Astra Tech, a leading consumer technology holding group in MENA, said it has forged an alliance with SAM Precious Metals and O-Gold for developing a digital gold management hub – a platform for consumers to invest and trade gold.
This collaboration is expected to offer unprecedented investment opportunities within the commodities market, the company said.
Traditionally, the gold market in the UAE operated through a B2B model, often requiring a multitude of intermediaries before end-users could interact with the market or acquire the precious metal.
SAM Precious Metals, one of the leading accredited precious metals refineries in the UAE, holding the UAE Good Delivery certificate and the Responsible Jewelry Council (RJC) Code of Practice (CoP) and Chain of Custody (CoC) membership, will serve as the custodian of insured gold, setting the stage for a transformative shift.
Partnering alongside is O-Gold, a company specialising in gold investment and trading, which will integrate its innovative tech offering within Botim’s ecosystem, ensuring reliable stock market data and analysis.
This integration enables the platform’s over eight million UAE-based users to convert their wallet balance into gold, allowing them to buy, sell, deliver or gift gold to their friends and family, all within an accessible, secure, compliant and user-friendly ecosystem, Astra Tech said in a media statement.
The company said the collaboration has the potential to set the roadmap for digital gold wallets, signifying a new era for commodities trading and investment in MENA.
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