Dubai to implement blockchain-based payments platform

posted 4 months ago
Smart Dubai Office, a Dubai government entity, has signed a memorandum of understanding (MoU) with Avanza Solutions, a company that specialises in delivering IT products, solutions and services to financial institutions, to implement a citywide blockchain-based payments platform.

The MoU signed by Dr Aisha Butti bin Bishr, director general, Smart Dubai, and Waqas Mirza, managing director and chief marketing officer, Avanza Solutions is in line with Sheikh Hamdan’s vision to transform Dubai into the first government in the world to execute all applicable transactions on the blockchain by 2020.

As part of the Dubai Future Accelerators program, Avanza Solutions’ blockchain platform Cipher was selected by Smart Dubai Office to deliver a pilot project to provide an instant reconciliation and settlement platform to Smart Dubai Office for DubaiPay payment platform. The pilot project was delivered in collaboration with Dubai Smart Government and Emirates NBD.

Smart Dubai Office now plans to roll out Cipher across all its existing 38 partner government entities, partner financial institutions and departments to set up the first blockchain-based building block within its financial plumbing.

Avanza Solution’s Cipher platform will enable each of these entities to process instant payment payments and reconciliations across the Cipher network, to create a streamlined process for more efficient and effective service.
Tags: blockchain, news