Smart Dubai & Avanza implement citywide blockchain payments platform
Smart Dubai Office, the entity assigned to implement Blockchain across the Dubai government entered an MOU in partnership with Fintech consulting and development firm Avanza Solutions. The MOU was signed in the presence of Hamdan Bin Mohammed, Crown Prince of Dubai. The MOU will implement citywide payments platform based on Blockchain technology across all existing 38 partner government entities, financial institutions, and other departments in the city of Dubai. Avanza’s Cipher will be the platform. The platform has already been tried and tested with Emirates NBD which conducted an international remittance trail with an Indian partner last year.
Dr. Aisha Butti bin Bishr, Director General of Smart Dubai stated, “I am confident with Avanza’s expertise in payment solutions combined with their Cipher blockchain platform, they 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.”