The Dubai Chamber of Commerce and Industry has signed a memorandum of understanding with Emirates NBD for blockchain-based trade finance.
The Dubai Chamber of Commerce and Industry (DCCI) has signed a memorandum of understanding (MoU) with Emirates NBD.
Middle Eastern news daily Saudi Gazette reported on Oct. 14 that the DCCI, which acts as an international business hub in Dubai, has signed an MoU with Dubai government-owned bank, Emirates NBD.
The bank, which is one of the largest banking groups in the Middle East in terms of assets, will provide trade finance solutions for the Digital Silk Road, a Dubai 10X initiative, which uses blockchain technology to digitize trade processes in Dubai.
Dubai 10X is a program wherein various departments of government are tasked with researching and applying new and disruptive technologies to their administration and operations.
Hamad Buamim, president and CEO of DCCI, reportedly said that the agreement with Emirates NBD is a major step forward for the initiative, adding:
“Trade finance remains one of the most important tools used today to facilitate international trade and commerce as it simplifies transactions for importers and exporters.”
The DCCI had signed an MoU at the beginning of July with the International Chamber of Commerce and Singapore-based blockchain startup Perlin to promote the adoption of blockchain trade solutions.
That same month, the DCCI entered another partnership with the Dubai International Financial Centre, Mashreq Bank and fintech firm Norbloc to launch a blockchain-based Know Your Customer data-sharing consortium in 2020.
Dubai real estate on the blockchain
In June, Cointelegraph reported that the Dubai Land Department and telecoms firm Etisalat signed an MoU concerning blockchain technology for real estate, with the intention to implement smart government standards and introduce paperless management and digital contracts for property transactions.