The Bitcoin miner has continued to expand its data-center business as well.
Dubai, UAE, September 10th, 2026, Chainwire
Zamanat Fund CEIC Limited is the company’s first live proof point for regulated fund tokenization on ZIGChain focused on GCC private credit.
Zamanat today announced its sponsorship of Zamanat Fund CEIC Limited (the “Fund”), a DIFC-domiciled tokenized private credit fund with a target size of up to USD 100 million. The Fund targets the GCC’s estimated $250 billion SME financing gap, with only 11 percent of SMEs across the region having access to credit.
Closing a $250 billion structural gap in GCC SME credit
Across the GCC, SMEs are central to economic growth yet remain significantly underserved by traditional financing. In the UAE, SMEs generate more than half of GDP and employ the majority of the private-sector workforce, yet receive less than 10 percent of total bank lending.
The Fund will invest in private credit across the region, directing capital towards strong homegrown companies whose financing needs are not fully met through traditional lending channels. The strategy supports national ambitions to expand SME participation, private-sector growth and access to alternative financing, including priorities set out under Saudi Arabia’s Vision 2030 and the UAE Centennial 2071.
“Strong businesses across the GCC still struggle to access growth capital despite sound fundamentals. Zamanat sponsored the Fund to create a credible route between those businesses and institutional capital. With a target size of up to USD 100 million and interests issued as Investment Tokens, it is our first live proof point for bringing GCC private credit into a regulated digital structure for Professional Clients,” said Umair Tariq, Founder and CEO of Zamanat.
Bringing GCC private credit into digital markets
Tokenization expands the infrastructure around traditionally hard-to-access private-market assets without changing the underlying investment or credit profile.
The Fund combines a regional private credit strategy, a DIFC fund structure, institutional administration and digital issuance on ZIGChain. It provides a first live demonstration of how regional private credit can be brought into a DFSA-regulated tokenized structure for Professional Clients.
The Fund is a DFSA-regulated closed-ended fund registered as an Exempt Fund and classified as a Credit Fund. It is managed by Truleum Venture Partners Limited and administered by Apex Group. Fund interests will be issued as ZM1 Investment Tokens on ZIGChain within a regulated, whitelisted environment.
As sponsor, Zamanat brings its regional private credit, investment structuring and institutional partnership expertise to the Fund’s development. Truleum retains responsibility for all regulated fund-management activities.
The ZM1 Investment Token structure provides a blockchain-native ownership and settlement layer within the Fund’s regulated framework. It also allows qualifying investors who meet the DFSA Professional Client criteria to participate alongside institutional investors.
Zamanat is backed by Disrupt.com, a MENA-based, operator-led AI-native venture builder and lead investor in the business.
Building the global market for Digital Shariah Assets
Global Islamic finance assets are projected to reach $9.7 trillion by 2029, yet demand for digital and Shariah-aligned assets is growing faster than the institutional infrastructure connecting them with global capital.
Zamanat continues to build the global market for Digital Shariah Assets. Its wider operating model combines investment structuring, Shariah expertise, regulated partner routes and digital distribution to bring real-world assets to market through traditional and digital channels.
The DIFC-domiciled Fund evidences the regulated fund-tokenization, digital ownership and partner-orchestration capability within that wider build. Zamanat is progressing a separate pipeline of Digital Shariah Assets across private credit, receivables, real estate and other asset classes.
Institutional partnerships
Apex Group acts as Fund Administrator, providing institutional fund administration and controls from the outset.
“Zamanat is supporting the creation of a new category in Digital Assets. Bringing institutional structure and digital distribution together within a DFSA-regulated framework sets the standard for how this market should be built, and this fund shows the model working at institutional scale. We are proud to support the infrastructure behind it, and we look forward to partnering further on the projects Zamanat already has in motion,” said Peter Hughes, Founder & CEO, Apex Group.
The global market for Digital Shariah Assets does not yet exist as an institutional category. Zamanat is building it.
Notes to Editors
Sources
LSEG and ICD, 2025 Islamic Finance Development Indicator Report, 14 October 2025 (global Islamic finance assets projected to reach $9.7 trillion by 2029); World Bank, Competition in the GCC SME Lending Markets: An Initial Assessment (estimated $250 billion GCC SME credit gap; 11 percent of SMEs with access to credit); Kearney, GCC Retail Banking Radar 2024.
