Emirates NBD signs an MoU with DCCI Regarding Blockchain Trade Finance Solutions




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DCCI and Emirates NBD sign blockchain-related MoU

The Dubai Chamber of Commerce and Industry (DCCI) has signed an MoU with the Dubai government-owned bank, Emirates NBD. A report unveiled this news on October 14 noting that the parties joined hands in blockchain deal.

According to the report, Emirates NBD is one of the major banks in the region. Its agreement with DCCI will see it provide trade finance solutions for the Digital Silt Road, a Dubai 10X project that uses the blockchain to digitize and simplify trade processes.

Hamad Buamim, the president and CEO of DCCI signed the MoU together with Hesham Abdulla Al Qassim, the vice chairman and managing director of Emirates NBD. They signed the agreement during a recent ceremony at the headquarters of DCCI. The ceremony comprised officials and directors from both parties.

Commenting on the agreement, Hesham Abdulla Al Qassim 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. 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.

DCCI’s Growing Interest in the Blockchain

Buamim noted that the agreement was a major step for Digital Silk Road. He mentioned that the project played a huge role in removing trade barriers and improving the ease of running businesses in Dubai. He added that trade finance is one of the leading tools for enabling international trade and commerce. This is because it simplifies transactions for importers and exporters.

Before this MoU, DCCI signed another blockchain-related agreement in early-July this year. The organization made this deal with the International Chamber of Commerce (ICC) and Perlin, a Singapore-based blockchain startup. Reportedly, this MoU sought to promote the adoption of blockchain trade solutions.

Apart from this, DCCI also joined hands with the Dubai International Financial Centre, Mashreq Bank, and Norbloc, a FinTech firm. This partnership aimed to roll out a blockchain-based Know Your Customer (KYC) data-sharing consortium in the coming year.

 This news comes after a report unveiled that the Dubai Land Department had signed an MoU with Etisalat, a telecoms firm. Per the report, the deal involved using the blockchain for real estate. In so doing, the DLD and Etisalat unveiled that they sought to implement smart government standards. On top of this, the parties aimed to introduce paperless management and digital contracts for property transactions.

Do you think Dubai’s growing interest in the blockchain will see it become the world’s first blockchain-powered government? Let us know in the comments below.