Dubai to implement city-wide blockchain payments platform

Friday, 21 April 2017 00:00 - - {{hitsCtrl.values.hits}}

Smart Dubai Office, a Dubai Government entity, has signed a Memorandum of Understanding (MoU) with Avanza Solutions, a company which specialises in delivering IT products, solutions and services to financial institutions, to implement a citywide blockchain-based payments platform.

The signing ceremony took place under the patronage of the Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

The MoU signed by Smart Dubai Director General Dr. Aisha Butti bin Bishr and Avanza Solutions Managing Director and Chief Marketing Officer Waqas Mirza 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 the 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 payments and reconciliations across the Cipher network, to create a streamlined process for more efficient and effective service.

Speaking at the signing ceremony Dr. Butti bin Bishr said: “I am confident that Avanza Solutions’ expertise in payment solutions, combined with their Cipher blockchain platform, will support the Smart Dubai Office with technology that not only bridges current gaps but also becomes a vital piece in Smart Dubai’s roadmap for payment processes in the near future.”

Mirza said: “The Dubai Future Accelerators program provides a unique opportunity for top companies and cutting-edge entrepreneurs to work alongside leading Government entities in Dubai to create breakthrough solutions together and enables these ideas to become a reality implemented on a city-wide scale.

“Taking on innovation-led challenges is in Avanza Solutions’ DNA. We go out of our way to seek challenges that compel us to push boundaries and this passion is instilled in everything we do. We are extremely happy and proud to be a part of this extraordinary program and take part in Dubai’s transformation to become the region’s technology and innovation hub.”