Investor notice
This communication as related to Zamanat Fund CEIC Limited is approved by Truleum Venture Partners Limited in the DIFC (DFSA License Number: F008013).
This release is for information only. It is not an offer, invitation or recommendation to subscribe for interests in Zamanat Fund CEIC Limited or acquire ZM1 Investment Tokens. Any participation will be made only through the Fund Manager, final offering documents and applicable Professional Client eligibility requirements. For avoidance of doubt, this communication is intended for and directed only to investors who meet the requirements to be considered Professional Clients as specified under the Dubai Financial Services Authority Conduct of Business Rulebook, Rule 2.3.3. The Fund is an ‘Exempt Fund’. Accordingly, the ZM1 Investment Tokens are available only to Professional Clients.
This release and the information contained herein does not constitute, and is not intended to constitute, a public offer of securities in any other jurisdiction and accordingly should not be construed as such. The ZM1 Investment Tokens are only available to a limited number of investors from the DIFC. The ZM1 Investment Tokens have not been approved by or licensed or registered with any other relevant licensing authority or governmental agency. No transaction will be concluded in onshore UAE outside the DIFC.
The Fund is not an Islamic Fund and is not marketed as Shariah-compliant. References to Shariah in this release relate to Zamanat’s broader platform and market ambition and not to the Fund.
About Zamanat
Zamanat is building the global market for Digital Shariah Assets. The company connects asset originators with global capital through investment structuring, Shariah expertise, regulated partner routes, tokenization and distribution across traditional and digital channels.
Zamanat also sponsors and develops institutional investment products through appropriately licensed partners. Each product follows its own legal and regulatory framework and, where presented as Shariah-aligned, its own product-specific Shariah review and governance process. Website: www.zamanathq.com
Contact
Global Head of PR & Communications
Katarzyna Kosior
disrupt.com
info@zamanathq.com
Tony Kim
May 15, 2026 09:19
HKMA Q1 2026 survey shows credit card receivables drop to HK$158B, while delinquency ratio edges higher. Seasonal factors remain key drivers.
The Hong Kong Monetary Authority (HKMA) released its credit card lending survey results for Q1 2026, revealing a 3.8% decline in total card receivables to HK$158.0 billion as of March 31. This marks a reversal from the 8.7% surge recorded in Q4 2025, which was driven by festive spending and salaries tax payments.
Delinquency and rescheduling rates ticked up slightly, with the combined ratio rising to 0.45% at the end of March, compared to 0.40% in the prior quarter. However, asset quality showed resilience, as the charge-off ratio improved to 0.56% from 0.62% in Q4 2025, signaling fewer write-offs during the period.
Seasonal Volatility in Focus
The decline in receivables aligns with historical patterns, where balances typically contract after the spending-heavy fourth quarter. A similar trend was observed in Q1 2025, when receivables fell 5.8% quarter-on-quarter to HK$152.8 billion. Seasonal factors, including post-holiday spending slowdowns and reduced consumer activity, remain a dominant influence on credit card debt levels in Hong Kong.
Despite the quarterly drop, the Q1 2026 credit card receivable figure of HK$158.0 billion still represents year-over-year growth from HK$152.8 billion at the same point in 2025. This signals a steady expansion in consumer credit usage, underpinned by an increase in the number of active cards and higher transaction volumes reported in prior quarters.
Consumer Credit Health Remains Stable
Asset quality metrics indicate continued stability in Hong Kong’s credit card lending market. The combined delinquent and rescheduled ratio of 0.45% remains near historical lows, while the charge-off ratio has trended downward over the last two quarters, reflecting better recovery or repayment conditions.
By comparison, the delinquency ratio was also 0.45% at the end of Q2 and Q3 2025 but dipped to 0.40% in Q4 2025 amid improved seasonal repayment behavior. The charge-off ratio, which peaked at 0.64% in mid-2025, has since moderated, suggesting lenders are navigating credit risk effectively despite a volatile macroeconomic environment.
What to Watch Next
Looking ahead, the HKMA’s next credit card lending survey for Q2 2026 will shed light on whether the market rebounds in line with historical patterns, as Q2 often captures a recovery in spending momentum. Additionally, broader economic conditions, including interest rate trends and consumer confidence, will play a critical role in shaping credit dynamics for the remainder of the year.
