Regulation

Sumara's solution comprises an unregulated technology protocol and a regulated operational entity.

1. Unregulated technology protocol:

• Core infrastructure: Sumara’s core platform is a smart contract protocol built on an open, public EVM-compatible blockchain. This protocol operates independently and is client-agnostic, providing the foundational infrastructure for all transactions.

• Decentralised nature: As a technology layer, this protocol does not require regulation. It facilitates borderless, instant transactions, the generation of trade finance instruments, and the provision of credit, ensuring transparency and security through blockchain technology.

2. Regulated operational entity:

• Scope of regulation: This entity will handle aspects that may require regulation, including B2B lending and cross-border B2B payments, depending on the countries involved in the transaction.

• Regulatory environment: This entity will be regulated by a regulator such as Abu Dhabi Global Market (ADGM) in the UAE. Ian has established relationships with several regulators, leveraging his experience in securing regulatory permissions for fintech initiatives in the Middle East and Mauritius.

• Regulatory expertise: Ian led NOW Money to become the first entrant in the Middle East’s regulatory sandboxes, secured the first fintech regulatory permissions in the UAE, and has collaborated closely with regulators in Mauritius.

For its customers, Sumara is an end-to-end, seamless solution.

However, by clearly separating the unregulated technology protocol from the operational entity in the backend and from a legal perspective, Sumara ensures compliance while leveraging Web3 technology to deliver a superior international trade finance solution.

It also allows the technology protocol the potential to grow unrestrained by the traction of the operational entity in later phases.