Intel stock spikes after report of possible US government stake
DUBAI - UAE-based technology company NWTN Inc. (Nasdaq:NWTN), currently valued at $392 million and showing a remarkable 113% gain over the past six months according to InvestingPro data, announced Friday it has signed a memorandum of understanding with digital finance provider Changer.ae to implement stablecoin-enabled transactions in manufacturing and mobility sectors.
The partnership aims to establish a commercial platform that integrates stablecoins across three areas: smart mobility for vehicle purchases and leasing, smart manufacturing for supply chain finance, and smart contracts for digital asset management. InvestingPro analysis reveals NWTN operates with a moderate debt level and maintains a total debt-to-capital ratio of just 5%, potentially positioning the company well for this digital expansion.
According to the press release, NWTN seeks to become the first manufacturing enterprise in the Middle East to support stablecoin-enabled transactions, aligning with the UAE’s national vision to accelerate digital transformation.
The collaboration will utilize Changer.ae’s regulated digital asset services alongside NWTN’s expertise in mobility and manufacturing. Security measures will include encrypted asset storage, multi-signature wallets, and continuous monitoring in compliance with Abu Dhabi Global Market (ADGM) regulatory requirements.
Benjamin Zhai, CEO of NWTN, stated that integrating stablecoins across mobility, production, and contracts "will enhance industry standards and deliver sustainable value."
The companies also plan to explore real-world asset tokenization to enable fractional ownership opportunities for global investors.
Changer.ae operates as a licensed Virtual Asset Service Provider under the ADGM Financial Services Regulatory Authority, while NWTN, which is transitioning to the corporate name robo.ai Inc., focuses on smart mobility, advanced manufacturing, and blockchain solutions.
In other recent news, NWTN Inc. has announced significant developments that could impact its future trajectory. The company revealed it has secured a $100 million investment from SEET LLC, a subsidiary of UAE’s Medad Holding, making SEET the largest single shareholder. This investment is part of a broader strategic collaboration in urban mobility and other advanced technologies. In a related move, NWTN has entered into an agreement to acquire a UAE power management firm through a $100 million share deal with SEET, which will involve a staged release of shares over three years.
Additionally, NWTN is proposing a name change to "Robo.ai Inc." to be voted on at an upcoming general meeting, alongside changes to its board of directors. The company plans to remove several directors and appoint Yehong Ji as a new independent director. In efforts to drive strategic transformation, NWTN has appointed Adrian Wong as CFO and John Xie as COO, following the recent appointment of Benjamin Zhai as Global CEO. These executive changes align with NWTN’s shift from a new energy vehicle focus to a global smart technology platform.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.