $99m — up 24 per cent from a year ago. This figure provides a cleaner picture of core operational performance and is particularly relevant in a sector where bottom-line results can be distorted by swings in currency or one-off costs.

CEO Tomaso Rodriguez attributed the growth to deepening customer loyalty, a broader product mix, and regional scale.

“Our Groceries and Retail vertical contributed approximately one-third of GMV when including InstaShop for the full quarter,” he said.

Read more: UAE’s talabat completes acquisition of instashop for $32m

“This reinforces the opportunity in scaling this vertical further.”

While Talabat’s food delivery segment remains strong — especially across its core GCC markets — it is the grocery and convenience segment that is seeing faster growth. Non-GCC markets such as Egypt, Jordan and Iraq are gaining share, driven by rising order frequency and the rollout of subscription service talabat pro.

In February, Talabat finalised its acquisition of InstaShop, a leading grocery delivery marketplace. The company expects to realise “meaningful cost synergies” from the integration over the coming quarters.

Adjusted free cash flow rose 39 per cent to $135m, with a cash conversion ratio of 96 per cent — underscoring the operational leverage in the business.

Talabat’s Q1 2025 results are its first full quarterly report since listing on the Dubai Financial Market (DFM) in December 2024.

Talabat’s initial public offering (IPO) was the largest in the GCC in 2024 and the largest technology sector IPO globally last year. Upon listing, the company pegged its market capitalisation at around $10bn, but as of 9 May 2025 that figure was around $8.75bn.

Read more: Talabat plunges over 7.5% in Dubai trading debut after $2bn IPO

Global Village has announced the extension of its 29th season by one week, now running through Sunday, May 18.

The decision offers visitors additional time to experience the destination’s attractions, end-of-season deals, and performances.

The extended dates give guests one last chance to enjoy a wide range of experiences, including over 3,500 shopping outlets, 250 dining options, and more than 200 rides and games across Carnaval, Exo Planet City, and Neon Galaxy – X Challenge Zone.

Several recently launched promotions will continue during the final week:

Kids Go Free: Free park entry for children under 12.

Carnaval Offer: Unlimited rides in the Carnaval area for Dhs50.

Golden Bar Challenge: A chance to win Dhs2,900 in cash by lifting a golden bar, with a total prize pool of Dhs87,000.

Guests are encouraged to take advantage of mega discounts and exclusive bargains across traditional cultural items, fashion, and handmade crafts, available for the remaining seven days.

Entertainment and dining

The destination will continue to host live performances on the Main Stage and Kids’ Theatre, featuring cultural dances and music. Guests can also explore limited-edition food concepts and unique presentations across the 250 food outlets, many exclusive to Global Village.

Season finale fireworks at Global Village

To mark the season’s close, fireworks displays will light up the sky on Friday, Saturday, and Sunday nights, capping off the extended finale with a festive flourish.

Global Village will continue to welcome visitors daily from 4pm to 1am until May 18.

Gold slipped on Monday as positive US-China trade talks alleviated market fears, leading investors to shift from safe-haven assets towards riskier investments.

Read-How Dubai’s Gold Souk is reacting to bullion’s record high

Spot gold fell 1.4 per cent to $3,277.34 an ounce, as of 0432 GMT. US gold futures lost 1.9 per cent to $3,281.70.

Dollar index advances

“The dollar index has advanced as the Trump administration touted progress in trade negotiations, with China following negotiations over the weekend in Switzerland which weighed on gold prices,” said Jigar Trivedi, senior commodity analyst at Reliance Securities.

The US and China ended high-stakes trade talks on a positive note on Sunday, with US officials touting a “deal” to reduce the US trade deficit, while Chinese officials said they had reached “important consensus”.

Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday.

US-China tariffs

The US and China imposed tit-for-tat tariffs on each other last month, triggering a trade war that fuelled fears of global recession.

The US will be left with higher tariffs once the dust settles from President Donald Trump’s trade negotiations, a majority of the current and former Trump advisers Reuters spoke to said.

Gold: Hedge against economic, political uncertainties

Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-interest rate environment.

On Friday, Cleveland Fed President Beth Hammack said the Fed needs more time to see how the economy responds to Trump’s tariffs and other policies before figuring out the right response.

Traders are also eyeing release of US Consumer Price Index on Tuesday for fresh signals on the Fed’s monetary policy trajectory.

“In the near term, gold possibly continue to decline as the dollar could appreciate and amid reducing geopolitical risk the haven demand too may drop hence, the yellow metal may decline to $3,200/oz in the near term,” Trivedi added.