Recently, The Dubai Chamber of Commerce and Industry (DCCI) signed a memorandum of understanding (MoU) with the Dubai government-owned bank Emirates NBD.
On Oct. 14, Saudi Gazette — a Middle Eastern news daily — broke the news that Dubai’s international business hub had entered into an MoU with Emirates NBD.
As one of the Middle East largest banking groups asset-wise, the bank is expected to facilitate Digital Silk Road’s trade finance solutions. The Dubai 10X initiative is aimed at digitizing trade processes found in Dubai using blockchain technology.
In the program, various government departments would research and apply new disruptive technologies to various administrative and operational areas.
DCCI president and CEO Hamad Buamim said that the company’s agreement with Emirates NBD is actually a primary step forward for the Digital Silk Road initiative.
“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.”
At the beginning of July, the DCCI had also signed an MoU with Perlin, a Singapore-based blockchain startup, as well as the International Chamber of Commerce with the aim of promoting blockchain trade solutions adoption.
In order to roll out a blockchain-based Know Your Customer (KYC) data-sharing consortium in the coming year, the DCCI had another partnership with Norbloc (a fintech firm) and Mashreq (the Dubai International Financial Centre) in that same month.
Earlier, in June, Etisalat — the Dubai Land Department and telecoms firm — also signed an MoU that concerns the adoption of blockchain technology in the real estate sector. The agreement was focused towards introducing property transactions digital contracts and paperless management that would eventually facilitate the implementation of smart government standards.