Dubai, Emirates NBD Ink MoU on Blockchain Powered Trade Finance Services

The Dubai Chamber of Commerce and Industry (DCCI) has inked a memorandum of understanding (MoU) with Emirates NBD. The DCCI, which functions as a global business centre in Dubai, has inked a MoU with Dubai government controlled bank, Emirate NBD.

The bank, which is one of the largest Middle East banking groups by the way of assets, will offer trade finance solutions for the Digital Silk Road, a Dubai 10X initiative, which utilizes blockchain technology to digitize trade procedures in Dubai.

Dubai 10X program involves research and implementation of path breaking technologies in management and operations by government departments. Hamad Buamim, president and CEO of DCCI, opined that the deal with Emirates NBD is a crucial move, 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 inked a MoU at the start of July with the global Chamber of Commerce and Singapore-based blockchain firm Perlin to advance the implementation of blockchain trade solutions.

Furthermore in July, the DCCI has inked collaboration with the Dubai International Financial Centre, fintech company Norbloc and Mashreq Bank to unveil a blockchain powered Know Your Customer information sharing consortium in 2020.

Back in June, Dubai Land Department and telecoms firm Etisalat inked a MoU regarding blockchain technology for real estate, with the aim to employ smart government standards and unveil paperless administration and digital contracts for property dealings.