Wethaq is developing a fintech infrastructure to modernize the $95 billion debt capital markets in areas like the GCC and Southeast Asia. It aims to coordinate bond issuances and automate administration on the Corda blockchain to lower costs and improve access to liquidity. Key upcoming milestones include obtaining full licenses from regulators in Dubai and Saudi Arabia, conducting a pilot issuance on Corda in 2019, and expanding to Southeast Asian markets. Wethaq works on a permissioned system and integrates with existing settlement infrastructures rather than pursuing decentralization.

1. Wethaq
Dimitrios Vourakis
CordaDay Singapore
7 March 2019

2. Wethaq

3. Will Talk About
• A $95bn Debt Capital Market in Need of Modernisation
• What Does Wethaq Do About it?
• Why R3 and Corda?
• What Are the Responses from the Regulators?
• Who Pays Attention?
• What’s Next?

4. A $95bn Capital Market in Need of Modernisation
Source: S&P

5. What Does Wethaq Do About It?
We are:
• Developing the Fintech Infrastructure
• Financial Services: End-to-end Issuance & Administration
• Tech Services: Coordinating the Issuance & Automating
the Administration
• Commercial Benefits: ‘Unbundling’ Services/Lowering
Costs & Sourcing Liquidity

6. Our Market Segment
Creditworthy ‘Tier 2’ fundraisers
● Fundraising between $10-150m
● Appealing to GCC and SE Asia Investors
● Under-served & over-charged by investment banks
● Unable to access broker-dealers and investors
Wethaq fees 50-100bps (competitors 100-500bps)

7. The User (Fundraiser) Journey
Onboarding Structuring
Bookbuildin
g
(Pool of ‘broker
dealers’/ but
not
underwriting)
Administrat
ion
(Registrar/Trus
tee/Paying
Agent)
Settlement
Infrastructu
res &
Exchanges
(Euroclear/
NASDAQ
Dubai/
Tadawul etc)

8. Disclaimer: We are not in the business of ‘decentralisation’
“Although the “D” in DLT stands for Distributed, it should not
be mistaken for a decentralised system. The fact is that
every aspect of DLT – including contracts, standards,
protocols, databases, and algorithms – are all centric
implementations. While in some cases, blockchain allows
for disintermediation, in others, it allows the efficient and
effective process automation that creates new value for
customers and businesses.”
Monetary Authority of Singapore, Project Ubin 2018

9. Why Corda (1/3): Permissioned
Source: R3

10. Why Corda (2/3): Off-ledger Payment Gateways
-

11. Why Corda (3/3): The SWIFT gpi & R3 Corda Prototype
-

12. A Quick Summary
● Developing a “Centric Implementation”
● On a Permissioned Protocol
● Using Conventional (‘Off-ledger’) Payment
Gateways
● Integrating with Existing Settlement
Infrastructures

13. Engaging with Regulators: Dubai Financial Services Authority

14. Dubai International Financial Centre 2.0

15. Engaging with Regulators: Saudi Capital Markets Authority

16. Who Pays Attention – In the Region?

17. Who Pays Attention – In the Region?

18. Who Pays Attention – Internationally (1/2)?

19. Who Pays Attention – Internationally (2/2)?

20. Key Milestones Within Next 12 Months
Graduation to Full CMA Licence
Q3 2020
(Expected) DFSA
Innovation Testing License
cohort
March 2019
Case Study by Wethaq, R3,
a ‘Magic Circle’ Law Firm and
Sharia Board
April 2019
Product
Regulatory Expected Decision by KSA
CMA on an Experimental
Permit (“ExPermit”)
April 2019
Engage with
SE Asia
Stakeholders
Q3 2019
Launch Product
Q4 2019
Live Issuance of Sukuk under DFSA ITL
Q4 2019
(Expected) Graduation to
Full DFSA Licence
Q2 2020

21. Thank you
CordaDay Singapore
7 March 2019