The Dubai Chamber of Commerce and Industry (DCCI) has signed a memorandum of understanding (MoU) with Emirates NBD.
Middle Eastern information each day Saudi Gazette reported on Oct. 14 that the DCCI, which acts as a world enterprise hub in Dubai, has signed an MoU with Dubai government-owned financial institution, Emirates NBD.
The financial institution, which is without doubt one of the largest banking teams within the Middle East when it comes to property, will present commerce finance options for the Digital Silk Road, a Dubai 10X initiative, which makes use of blockchain expertise to digitize commerce processes in Dubai.
Dubai 10X is a program whereby varied departments of presidency are tasked with researching and making use of new and disruptive applied sciences to their administration and operations.
Hamad Buamim, president and CEO of DCCI, reportedly stated that the settlement with Emirates NBD is a significant step ahead for the initiative, including:
“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.”
The DCCI had signed an MoU at first of July with the International Chamber of Commerce and Singapore-based blockchain startup Perlin to advertise the adoption of blockchain commerce options.
That similar month, the DCCI entered one other partnership with the Dubai International Financial Centre, Mashreq Bank and fintech agency Norbloc to launch a blockchain-based Know Your Customer data-sharing consortium in 2020.
Dubai actual property on the blockchain
In June, Cointelegraph reported that the Dubai Land Department and telecoms agency Etisalat signed an MoU regarding blockchain expertise for actual property, with the intention to implement good authorities requirements and introduce paperless administration and digital contracts for property transactions.
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