The Largest Bank in UAE Will Implement Blockchain Finance Solutions

Emirates NBD (National Bank of Dubai), one of the largest banks in Middle east will provide finance solutions for the Digital Silk Road – a Dubai 10X initiative using blockchain technology to digitize and simplify trade processes.

According to Khaleej Times, Emirates NBD has signed a memorandum of understanding with Dubai Chamber of Commerce and Industry (DCCI) to implement the Digital Silk Road.

The agreement was signed by Hamad Buamim, President & CEO of Dubai Chamber and Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, at a recent ceremony which was held at Dubai Chamber’s headquarters and attended by officials and directors from both organizations.

The Digital Silk Road is a blockchain platform aims to reshape the global trading system and eliminate trade barriers. It utilizes blockchain technology to increase the transparency and efficiency of supply chains through a comprehensive automation process.

Hamad Buamim, President & CEO of Dubai Chamber said, the Digital Silk Road aims to transform the way Dubai trades with the world and noted that the digital platform will offer several competitive advantages and benefits to companies in Dubai, including lower trade costs, faster delivery of goods, seamless trade processes, and enhanced security and transparency.

Emirates NBD is the first national bank established in Dubai and the United Arab Emirates and was founded in 1963 by Dubai’s ruler Sheikh Rashid bin Saeed Al Maktoum. It is currently largest banking groups in the Middle East in terms of assets.