Dubai Chamber of Commerce and Industry has signed a memorandum of understanding (MoU) with First Abu Dhabi Bank (FAB), which will align the efforts of the two entities to digitise, facilitate and simplify trade processes in the UAE.
The MoU was recently signed by Hamad Buamim, president and CEO, Dubai Chamber and André Sayegh, deputy group CEO and group head, Corporate and Investment Banking, FAB, at Dubai Chamber’s premises.
Under the terms of the agreement, Dubai Chamber’s Digital Silk Road initiative will connect with FAB’s UAE Trade Connect (UTC) platform with the aim of streamlining processes, improving transparency and enhancing protection for all parties involved in supply chains.
FAB, in partnership with Etisalat and seven other national banks, has developed UTC as a nationwide platform driving digital transformation of trade in the UAE.
UTC, developed using the latest emerging technologies including blockchain, artificial intelligence, machine learning and robotics, works towards identifying and reducing fraudulent activities in trade finance.
In the future, the UTC platform will support efforts to digitise trade in UAE for all the concerned parties involved in such transactions.
Developed by Dubai Chamber in cooperation with Dubai Customs, the Digital Silk Road is a Dubai 10X initiative designed to facilitate global trade by using blockchain technology to enhance the transparency and efficiency of supply chains, improve the security standards for commercial transactions and convert all procedures into digital transactions.
Buamim noted that the partnership with FAB supports Dubai Chamber’s efforts to position Dubai as a smart trade hub, improve ease of doing business and enhance the emirate’s economic competitiveness.
He explained that the joint project would introduce far-reaching benefits for all stakeholders such as secure and transparent systems that save businesses time and effort as well as the latest trade financing solutions, adding that it would also serve as a mechanism for removing trade barriers and enabling UAE companies to access global growth opportunities.
FAB’s Sayegh, said, “We are pleased to be partnering on this initiative with the Dubai Chamber of Commerce and Industry, and to be involved in a project of this calibre and significance at a national level. As one of the leading financial institutions in the country, we continue to provide our expertise to key entities in areas of combatting fraud, promoting business and ultimately, supporting overall economic growth. This agreement will play a key role in enhancing efficiency and ease of doing business for corporates and SMEs alike.”