Dubai: Dubai Chamber of Commerce and Industry has signed a memorandum of understanding (MoU) with Emirates NBD under which the bank will provide trade finance solutions for the Digital Silk Road — a Dubai 10X initiative using blockchain technology to digitise and simplify trade processes.

The Digital Silk Road initiative, currently being developed by Dubai Chamber in cooperation with DP World — UAE Region and Dubai Customs along with Emirates NBD, is expected to go live in 2020. The smart platform aims to improve the transparency and efficiency of supply chains through a comprehensive automation process.

Hamad Buamim, President & CEO of Dubai Chamber said the agreement with Emirates NBD as a major step forward for the Digital Silk Road which is designed to streamline procedures, remove trade barriers and improve ease of doing business in Dubai.

“Trade finance remains one of the most important tools used today to facilitate international trade and commerce as it simplifies transactions for importers and exporters,” said Buamim.

Digital Silk Road platform supports Dubai Chamber’s efforts to diversify the economy, stimulate economic growth and boost Dubai’s attractiveness as a world-class business hub.

“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,” said Abdulla Al Qassim, Vice-Chairman and Managing Director of Emirates NBD.