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Dubai / WAM
Emirates NBD on Wednesday launched the bank’s pilot blockchain network for banking services, a first for any private sector entity in
the UAE.
This was accomplished after it successfully completed a proof of concept blockchain network for international remittances and open account trade finance, in partnership with ICICI Bank Limited, India’s largest private sector bank by consolidated assets, and Infosys Finacle, announced His Highness Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD. The bank, a front-runner in digital banking solutions and a member of Dubai Future Foundation’s Global Blockchain Council,
is currently engaged with trialling blockchain technology across multiple banking and payment services, Sheikh Ahmed revealed. The use case scenarios range from customer-facing and government transactions to internal systems to harness the blockchain’s exceptional potential to simplify, secure and automate business processes.