Emirates NBD signs strategic agreement with Singapore-based blockchain platform partition This is to improve cross-border payment capabilities.
The partnership will enable Emirates NBD to offer its customers faster 24-hour payment processing through Partior’s blockchain-based clearing and settlement platform.
As part of the agreement, Emirates NBD will reportedly become the first bank in the region to facilitate payments in UAE dirham, Saudi riyal and Indian rupee on its platform.
The bank also plans to support payments in other major foreign currencies and further expand its real-time payment services.
Launched in 2021 and backed by DBS Bank, JP Morgan, Standard Chartered, Temasek and Peak XV, Partior provides a blockchain-powered unified ledger for real-time payment processing.
The system overcomes the limitations of traditional payment methods and provides instant liquidity, transparency, and efficiency.
Emirates NBD is also evaluating an equity investment in Partior as part of its broader strategy to introduce new financial technology.
Neeraj Makin, Group Head of Analytics and Venture Capital Strategy at Emirates NBD said:
“The investment from Emirates NBD’s Innovation Fund represents a key moment in Partior’s journey as a leader in next-generation payments infrastructure. This confirms our belief that it has the potential to
What’s really exciting about this investment is that it creates opportunities for cross-market collaboration and the development of a seamless cross-currency payments ecosystem. This increases transparency and reduces friction for both businesses and customers. ”
Humphrey Wallenbreder, Chief Executive Officer of Partior, said:
“This partnership positions Emirates NBD as Partior’s gateway to the vibrant MENAT region, in line with our strategic roadmap for expansion in the Middle East.
By integrating our blockchain capabilities with Emirates NBD’s trusted network, we will not only strengthen our operational capabilities, but also improve the efficiency and security of cross-border transactions to drive economic growth and innovation across the region. We will also strengthen our common commitment to improving gender. ”
Featured image credit: Edited from freepic