Image source: Shutterstock
Wyoming, United States, April 27th, 2026, Chainwire
PoW to PoS to PoB: Nexus AiCOS v1.1 Defines “Proofs of Behavior” as the On-Chain Basel III Credit Standard for the AI Agent Civilization on Base
Nexus AiCOS, the pioneering on-chain identity and credit primitive for the agentic economy, officially announces the release of Whitepaper v1.1 Axiom Edition. This definitive technical blueprint establishes Proofs of Behavior (PoB) as the arbiter of credit for autonomous entities, mapping the fundamental evolution of decentralized trust from Proof of Work (PoW) to Proof of Stake (PoS), and now to Proofs of Behavior (PoB).
Moving beyond speculative hype and aesthetic visuals, Nexus AiCOS v1.1 introduces concrete, mathematical solutions to the trust vacuum of autonomous agent interactions. v1.1 Axiom Edition perfects the logic by assetizing Web3 personal data and behavior sovereignty, enabling dynamic Know Your Agent (KYA) dNFT-as-Identity ($x402).
Core Innovation: Logic-as-Contract
In line with the protocol’s core axiom, “In Logic We Trust, In Behavior We Prove,” Nexus AiCOS has operationally proved its logic by deploying its C-Score calculation and Axiom verification exclusively as open-source, auditable smart contracts on Base Testnet. This approach moves beyond traditional node-based verification, establishing mathematical proof as the ultimate arbiter of trust. The protocol defines the C-Score Architecture, a neural network-based credibility framework calculated across four key mathematical axioms:
- F1: Capacity (PoRT: Power/Capacity Settlement History, 30%)
- F2: Velocity (PoB: Behavior/Velocity Spend Discipline, 30%)
- F3: Verification (Identity Verification & KYB, 20%)
- F4: Credit Risk (Counterparty Risk & Network Safety, 20%)
“Our v1.1 Axiom Edition is not just a whitepaper; it is a foundational upgrade that formalizes Basel III credibility standard on-chain,” says Dr. Tony, Founder of Nexus AiCOS.
Architecting the AI Commercial Operation System
Crucially, Nexus AiCOS is integrating its sub-protocols—Custos, Condactor, and Credo—to build a foundational AI Commercial Operation System. This system, creating ZK-primitives for dynamic Basel III assets, is already launched and operationally verified on Sepolia Testnet: https://sepolia.aicard.credit/.
Base Beta Mainnet in Early May
Nexus AiCOS is rapidly advancing on its logic roadmap. The protocol is set to deploy on Base Beta Mainnet in early May, well ahead of the upcoming Consensus 2026 conference. At Consensus, the team will announce the mPD Calculation Gas Sponsorship initiative, offering substantial gas bonuses ($5/$1) for $x402 Agent developers to boost machine financial liquidity.
https://www.youtube.com/watch?v=dVZUPjkw_I4
Experience the Singularity
For technical documentation, the full v1.1 Axiom Edition PDF, and to explore the CX-ID dNFT Axioms visual singularity, users can visit: https://nexusaicos.ai/.
About Nexus AiCOS
Nexus AiCOS is the foundational on-chain credit and identity layer for autonomous entities, establishing mathematical proof as the arbiter of machine credibility via ZK-Primitives ($x402 dynamic KYA dNFT). Build the next generation of credit-as-capital Agents at nexusaicos.ai.
Experience the Singularity
Users can join the NexusAiCOS set
Contact
Founder
Tony Tsao
Stablepay LLC
tony@nexusaicos.ai
Terrill Dicki
Nov 17, 2025 08:04
The Hong Kong Monetary Authority reports a 1.4% increase in credit card receivables for Q3 2025, marking a recovery from the previous quarter’s decline.
The Hong Kong Monetary Authority (HKMA) has released its latest findings from the credit card lending survey for the third quarter of 2025, revealing a significant upturn in card receivables. According to the report, total card receivables increased by 1.4% to HK$151.0 billion by the end of September 2025. This marks a notable recovery from the previous quarter, where there was a decline of 2.5%.
Stable Delinquency and Charge-off Ratios
Despite the fluctuations in receivables, the combined delinquent and rescheduled ratio remained steady at 0.45% by the end of September. Similarly, the quarterly charge-off ratio was unchanged at 0.64%, indicating a stable credit environment for cardholders and lenders alike.
