Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has announced a strategic partnership with Partior, a blockchain-based platform for clearing and settlement.
This collaboration will enhance Emirates NBD’s payment infrastructure, offering clients 24/7 access and more seamless, faster payment flows.
As the first regional bank to join Partior's network, Emirates NBD will facilitate settlement in UAE Dirhams, Saudi Riyals, and Indian Rupees. Additionally, the bank aims to extend its participation to major foreign currencies, providing real-time payment solutions to its customers. This move marks a significant step forward in Emirates NBD’s strategy to leverage innovative technology to improve its services.
Launched in 2021, Partior is supported by industry giants such as DBS Bank, J.P. Morgan, Standard Chartered, Temasek, and Peak XV. The platform uses blockchain to develop a unified ledger for payments, enabling real-time clearing and settlement, enhancing transparency, liquidity, and security.
Emirates NBD is also exploring an equity investment in Partior, reflecting its broader strategic focus on embracing cutting-edge financial technology. Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, stated that the partnership is crucial in future-proofing the bank’s operations and providing advanced financial solutions.
Neeraj Makin, Group Head of Strategy at Emirates NBD, emphasized the transformative potential of blockchain in cross-border transactions, highlighting the opportunities for cross-market collaboration. Partior CEO Humphrey Valenbreder added that the partnership positions Emirates NBD as a gateway to the MENAT region, promoting greater efficiency and security in global payments.
This collaboration is set to redefine cross-border payments, driving economic growth and innovation across the region.
News Source: Dubai Media Office
