Launched by HH Sheikh Ahmed bin Saeed Al Maktoum, Emirates NBD Bank became the first lender in the United Arab Emirates, in partnership with ICICI Bank of India, to launch a Blockchain pilot for services, including international remittances and open account trade finance.
The initiative, a first for a private sector entity in the UAE, came within days after Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, announced a plan that would see all government documents secured on a Blockchain by 2020.
Shaikh Ahmed said that the bank is currently engaged with conducting Blockchain trials across multiple banking and payment services. The use case scenarios range from customer-facing and government transactions to internal systems to harness Blockchain’s potential to simplify, secure and automate business processes.
“Our pilot project, a first for the banking sector in the UAE, demonstrates Blockchain’s immense potential to change how organisations and governments conduct business. We look forward to further collaboration with the public sector and our private peers to further adopt this technology in the UAE,” said Shaikh Ahmed.
“We anticipate Blockchain to be a potential game changer in creating a secure, scalable, cost and time-efficient digital ecosystem for government and businesses. As a bank that has pioneered digital innovation in banking and payments in the UAE, we are excited to take the lead in testing future applications of this technology in the banking sector,” said Shaikh Ahmed.
Emirates NBD Future Lab, the bank’s innovation-driven platform that seeks to partner with FinTech innovators to create pioneering banking and payment solutions, undertook the pilot project.
The pilot project demonstrated how banks could significantly reduce transaction costs and time. The trade finance purchase order and invoice financing cycle tests conducted showed a near real-time transfer of invoices and purchase orders in a transparent and secure manner.
The Blockchain network was integrated with the Infosys Finacle core banking and other host systems within the pilot technology environments on both banks and was designed to be least disruptive to existing systems and processes, allowing the banks to seamlessly plug in their systems and process to work with Blockchain technology.
The project was executed using an Infosys solution, EdgeVerve Blockchain Framework, a ledger designed specifically for the banking sector that can scale up to experiment several business use cases. Blockchain-based applications built on the framework can deliver increased efficiencies, transactional security and accuracy at a lower cost. Meanwhile, a group of Dubai government officials and businessmen said they were close to obtaining regulatory approval to create the world’s first fully Shariah-compliant bank devoted to trade finance.
The founding committee is in advanced discussions with the UAE Central Bank to obtain an Islamic wholesale banking licence, the Dubai Islamic Economy Development Centre said on Wednesday.
Emirates Trade Bank will specialise in international trade and commodity financing, the centre said, without giving details of the new institution’s structure or financial backing.
- Five days left until Blockchain Startup Exscudo ICO - April 21, 2017
- Apptrade to Reward Crowdsale Participants with Three Percent Bonus - April 21, 2017
- Blockchain Technology Startup Humaniq Raises $3.8M and Signs Contract With Deloitte - April 21, 2017
- Monolith Studio Announces Crowdsale for TokenCard, the First Debit Card Powered by Smart Contracts - April 20, 2017
- Blockchain Co. SingularDTV Recruits Hollywood VP - April 18, 2017
- Factom Closes Extended Series A Round of $8 Million Following Harmony Product Launch - April 18, 2017
- Interview with Back to Earth founder Clay Space - April 18, 2017
- Ethereum Movie Initial Coin Offering Sell Out - April 18, 2017
- Insurtech Startup Etherisc Wins “Blockchain Oscar” for Innovative Insurance Platform - April 14, 2017
- India’s Blockchain Community Launches Digital Asset and Blockchain Foundation - April 14, 2017
- UK EPSRC Supports Seven Blockchain Projects with £3.6 Million - April 14, 2017
- Dutch National Blockchain Coalition Presents Action Agenda - April 14, 2017
- Broadridge, J.P. Morgan, Northern Trust and Banco Santander Successfully Complete Pilot of for Blockchain Voting - April 14, 2017
- Blockgeeks Labs to Hold Blockchain Hackathon in Toronto - April 14, 2017
- Exscudo network EON coins are available for pre-order - April 13, 2017
- One of Big Four accounting firms is now legal adviser of Exscudo - April 12, 2017
- Dash Cryptocurrency Signs on with Kraken - April 12, 2017
- Blockchain Capital Closes ICO – $10 Million in Six Hours Raised in Record Time - April 11, 2017
- Ethereum meets Hyperledger – Burrow Ethereum Smart Contract Machine to Join Hyperledger - April 11, 2017
- Porsche Announces First Blockchain Contest - April 10, 2017
- Fidelity Labs Joins IC3 Blockchain Group - April 10, 2017
- Global Graphchain Project FERMAT Announces Distributed Governance Model Featuring Contribution Contracts - April 10, 2017
- Coinsilium and Oraclize sign MoU to form Strategic Alliance - April 10, 2017
- Industry Thought Leaders Invest With Blockchain Capital in its Ground-Breaking ICO - April 8, 2017
- Novus To Launch Innovative Blockchain Advanced File Index System - April 5, 2017
- Lykke Announces OEM Services – Lykke Accelerator - April 5, 2017
- BitHub.Africa Announces ICO Campaign to Foster Region’s Cryptocurrency Ecosystem - April 5, 2017
- SibCoin: Siberia Down, China to Go - April 4, 2017
- Groundbreaking Blockchain Research to Feature at International Financial Cryptography Conference - April 4, 2017
- Exscudo, The Nextgen Financial System, Announces ICO - April 4, 2017
- A Film by Manuel Stagars – The Blockchain And Us Video Documentary – Released in Full - April 4, 2017
- Genpact Harnesses Blockchain Technology to Transform F&A Operations to Improve Cash Flow and Enhance Customer Experience - April 4, 2017
- Blockchain Startup TaaS Partners With Exchange Platforms - April 4, 2017
- Synereo announces Qrator – The First Attention Economy App - April 4, 2017
- Blockchain Capital Releases Offering Memorandum for Its $10 Million Digital Token Offering - April 4, 2017
- Lykke Announces Availability of Blockchain Startup ChronoBank TIME Token - April 3, 2017
- Blockchain Workspace Launches Blockchain Education Company in Amsterdam, Netherlands - April 3, 2017
- Blockchain Startup SingularDTV Goes Hollywood - April 1, 2017
- Ledger Raises $7m To Accelerate Worldwide Adoption Of Security Solutions For Blockchain And Cryptocurrency Applications - March 31, 2017
- Slock.it secures $2 million seed funding to build Sharing Economy Platform - March 31, 2017
- Open Source Blockchain Project MultiChain Adds Fourteen New Partners and Enters Beta - March 30, 2017
- Tokenization in the Age of Blockchain - March 30, 2017
- European Commission Proposes Blockchain Pilot to Examine Regulatory Issues - March 30, 2017
- BitPesa has Partnered with Bitcoin Company Bitbond to Improve Access to Financing for SMEs in Africa. - March 30, 2017
- Switzerland’s SIX Securities Services Develops Blockchain-Based Bond Issuing Solution - March 30, 2017
- Beijing Officials Demand Chinese Blockchain Standards - March 30, 2017
- Spanish Bank BBVA joins Hyperledger Project - March 30, 2017
- Alibaba to Tackle Counterfeit Food in China With Blockchain - March 30, 2017
- Cosmos Announces Upcoming Token Sale to Build Internet of Blockchains - March 29, 2017
- Blockchain Technologies Corp. Speaks Before Maine State Legislature Committee on Blockchain Voting - March 29, 2017