Emirates NBD has signed the MoU with the Dubai Chamber of Commerce and Industry, concerning the development of the Digital Silk Road. In accordance with the agreement, the bank will provide trade finance solutions for the project, which is a Dubai 10x initiative to digitize and simplify trade processes via Blockchain.
The smart network is focused on enhancing the transparency and efficiency of supply chains with the introduction of the comprehensive automation process. At present, Digital Silk Road is being developed in association with DP World – UAE Region and Dubai Customs along with Emirates NBD and is expected to come into light next year.
The agreement was signed by the president and CEO of Dubai Chamber, Hamad Buamin, and the vice-chairman and managing director of the bank, Hesham Abdulla Al Qassim. Buamin addressed the partnership with the leading bank as a significant step for the initiative. He also stated how it is designed to streamline methods, eliminate trade barricades, and advance the ease of carrying business. Along with this, Digital Silk Road aims to diversify the economy and heighten Dubai’s persona as a business hub.
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 pilot a blockchain use case for trade finance successfully, and we look forward to lending our expertise and support to the Digital Silk Road initiative.”