Contextual Analysis
This growth in credit card receivables suggests a rebound in consumer spending and credit activity in Hong Kong. Analysts often regard such metrics as indicators of economic health, reflecting consumer confidence and financial stability. The steady delinquency and charge-off ratios further reinforce the resilience of the credit market, suggesting that borrowers are managing their credit obligations effectively.
The HKMA’s findings come amidst a broader context of economic recovery as Hong Kong continues to navigate post-pandemic challenges. The increase in credit card activity may also reflect pent-up consumer demand and increased economic activity as restrictions ease and consumer behavior normalizes.
For more detailed insights, the full report is available on the Hong Kong Monetary Authority website.
Image source: Shutterstock
Visa just dropped a roadmap for the future of finance, and it runs on programmable money.
In a comprehensive new report, the payments giant is stating to its network of over 15,000 financial institutions that the $670 billion stablecoin lending market is no longer just an experiment in crypto. This market is the foundation for the next generation of global credit markets.
With the GENIUS Act now establishing a regulatory framework for stablecoins in the US, Visa sees an opening to bridge traditional banking with blockchain-based lending protocols that operate 24/7, automatically adjust interest rates based on supply and demand, and settle transactions in minutes rather than days.
Numbers behind the revolution
The data Visa presents paints a picture of rapid institutional adoption. In August 2025 alone, $51.7 billion in stablecoins were borrowed across 427,000 loans from 81,000 active borrowers.
These aren’t small retail transactions, as the average loan size has recovered to $121,000, suggesting institutional players are increasingly comfortable with programmable credit markets.
Additionally, the concentration tells its own story. Two protocols, Aave and Compound, dominate the lending market with 89% of the lending volume, while USDC and USDT account for over 98% of the stablecoin supply powering these markets.
Ethereum and Polygon maintain a roughly 85% market share, while newer chains like Base, Arbitrum, and Solana are gaining ground, accounting for 11% of combined activity.
Borrowing rates averaged 6.4% APR in August 2025, with lending yields at 5.1% APY. These rates sit remarkably close to traditional credit markets, especially considering the 24/7 availability and instant settlement that smart contracts provide.
Three pillars of banking’s blockchain future
Visa’s roadmap centers on three transformative shifts that could reshape how banks think about lending, collateral, and credit assessment.
The first is the tokenized asset market, which has already grown from $5 billion in December 2023 to $12.7 billion today.
McKinsey projects the sector could reach $1 trillion to $4 trillion by 2030, but Visa sees an even bigger prize by connecting the traditional credit market of over $40 trillion to programmable money rails.
BlackRock’s BUIDL Fund exemplifies this evolution, reaching $2.9 billion in tokenized Treasury holdings while serving as collateral across multiple lending protocols.
Franklin Templeton’s OnChain U.S. Government Money Fund adds another $800 million, while MakerDAO now derives nearly 30% of its $6.6 billion balance sheet from real-world assets.
Corporate bonds, private credit, and real estate could soon serve as collateral in always-on global lending markets, creating new liquidity sources for assets that traditionally sat idle between trading sessions.
The next pillar is crypto collateral. Early movers, such as ether.fi, are already launching non-custodial credit cards that enable users to borrow against their crypto holdings while maintaining asset ownership.
This addresses a critical issue of accessing liquidity without triggering capital gains taxes or forfeiting upside exposure.
Real-time collateral monitoring through smart contracts enables automated margin calls and risk management that traditional credit facilities cannot match.
Banks and private credit funds could serve as liquidity providers to these programs, offering institutional capital through programmable protocols rather than bilateral credit agreements.
The third pillar is on-chain identity. The current overcollateralization model, while secure, limits the market to borrowers who already possess significant assets.
The next breakthrough involves developing on-chain identity and credit scoring systems that analyze wallet transaction history, asset holdings, and protocol interactions to construct credit profiles.
Platforms like 3Jane, Providence, and Credora are pioneering methods to assess creditworthiness based on verifiable on-chain behavior, all while preserving privacy through the use of zero-knowledge proofs.
This could eventually enable protocols to offer undercollateralized and unsecured loans based on reputation and credit history.
Opportunities and changes needed
The shift from traditional lending to programmable credit markets requires fundamental changes in how financial institutions assess and manage risk.
Instead of analyzing balance sheets and legal agreements, banks must evaluate protocol security audits, governance structures, and the reliability of data sources.
