Dubai Chamber of Commerce and Industry and Emirates NBD signed a memorandum of agreement (MoU) to offer trade finance solutions for Digital Silk Road initiative, the local media reported.
The Digital Silk Road is part of Dubai 10X initiative powered by blockchain technology. Currently, Dubai Chamber in cooperation with DP World, Dubai Customs and Emirates NBD is developing the Digital Silk Road initiative.
Abdulla Al Qassim, Vice-Chairman and Managing Director of Emirates NBD, told the media that, “Emirates NBD was the first in the region to successfully pilot a blockchain use case for trade finance and we look forward to lending our expertise and support 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.”
Digital Silk Road initiative is expected to go live next year. It is built with a vision to boost efficiency and transparency in supply chains through an automation process.
Dubai Chamber and Emirates NBD’s agreement in Digital Silk Road is a significant advancement toward the initiative. It is aimed to streamline the process, reduce trade barriers and improve ease of doing business in Dubai.
Hamad Buamim, President & CEO of Dubai Chamber said that trade finance is very important to uplift international trade and commerce. It can ease transactions for importers and exporters.
The Digital Silk Road will help to diversify the economy and position Dubai as an attractive business hub on the global front. It is set to become an important factor in the US-China technology war, according to analysts. In fact, the Digital Silk Road also aims to build communications networks across the developing world.