Saudi Arabian based Oumla, digital asset infrastructure provider, has raised $2.4 million in seed funding led by Core Vision, with participation from Avalanche and a group of angel investors.

As per the announcement, the funds will be used to expand the team and strengthen partnerships with regulators, banks, and government entities in Saudi Arabia and the wider region.

Founded in 2022 by Mohammed Aljasser and Salah AlSalman, Oumla provides custody and management solutions for digital assets to corporates, banks, and government entities, enabling blockchain network connectivity and offering a platform for the tokenisation of financial and real estate assets.

Recently, Saudi Arabian SAB Bank Saudi Awwal Bank a Riyadh-based Saudi joint stock company in which global banking group HSBC owns a minority stake, announced the world’s first Islamic Repo on blockchain in partnership with Oumla.

A Repo is a collateralized loan involving a contractual arrangement between two parties, whereby one party sells a security at a specified price with a commitment to buy back the same at a later date. The Blockchain enabled Islamic Repo allowed SAB Bank to lend to other banks in compliance with Islamic finance principles using blockchain to make the process faster, safer and more transparent. The implementation comes months after SAB’s virtual assets Summit.

According to Oumla website, ” It replaces paperwork and manual steps with smart digital contracts, ensures all transactions are securely and immutably recorded, and helps banks manage their assets and liquidity more easily and with reduced risk.”

Oumla is a partner of Avalanche Blockchain as well as Chainlink.