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Under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum
Dubai, UAE, 18 April, 2017
Under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Avanza Solutions has signed an MOU with Smart Dubai Office to implement a citywide blockchain-based payments platform.
The MOU signed by Dr. Aisha Butti bin Bishr, Director General, Smart Dubai and Waqas Mirza, Managing Director & Chief Marketing Officer, Avanza Solutions is in line with His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum’s vision to transform Dubai into the first Government in the world to execute all applicable transactions on the blockchain by 2020.
As part of the Dubai Future Accelerators program, Avanza Solutions’ blockchain platform Cipher was selected by Smart Dubai Office 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.
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. Avanza Solution’s Cipher platform will enable each of these entities to process instant payment payments and reconciliations across the Cipher network, to create a streamlined process for more efficient and effective service.
Speaking at the Signing Ceremony Dr. Aisha Butti bin Bishr, Director General, Smart Dubai 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.”
Waqas Mirza, Managing Director & Chief Marketing Officer, Avanza Solutions 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.
“Taking on innovation-led challenges is in Avanza Solutions’ DNA. We go out of our way to seek challenges that compel us to push boundaries and this passion is instilled in everything we do. We are extremely happy and proud to be a part of this extraordinary program and take part in Dubai’s transformation to become the region’s technology and innovation hub.”
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About Avanza Solutions
Avanza Solutions leads the marketplace by developing and delivering specialized IT products, solutions and services to Tier one financial institutions, mid-to-large corporations and government organizations in Middle East, Asia and Africa.
Building on over 16+ years of experience, Avanza serves 300+ clients in more than 45 countries. Avanza has over 500+ product deployments, processing over 8+ million transactions every day on 9000+ terminals, backed by a team of 300+ expert resources worldwide.
Highly regarded specifically for its financial services technology, Avanza continues to contribute a diverse range of innovative products including award-winning solutions for Self-service Banking and Transaction Processing, Customer Service and Experience, and Business Automation and Collaboration.
Maintaining a strong focus on delivering value through future-proof solutions, Avanza has evolved into one of the fastest growing multimillion dollar international software companies. Avanza’s cutting-edge solutions advance through close collaboration of clients, in-house experts, and industry veterans to take the industry to the next level of customer-centric innovation.
Strategic alliances with NCR, Avaya, IBM, Teradata, and SCI along with other notable regional partners.
About Dubai Future Accelerators
Launched in July 2016 by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, under the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, The Dubai Future Accelerators (DFA) is a unique opportunity for technology companies to gain unparalleled access to the staff, resources and expertise of Dubai’s government entities.
For more information or interview requests please contact:
Kate Fox
Grayling on behalf of Avanza Solutions
Email: kate.fox@grayling.com
Tel: +971 (0) 52 104 3586
Avanza Solutions will be showcasing the Cipher platform at Seamless Middle East, 1-2 May at Stand H20.
© Press Release 2017