This doesn’t eliminate risk, but instead transforms it. Counterparty risk can be managed through smart contracts and automated liquidation, but technology risk becomes paramount.
Banks need new frameworks for understanding smart contract vulnerabilities, governance token voting mechanisms, and oracle dependencies.
In addition, three case studies in Visa’s report demonstrate how leading protocols are already serving institutional needs beyond crypto trading.
Morpho aggregates demand and liquidity across platforms, enabling users on Coinbase to tap into shared pools that include deposits from Ledger wallet users and institutional partners, such as Société Générale.
Credit Coop uses programmable lockboxes to enable revenue-based lending, with stablecoin-linked card issuer Rain borrowing over $175 million in USDC against future receivables.
Huma Finance powers cross-border payment financing with a $500 million monthly transaction volume, offering APYs of 10% or more to lenders through rapid capital recycling.
These are production systems that process hundreds of millions of dollars in monthly volume, while offering yields that traditional banking products struggle to match.
Visa’s message to its bank partners is that the infrastructure for programmable lending already exists, processes billions in monthly volume, and offers competitive rates with superior transparency and automation.
The regulatory framework is emerging, institutional adoption is accelerating, and technical risks are increasingly well understood.
Organizations that embrace this infrastructure today position themselves to lead tomorrow’s global credit markets. Those who wait may find themselves competing against always-on, algorithmically managed lending protocols that offer 24/7 service, instant settlement, and transparent pricing.
The question for traditional banks isn’t whether stablecoin-powered lending will reshape credit markets, as the data suggests it already has.
The question is whether they’ll participate in defining that future or find themselves disrupted by it.
Mentioned in this article
U.S. stocks are suffering a setback on Thursday as credit issues are beginning to show their face alongside a slowing economy.
“When you see one cockroach, there are probably more,” said JPMorgan CEO Jaime Dimon on his bank’s quarterly earnings call yesterday.
Dimon was referring to the bankruptcies earlier this fall of auto parts supplier First Brands and subprime auto lender Tricolor Holdings. Dimon’s comments drew a response from the co-CEO of private equity player Blue Owl Capital Mark Lipschultz, who said banks should be combing their own books for “cockroaches.”
Nevertheless, the First Brands bankruptcy has stung its banker, Jefferies (JEF), which has tumbled 25% over the past month, including a 9% slide on Thursday. For its part, Jefferies this week said it could easily withstand any losses due to First Brands.
Adding to credit worries Thursday was Zions Bancorp (ZION) last night saying it had booked a $50 million charge against two loans taken by borrowers who are now facing legal troubles. Then there’s Western Alliance (WAL) which said it had sued a commercial real estate borrower alleging fraud. ZION and WAL are down 12% and 10%, respectively, Thursday, leading large losses in the regional banking sector.
The broader stock market is handling the news decently for now, with the S&P 500 lower by just 0.8%, but the “risk off” sentiment has helped send gold higher by another 2.5% to yet another record of nearly $4,300 per ounce.
As for the digital version of gold, bitcoin is seeing no such bid, with investors for now continuing to treat it as just another “risk on” asset. The price of BTC tumbled as low as $107,500 Thursday before a modest recovery to the current $108,000, down 3.2% over the past 24 hours and 11% over the past seven days.
Seeds of a bull move?
Recent history might give hope to the bulls. Other traditional market crackups — think the March 2020 Covid plunge or the March 2023 bank failures — also sent bitcoin sharply lower alongside stock indices.
The government response, however, — a vast loosening of fiscal and monetary policy — set the stage for epic bulls runs for BTC.
The seeds of that response seem to already be being sniffed out in the bond market. The 10-year Treasury yield is down by eight basis points today to 3.97%, its lowest level since April’s “Liberation Day” market panic.
The two-year Treasury yield — which would be the most sensitive to an easing of monetary policy — has tumbled to 3.42%, a level not seen in more than three years.
A check of short term rate futures at the CME finds traders now putting a 3.2% chance of a 50 basis point rate cut at the Fed’s policy meeting later this month. Prior to today, those odds were 0.0%. Traders have also upped bets on 75 basis points of rate cuts by year-end to an 11% chance versus a 0% chance one day ago.
Read more: Bitcoin Tumbles Below $109K; Tightening Liquidity Key to Crypto’s Struggles
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