Even before Bitcoin was launched in 2009, Faisal Monai already had a different picture of how money could move across Saudi Arabia.
He earned quite the reputation after playing a key role in transforming one of the world's largest cash-dependent ecosystems into a modern digital network.
He worked on the Saudi Central Bank-backed SADAD system, fundamentally changing how millions of citizens paid their bills. The project ended long queues at bank branches, replacing them with electronic transactions.
Before the advent of SADAD in 2004, around 70 percent of bill payments in Saudi Arabia were made with cash. People had to go to physical branches to handle their utility bills and government payments.
Monai spearheaded a solution that connected every major bank with the country's largest billers under a unified digital structure to create what is known across the Gulf as the Kingdom's financial plumbing.
The platform handled over 14.5 billion transactions worth approximately $250bn last year, becoming an integral infrastructure in Saudi Arabia's economy.
He is now eyeing a more ambitious project. He has disclosed plans for tokenised assets to become a key tenet in Saudi Arabia's financial infrastructure by the end of the decade.
A National Financial System Built on Tokenisation
Monai believes that blockchain now has the practical infrastructure to support economies.
"By 2030, Saudi Arabia will have demonstrated something the rest of the world will still be debating – that sovereign-grade tokenisation can function as core national financial infrastructure," he said.
His company, droppRWA, has secured $12.5bn to bring real-world assets onto blockchain networks. The momentum behind this sort of tokenisation is fascinating.
According to the European Central Bank, stablecoins represent a market capitalisation of over $300bn and annual transaction volumes will exceed $30 trillion in 2025.
The tokenised asset market has grown to around $25bn even though it is still quite young. Monai believes this is only the beginning.
Instead of just creating digital depictions of assets, he wants blockchain to provide the legal certainty, settlement speed and infrastructure to make these assets investable. His vision is coming to fruition.
Earlier this year, droppRWA completed the world's first tokenised property deed transfer.
Blockchain technology is being used to reduce settlement times from days to seconds, while making traditionally illiquid assets such as real estate programmable and more accessible to investors.
The company expects the infrastructure to span Saudi Arabia's multi-trillion-dollar sector before seeping into industries such as energy and manufacturing.
Digital Payments are Opening New Opportunities Across Online Entertainment
The same payment technology that has transformed real estate is poised to reshape other digital industries, such as regulated online gaming.
Cryptocurrency payments have become a go-to for Arab gamblers because of their speed, cross-border capabilities and clandestine nature.
Many citizens who visit comparison sites looking for a reputable online casino in Saudi Arabia tend to favour platforms that facilitate crypto payments.
Crypto deposits and withdrawals are processed in seconds, and transaction costs are much lower than at traditional banks. Stablecoins have become very popular in the gaming ecosystem because their prices are relatively stable while still being quick.
Digital assets improve cross-border payments and transparency for gaming operators. They also eliminate processing delays.
With governments across the Middle East modernising their economies, the systems that support tokenised finance may encourage them to change their conservative stance towards gambling.
Building Resilience Through Digital Assets
Monai believes that digital ownership and programmable assets can bolster financial resilience by reducing administrative friction and giving investors more confidence in ownership, collateral and settlement.
"Tokenisation is a way to insulate the Gulf's wealth from economic shocks by removing risks and enhancing resilience," he explained. "When markets are calm, tokenisation improves efficiency. When markets are under stress, it can become a safety layer."
Being able to transfer value digitally while having legal, recognised ownership creates a new model for preserving wealth. Monai expects Gulf countries to embrace a multi-racial financial system.
"The United States dollar remains deeply embedded in the region and will continue to be that way," he added. "But Gulf governments are also clearly pursuing faster, more sovereign settlement infrastructure that operates alongside existing rails, not against them."
Stablecoins are key to the picture. Monai wants Saudi Arabia to shift away from speculative investment products to focus more on fortifying settlement infrastructure.
He expects regulated stablecoin settlements for Saudi real estate to be fully operational by 2030.
Monai now sees a direct connection between the creation of SADAD over two decades ago and today's tokenisation projects.
