Emirates NBD Welcomes Chainlink to Digital Asset Lab Council

Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT), has announced the addition of Chainlink to its Digital Asset Lab as a fifth council member.

The partnership, formalized through a Memorandum of Understanding at Abu Dhabi Finance Week, brings Chainlink, a global leader in on-chain finance, verifiable data, and cross-chain interoperability, into collaboration with other founding members, including PwC, Fireblocks, R3, and Chainalysis.

This strategic alliance marks a significant step in advancing the Digital Asset Lab’s mission to foster innovation in the digital finance space. Chainlink’s decentralized oracle network, which has already processed over USD 17 trillion in transaction value, is central to the adoption of blockchain technology across sectors like banking, asset management, and beyond.

With a digital asset market valued at over USD 1.3 trillion globally, tokenisation is a key contributor to economic growth, particularly in the MENA region, where it adds an estimated USD 230 billion annually to GDP, according to Ernst & Young.

As digital assets gain mainstream adoption, banks are increasingly looking to integrate cryptocurrencies, tokenized securities, and Central Bank Digital Currencies (CBDCs) into their services.

Miguel Rio Tinto, Group Chief Digital and Information Officer at Emirates NBD, expressed excitement over the partnership: “We are proud to partner with Chainlink and welcome them to Emirates NBD’s Digital Asset Lab as a council member. This collaboration reinforces our innovation strategy and enables us to pioneer next-generation solutions for our customers. With Chainlink Labs’ expertise, we are confident this partnership will drive advancements in tokenisation and digital asset management, further strengthening Emirates NBD’s leadership in financial innovation in the region.”

Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs, also emphasized the value of the partnership: “Tokenisation and digital assets present a significant opportunity for financial institutions, especially in the MENAT region. We are excited to collaborate with Emirates NBD to support the development of on-chain financial applications powered by Chainlink’s trusted technology for verifiable data and cross-chain interoperability.”

Launched in May 2023 at the Dubai FinTech Summit, the Digital Asset Lab aims to accelerate innovation in digital asset and financial services in the UAE.

Emirates NBD, with over seven years of experience in blockchain and virtual asset technologies, has already made significant strides in areas such as blockchain-based trade finance and the digital dirham experiment with the Central Bank of the UAE.

It is worth noting that the Digital Asset Lab has facilitated the development of groundbreaking solutions, including crypto products in retail banking, tokenised real-world assets, and compliance systems for virtual asset transactions.

In addition to industry partnerships, the lab has recently extended its outreach to academia with the launch of its Future Leaders Outreach Program, further enhancing its impact on the future of digital finance.