Gov’t Bank Emirates NBD Partners With Dubai’s DCCI to Launch Blockchain Based Trading Solutions

The Dubai Chamber of Commerce and Industry (DCCI) announced the signing of a memorandum of understanding (MoU) with the Emirates NBD, a state owned bank, to provide digital trade solutions using blockchain.

Dubai 10X initiative – Digital Silk Road

The MoU was signed on Oct. 11 at the DCCI headquarters in a meeting attended by high ranking government officials and directors from the two organizations.

The agreement was signed by Hamad Buamim, President and CEO of Dubai Chamber and Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, at the ceremony.

Hamad Buamim and Hesham Abdulla Al Qassim during the signing of the MoU to develop Digital Silk Road (Source: SG)

According to the Saudi Gazette, the agreement aims to develop the Digital Silk Road, a Dubai 10X initiative that utilizes blockchain technologies to provide digitized solutions aimed at enhancing trade within the state.

The Dubai 10X initiative is a government-sponsored project that encourages the development and application of futuristic and disruptive technologies by government agencies to streamline their operations. Using artificial intelligence and smart contracts, the platform aims to enhance the:

“transparency and efficiency of supply chains through a comprehensive automation process.”

The Digital Silk Road platform is currently in development with the launch date set in early 2020.

A New Dawn for Blockchain in the UAE

On the partnership with DCCI to develop Digital Silk Road, Al Qassim, showed his appreciation on the recent partnership challenging the two companies to show:

“commitment to harness innovation to enhance and boost trade finance in the UAE.”

He further said, “Emirates NBD was the first in the region to successfully pilot a blockchain use case for trade finance and we look forward to lending our expertise and support to the Digital Silk Road initiative. We are working on a shared vision of a seamless trade finance experience across stakeholders that would help in further consolidating Dubai’s position as a leading and efficient trade hub in the world.”