Singapore, July 1: Dubai Chamber of Commerce and Industry has announced that it has signed a memorandum of understanding (MoU) with the International Chamber of Commerce (ICC) and Perlin, making it the first chamber of commerce in the world to offer innovative blockchain solutions developed by ICC and Perlin’s Centre of Future Trade (CoFT) to its members and regional partners.
Under the terms of the MoU, Dubai Chamber has exclusive rights to provide CoFT blockchain trade solutions to businesses in the Middle East and Africa region. The solutions offer many benefits and competitive advantages to companies, including improved trade processes, reduced risks, better traceability of supply chains and enhanced competitiveness.
The cutting-edge solutions will support Dubai Chamber’s Digital Silk Road platform, a Dubai 10X initiative that puts the emirate at the forefront of trade innovation as it joins a handful of cities such as Singapore, Hong Kong and Rotterdam which are leveraging blockchain technology to advance trade systems.
Commenting on the agreement, HE Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry and Chairman of the ICC – World Chambers Federation (WCF) described the partnership as a major step forward in removing trade barriers, improving supply chain efficiency and boosting the participation of MSMEs in global trade, adding that these objectives remain top priorities for the WCF.
“Dubai Chamber is proud to be the first chamber in the world to adopt and offer state-of-the-art blockchain solutions that simplify trade, improve ease of doing business and enhance economic competitiveness. This technology introduces plenty of far-reaching benefits for our members and regional partners, while it also has the potential to revolutionise the global trade landscape,” said H.E. Buamim.
For his part, John W.H. Denton, Secretary-General of the ICC said: “ICC is committed to helping business chambers and enterprises all over the world to access best-in-class technology in an ever-changing and dynamic landscape for global trade. With the highly respected Dubai Chamber helping to grow awareness for the pioneering technology developed by our Centre of Future Trade, we expect substantial industry adoption in their regions of influence.”
Dorjee Sun, CEO of Perlin said: “Working with ICC, Singapore Government and extremely active business organisations like the Dubai Chamber, Perlin will help enterprises integrate world-leading blockchain technology into their operations. This includes helping enterprises of all sizes – from multinationals to micro-, small- and medium-sized businesses across all industries – to better participate in the global economy.”