Emirates NBD Signs MoU with DCCI on Blockchain Trade Finance Solutions

Burency Official
Nov 4 · 2 min read

The Dubai Chamber of Commerce and Industry (DCCI) recently signed an MoU with Emirates NBD. The latter is a leading bank in the Middle East and will provide trade finance solutions for the Digital Silk Road.

The Digital Silk Road is a Dubai 10x initiative. It aims to digitalize trade processes in Dubai using blockchain technology. The Dubai 10x initiative is a government program that challenges different departments to research and integrate new technologies into their operations.

Organizations Have Shared Interests

The President and CEO of DCCI, Hamad Buamim, said that the agreement was a significant step for the initiative. He added that trade finance is still an essential tool for international trade and commerce because it makes the process easier for both importers and exporters.

The Vice-Chairman and Managing Director of Emirates NBD, Hesham Abdulla Al Qassim, said that the bank was pleased to work with DCCI on their common goal to enhance and boost trade finance by harnessing innovation in the region.

He added that the bank was a trendsetter in using blockchain for trade finance. He further stated that they were glad to be lending their expertise to the Digital Silk Road initiative.

“We are working on a shared vision of a seamless trade finance experience across stakeholders that would help in further consolidating Dubai’s position as a leading and efficient trade hub in the world,” he further stated.

The two stakeholders signed the MoU in a ceremony held at DCCI headquarters. Officials and directors from both organizations were in attendance.

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