Belfrics Technologies Limited Launches Operations in Dubai International Financial Centre

AVENTURA, Fla., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) announced today Belfrics Technologies Limited, a recently formed entity of Belfrics Group, has extended operations in the United Arab Emirates. Belfrics Technologies Limited, a group company of Belfrics Group was admitted to DIFC (Dubai International Financial Centre) under Innovation business category. As part of the group’s expansion plan, Dubai was identified as the anchor region for the MENA region. UAE being one of the most innovative regions, in terms of regulatory approach toward cryptocurrency and blockchain technology, was a natural choice to be chosen as regional hub for Belfrics’ Middle East Operations.

UAE is in the forefront of blockchain technology adoption in the Middle East and His Highness Sheikh Mohammed launched a ‘UAE Blockchain Strategy 2021’, aiming to conduct 50% of government transactions at federal level using blockchain technology. The strategy is aimed to combat future challenges and contribute to AED 11 billion (US $3 billion) spent annually on document transactions and documents, 77 million hours of work, reduce government documents by 389 million and save 1.6 billion kilometers spent driving.

Belfrics’ proprietary blockchain Belrium will complement His Highness' initiative as the blockchain specifically addresses identity and document management. Belfrics will be focusing on deploying decentralized applications for the government and non-government sectors in the health, education and human resource sectors. Belfrics office is located in the Central Park Towers, one of the most prestigious business towers in the UAE. Belfrics will further proceed to apply for the newly launched ITL (innovation testing license) for digital assets trading by DIFC.

Dubai and the Dubai International Financial Centre (DIFC), the leading global financial centers in the Middle East, Africa and South Asia (MEASA) region, have topped the global ranking in attracting foreign direct investment (FDI) projects in the financial services sector in 2021, according to a report by the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economy and Tourism (DET). Through this new expansion, Belfrics Technologies Limited will be able to harness opportunities in the Middle East, Africa, and South Asia (MEASA), which comprise 72 countries with an approximate population of 3 billion and a nominal GDP of US$7.7 trillion.

Life Clips CEO, Robert Grinberg, said, “Belfrics' objective is to support creators and innovators in the crypto and blockchain space, which is in line with Dubai’s recently announced blockchain strategy. The global financial services industry and wider business community’s confidence in the DIFC consistently enable it to facilitate substantial foreign direct investment into Dubai. This has supported Dubai’s top ranking globally in attracting FDI projects in the financial services sector in 2021, and DIFC ranking as the best performing free zone for the last five years. Designating the DIFC as regional hub for Belfrics’ Middle East Operations is a tremendous opportunity for our company."

Belfrics CEO and Founder, Praveen Kumar, said, "Extending Belfrics Technologies Limited's operations in the DIFC provides Belfrics an opportunity to set a new standard in the region. Our digital-first, forward-thinking approach has enabled us to implement the dynamic blockchain solutions Belfrics has been developing rapidly over the past decade. Since DIFC is the region’s leading global financial center, it was a natural choice for us. As the opportunities in the region grow, with DIFC’s support, we look forward to growing with them, while catering to the technological needs of both local and international entities."

About Us

Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform that is licensed and regulated by Labuan Financial Services Authority (LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-feature trading platform offers digital assets, cryptocurrencies, and crypto derivative contracts to its clients. Belfrics blockchain has been recognized by Gartner as being a top 10 blockchain in terms of real-world projects and has received a patent for its Belrium KYC verification System (BKVS) by the Nigerian patent authority. Cognitive Apps is disrupting the space of mental health with its speech-based, AI-powered mental health analytics platform that empowers businesses to measure, understand, and improve the mental well-being of their employees, patients, and customers. Aiki delivers CBT and IPT therapies using a chatbot which includes the voice analysis solution that takes in other health data from Apple and Google HealthKit to make a more accurate analysis of one’s mental health. Aiki was developed to capitalize on the trend towards artificial intelligence platforms utilized by individuals and companies to raise awareness of employees’ mental health. Cognitive Apps is developed by a team of licensed psychotherapists that makes use of vocal biomarkers to screen for early signs of mental health conditions, such as stress and depression. Aiki is available on Apple's App Store.

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