Emirates NBD, one of the leading banking groups in the MENAT region, has joined forces with Partior, a blockchain technology company, in a strategic partnership to explore the use of blockchain in clearing and settlement services.
Neeraj Makin, Group Head of Strategy - Analytics and Venture Capital at Emirates NBD, expressed the significance of this collaboration, stating that by adopting Partior's blockchain technology, they aim to future-proof their operations and establish a seamless payment infrastructure to meet the evolving needs of their clients.
Partior has developed a blockchain-based unified ledger platform for payments, allowing real-time clearing and settlement to provide instant liquidity and transparency. This innovation overcomes challenges often faced in traditional payment systems that rely on sequential processing.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, emphasized the importance of embracing new technologies in the digital landscape and highlighted the partnership with Partior as a crucial step in this direction.
As part of the agreement, Emirates NBD will become the first regional settlement bank on the Partior platform, extending services for UAE Dirham, Saudi Riyal, and Indian Rupee settlements, with plans to include major foreign currencies for real-time payments.
Humphrey Valenbreder, CEO of Partior, noted that Emirates NBD will serve as the gateway to the MENAT region, fostering cross-market collaboration and creating a seamless cross-currency payments ecosystem. The collaboration underscores the transformative potential of blockchain in financial services, particularly in cross-border transactions.
The investment from Emirates NBD's Innovation Fund marks a significant milestone for Partior, positioning them as a leader in next-generation payment infrastructure. The partnership between Emirates NBD and Partior aims to enhance transparency, efficiency, and security in global payments, ultimately driving economic growth and innovation in the region.
