ZIG Finance launched the zEMS Vault on November 11, 2026, bringing Saudi SME private credit onchain with a $100 million raise target. Laser Digital, Nomura’s digital assets subsidiary, is the Risk Framework Advisor for the BNB Chain product.
Key Facts
- ZIG Finance’s zEMS Vault targets a $100 million raise and offers subscription and redemption in stablecoins.
- Beehive is the originating partner for the Saudi SME credit, and Zamanat serves as structuring partner and Sharia advisory.
- KAIO, the tokenization platform of Laser Digital and WebN, runs compliance, lifecycle management and KYC checks at subscription and redemption.
- Laser Digital says it has not reviewed or rated any underlying loan or borrower. Credit selection stays with ZIG Finance and the originator.
ZIG Finance opens Saudi SME credit to institutions
The Vault gives eligible institutional investors exposure to a diversified pool of Saudi SME private credit. Beehive’s lending infrastructure originates that credit. It is the first product from the strategic partnership between ZIG Finance and Laser Digital.
The work splits along clear lines. Laser Digital supports the design of the risk governance framework and provides tokenization advisory. Zamanat handles structuring and Sharia advisory. ZIG Markets provides product issuance, curation and distribution on BNB Chain.
KAIO’s tokenization platform carries the product from issuance through redemption. Its KYC enforcement applies at both ends of an investment.
The legal wrapper sits offshore. A segregated portfolio of ZM Structured Products SPC Limited, a British Virgin Islands company, issues the Vault. Merritt Administrators (Pty) Ltd, trading as ZIG Finance, acts as curator under South Africa’s Financial Sector Conduct Authority (FSP No. 46517).
Introducing zEMS. Saudi SME private credit onchain, launched with @LaserDigital_, Nomura’s digital assets subsidiary, as risk framework advisor. Saudi SMEs face a financing gap of more than $80 billion. zEMS opens a new onchain access point to that market: a diversified pool of Saudi SME financing, delivered as a single token on @BNBCHAIN. Saudi Arabia is the first market.
— ZIG Finance (@ZIGFinance) November 11, 2026
Abdul Rafay Gadit, ZIG Finance’s co-founder and Chief Commercial Officer, set out the goal. He said the aim is to make credit risk transparent and manageable rather than to remove it. Dr. Jez Mohideen, Laser Digital’s co-founder and CEO, framed the stakes more narrowly. He called the launch “an early test of whether private credit can be brought onchain in a form institutions can approve.“
The Vault also feeds a wider goal. The partnership targets at least $100 million in total value locked (TVL) across multiple product rollouts.
Laser Digital’s disclaimer limits its credit role
Laser Digital’s own disclosure draws a firm line around the Nomura name. The firm “has not reviewed, assessed or assigned any credit or risk rating to any underlying loan or borrower,” the disclaimer states. Its role covered ZIG Finance’s risk framework design and the tokenization and issuance structure.
Neither Laser Digital nor any Nomura affiliate guarantees, underwrites or provides credit support for the product. Dubai’s Virtual Asset Regulatory Authority (VARA) and ADGM’s FSRA regulate Laser Digital. The firm is also registered with Japan’s JFSA.
Origination licensing differs across Beehive’s markets. The Dubai Financial Services Authority (DFSA) regulates its UAE entity, and Oman’s FSA regulates its Omani arm. Its Saudi company is subject to regulatory approval, according to the Beehive disclosure.
The announcement leaves several terms open:
- What target yield does the Vault aim for?
- What is the minimum subscription size?
- Which stablecoins does it accept?
- By when does ZIG Finance expect to close the raise?
Institutions already weighing a subscription can start with eligibility. Only eligible institutional investors in selected jurisdictions can access zEMS. Laser Digital’s disclaimer states its products are unavailable to US persons and to residents of the US, Canada or Australia. The Vault is not a deposit, carries no principal protection, and investors risk losing their entire investment.
The Bottom Line
The structure spreads accountability across several jurisdictions, from the British Virgin Islands to South Africa and Dubai. That puts more weight on the investment documents than on any single brand in the stack.
Two roles in the structure are not yet final. Khalij is expected to join as the Sharia certification partner, and an independent calculation agent will be appointed separately.
