Dubai, Emirates NBD Sign MoU on Blockchain Trade Finance Solutions

Published at: Oct. 14, 2019

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.

Tags
Blockchain
Trading
Uae
Dubai
Banks
Related Posts
Dubai Debuts Nationwide Data Platform Powered by Blockchain
This platform is set to become a nationwide system for exchanging verified customer data. Dubai’s Department of Economic Development, or DED, and state-run bank Emirates NBD are rolling out their so-called UAE KYC Blockchain Platform. 120 local firms already signed up for the platform with Emirates NBD First revealed in February 2020, the new blockchain platform is designed to unlock digital customer onboarding, instant bank account functions, and verified KYC data sharing between licensing authorities and financial institutions. Announcing the news on July 28, the DED and Emirates NBD said that the platform has over 120 companies already on-boarded by …
Technology / July 29, 2020
Dubai Gov’t to Launch KYC Blockchain Consortium in Q1 2020
One of the financial hubs of the Middle East, the United Arab Emirates (UAE), is continuing to expand blockchain-driven developments. The Department of Economic Development (DED) of Dubai has established a Know Your Customer (KYC) blockchain consortium with six major banks. Dubbed “KYC Blockchain Consortium,” the new blockchain-powered regulatory platform is designed to accelerate processes like exchange of digital customer data and documents while ensuring security. The project also intends to bring a unified platform of KYC efforts among existing and future ecosystem members like qualified financial institutions and licensing authorities. UAE’s first KYC blockchain platform to launch in Q1 …
Blockchain / Feb. 19, 2020
Latin America’s Biggest Investment Bank to Sell $1 Billion in STOs Using Tezos
Latin America’s biggest investment bank, BTG Pactual, plans to shift its security token offerings (STOs), a pipeline of over $1 billion in sales, onto the Tezos blockchain. The announcement appeared in a joint press release published on Tezos Foundation’s website on July 3. The new initiative is a collaboration between BTG Pactual and Dubai-based asset manager Dalma Capital, who plan to tokenize a number of traditional assets using the Tezos blockchain and smart contracts platform. According to the announcement, Dalma Capital is planning to use the Tezos blockchain for digitizing assets in multiple industries, including real estate, equity, lending, as …
Adoption / July 4, 2019
Dubai Chamber of Commerce Signs MoU on Blockchain Trade Solutions
The Dubai Chamber of Commerce and Industry (DCCI) has entered a joint initiative to promote the adoption of blockchain trade solutions, according to a press release on July 1 The DCCI, which acts as an international business hub in Dubai, has signed a memorandum of understanding (MoU) with two entities the International Chamber of Commerce (ICC) and Singapore-based blockchain startup Perlin. According to the report, DCCI is the first chamber of commerce in the world to offer blockchain tools developed by the ICC, as well as the Centre of Future Trade (CoFT), a collaborative project the ICC and Perlin announced …
Adoption / July 1, 2019
Advisory Council of UAE Banks Federation Considers Adoption of Blockchain in Banks
The Advisory Council of the United Arab Emirates Banks Federation (UBF) discussed applying blockchain in its member banks, according to the Dubai-based English language newspaper Gulf News on Dec. 17. The Advisory Council of UBF, a non-profit organization representing 50 member banks in the country, considered using blockchain to improve Know Your Customer (KYC) processes at entrant banks. UBF’s chairman, Abdul Aziz Al Ghurair, claimed that the discussed initiative represents an effort to create and maintain a “thriving banking ecosystem.” Participants also discussed issues pertaining to the country’s national digital transformation program and Emiratization — a government employment initiative to …
Adoption / Dec. 17, 2018