Dubai makes payments convenient with blockchain technology

Dubai makes payments convenient with blockchain technology
HH Sheikh Hamdan at the event
Published: 20 April 2017 - 4:25 a.m.
By: Soumya Smita Prajna

The Smart Dubai office has signed a MoU with Avanza Solutions to implement a citywide blockchain-based payments platform. As part of the Dubai Future Accelerators program, Avanza Solutions’ blockchain platform Cipher has been selected  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.

The MoU was signed by Dr. Aisha Butti bin Bishr, director general, Smart Dubai and Waqas Mirza, managing director & chief marketing officer, Avanza Solutions. His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum graced the event. 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.

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.”

Dr. Aisha 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.”

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