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Dubai Chamber of Commerce and Industry (DCCI) has partnered with the major regional bank Emirates NBD by signing a memorandum of understanding (MoU) to boost the development of the blockchain-powered Digital Silk Road initiative.
Emirates NBD was the first bank in the region to launch a blockchain pilot in this domain and will dispense trade finance solutions to Digital Silk Road using the latest decentralized ledger technology (DLT).
Dubai is planning to become a trade as well as a blockchain hub of the world by 2020, and its government has started several initiatives to accelerate blockchain adoption. Now, the public non-profit organization Dubai Chamber of Commerce and Industry has taken a step forward by signing an agreement with Emirates NBD as the bank will facilitate the blockchain-based trade solutions for the Digital Silk Road initiative.
The DCCI is already working with DP World, a global port operator in Dubai and Dubai Customs to ease the trade process. Now, with Emirates NBD on board, further technical developments can be expected.
The MoU was signed by Hamad Buamim, President & CEO of Dubai Chamber and Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD at Dubai Chamber’s headquarters where all the key persons from both of the firms were present.
The platform is expected to go live in 2020 and aiming to enhance the trade process by addressing the key challenges most supply chains are facing, primarily in the areas of transparency and efficiency.
Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD said:
“Emirates NBD is pleased to partner with Dubai Chamber as part of our shared commitment to harness innovation to enhance and boost trade finance in the UAE. 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.”
Hamad Buamim, the President & CEO of Dubai Chamber described the agreement with Emirates NBD as a huge step towards to boost the initial development of the Digital Silk Road and to accomplish its goal of eliminating the trade barriers and ease international trade process which ultimately brings the more businesses to Dubai. He further said that the platform will bring more transparency in trade finance which has always been one of the most important parameters used to ease international trades.
Al Qassim also addressed Dubai’s global goals and aspirations:
“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.”