The Dubai Chamber of Commerce and Emirates NBD has signed recently a memorandum of understanding on developing blockchain trade finance solutions.
On Oct. 14. the Saudi Gazette reported that the Dubai Chamber of Commerce (DCCI) acts as an international business hub in Dubai signed the MoU with the state-owned Dubai Bank NBD.
Dubai 10X Initiative
NBD bank is one of the largest banking groups in the middle east in terms of assets. It will provide financial trading solutions for the Digital Silk Road.
Digital Silk Road is a Dubai 10X initiative that will use blockchain to digitize the trading process in Dubai.
Dubai 10X is actually a program wherein government departments are given the task to research and apply 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.”
Dubai Focusing on Blockchain projects
The Department of Economic Development in Dubai has announced on Oct 7 its move to a blockchain-based Unified Business Registry Platform (UBRP).
The solution is hosted on the blockchain-as-a-service platform called Dubai Pulse, which is a joint initiative of Smart Dubai — Dubai’s smart city initiative, and telecommunications firm Du.
Blocko, the South Korean enterprise blockchain provider backed by Samsung, has launched in the UAE after raising funding in the Asia Pacific and Europe, the company said.
In April 2018, the Dubai government declared about the Emirates Blockchain Strategy 2021, that the UAE government will migrate 50 percent of its transactions, such as visa applications and bill payments to a blockchain platform.
Source: Cointelegraph.com | Image: Gulfnews