H2O Hospitality (CEO Woonghee Lee) , a leading domestic hospitality tech company, announced on the 19th that it will participate as a key partner in the United Arab Emirates (UAE) national blockchain project.
H2O has signed a partnership agreement with the Abu Dhabi-based ADI Foundation, which is building blockchain infrastructure. This agreement designates H2O as ADI Chain's Primary Strategic Partner for the Travel and Consumer Sectors.
The ADI Foundation was established by Sirius International Holding, the technology subsidiary of IHC, the largest holding company in the Middle East with assets of $240 billion. Earlier this year, the UAE announced plans to issue a dirham (AED)-pegged stablecoin based on the ADI Chain, subject to central bank regulations. FAB, the UAE's largest bank, is issuing the stablecoin, with IHC participating as a partner.
Under the agreement, H2O will issue a "non-custodial mobile wallet" for global tourists visiting the UAE and integrate ADI Chain's solution into its smart check-in system. This will allow tourists to easily access and use stablecoins and connect their entire travel journey data on the blockchain.
Foreign tourists in the UAE spend approximately 217.3 billion dirhams (approximately 87 trillion won) annually on currency exchange, with local exchange fees reaching 5%. This project aims to reduce the burden of currency exchange and revitalize the tourism industry.
Through this collaboration, H2O will secure a new revenue model that combines fintech and data, and global web3 investment firm Hashed will jointly participate in the development of the mobile wallet.
H2O CEO Lee Woong-hee said, "We are honored to participate in the UAE's core digital asset project. We will build infrastructure that allows tourists to conveniently use stablecoins without having to understand the technology." Ajay Bhatia, Chairman of the Board of Directors of the ADI Foundation, stated, "Our collaboration with H2O will enable millions of people to participate in the UAE's digital economy."
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