Emirates NBD to provide financing for Digital Silk Road

Initiative aims to improve transparency and efficiency of supply chains through blockchain

Dubai Chamber and Emirates NBD recently signed MoU on the Digital Silk Road initiative Dubai Chamber’s headquarters.
Dubai Chamber and Emirates NBD recently signed MoU on the Digital Silk Road initiative Dubai Chamber’s headquarters.

Emirates NBD will provide trade finance solutions for the Digital Silk Road, a platform developed by Dubai Chamber, DP World- UAE Region and Dubai Customs that will use blockchain to digitise and simplify trade processes.

The Digital Silk Road initiative, expected to go live in 2020, aims to improve the transparency and efficiency of supply chains through automation.

H.E. Hamad Buamim, President and CEO of Dubai Chamber said the 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.

Hesham Abdulla Al Qassim, vice chairman and managing director of Emirates NBD observed that the bank was the first in the region to successfully pilot a blockchain use case for trade finance. “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.”

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