The Dubai Chamber of Commerce and Industry (DCCI) recently endorsed a Memorandum of Understanding (MoU) with one of the country’s largest banks, the Emirates NBD. The DCCI signed the MoU in a bid to bolster its Digital Silk Road program.
The Memorandum would see Emirates NBD providing financial trade solutions for Dubai 10X’s latest initiative, the Digital Silk Road.
The Dubai 10X program studies and implements the latest disruptive technologies for use in the administration and operation of the government’s various departments. Meanwhile, Emirates NBD is one of the most prominent banking groups in the region in terms of assets.
The MoU between DCCI and Emirates NBD was signed by DCCI President and CEO Hamad Buamim and Hesham Abdulla Al Qassim, the Managing Director and Vice Chairman of Emirates NBD. The signing ceremony was held at DCCI headquarters, and directors and officials from both organizations attended it.
The DCCI works as a renowned digital hub in Dubai. It is developing the Digital Silk Road program with Emirates NBD, Dubai Customs, and DP World (UAE Region). The initiative is scheduled to roll out in 2020, with the smart platform expected to enhance the efficiency and transparency of supply chains via an extensive automation process.
President Hamad Buamim on the Topic
DCCI President Buamim described the signing of the MoU as a big push forward for the initiative. The Digital Silk Road is explicitly developed to centralize procedures, do away with trade barriers, and make conducting business in the country go more smoothly.
Buamim explains that trade finance remains one of today’s vital tools for facilitating global commerce and trading because it streamlines transactions for exporters and importers.
He also said the Digital Road system would support the Commerce Chamber. The group aims to diversify the economy, stimulate growth, and boost the country’s image as the go-to global business hub.
Glad about Partnering Up
Meanwhile, Emirates NBD’s Al Qassim said the bank is happy to partner up with DCCI. He said both parties have a mutual commitment to harness the latest innovations to improve and promote trade finance in the United Arab Emirates.
The MoU with Emirates NBD is just the latest agreement the DCCI has signed in recent months. Dubai’s Commerce Chamber signed a similar charter in early July with blockchain startup Perline and the International Chamber of Commerce (ICC). They plan to advocate the adoption of blockchain-based trade solutions.
The DCCI also partnered with three more groups in the same month – fintech company Norbloc, the Mashreq Bank, and the Dubai International Financial Centre. The group will reportedly launch a blockchain-powered Know Your Customer data-sharing conglomerate in 2020.