The Dubai Chamber of Commerce and Industry (DCCI), which acts as an international business hub in Dubai, and the government-owned Emirates NBD bank have signed a memorandum of understanding (MoU) on the development of trade finance solutions for the Dubai 10X initiative Digital Silk Road. With these solutions, trade processes in Dubai will be digitized by blockchain.
Hamad Buamim, President and CEO of the DCCI, called the agreement with the bank a huge step forward for Dubai 10X, an initiative under which government agencies in Dubai are required to apply new technologies such as blockchain to their management and work processes.
“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,” said Buamim.
The DCCI has so far launched several blockchain-related projects. In July this year, it signed an MoU with the International Chamber of Commerce and Singapore-based blockchain startup Perlin to encourage the adoption of trade solutions powered by the technology.
The same month, the DCCI, together with the Dubai International Financial Centre, Mashreq Bank, and fintech firm Norbloc, launched Know Your Customer, a blockchain-based data-sharing consortium in 2020.
According to a report by CoinTelegraph, the Dubai Land Department and telecoms firm Etisalat signed an agreement in June this year to develop blockchain-based solutions for the real estate sector.
The main objective of the agreement is to introduce paperless management and digital contracts for property transactions, while implementing smart government standards.
The department earlier announced that it is committed to using the blockchain technology to automate and optimize real estate business processes in Dubai.
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