Dubai Aims to “10-Years Ahead of the World” with E-Mortgage Blockchain System
Henry Chan May 29, 2019 02:00
Dubai Land Department recently partnered up with UAE lender Mashreq Bank to launch a blockchain based mortgage system to facilitate automation for mortgage loan applications, as revealed from The National on 28 May.
Dubai Land Department recently partnered up with UAE lender Mashreq Bank to launch a blockchain based mortgage system to facilitate automation for mortgage loan applications, as revealed from The National on 28 May.
The e-mortgage system is part of the Dubai 10x initiative, which aims to advance its digital economy and be 10 years ahead of the rest of the world in all industries. The UAE plans to diversify its industrial production from oil industry.
The mortgage holders in Mashreq Bank will be able to connect with the Dubai Land Department’s electronic mortgage registration system after they have purchased the property. Mortgages can be modified through the system, and liquidations and payment defaults logged.
DLD director general Sultan Butti Bin Mejren said as per the report “The development and launch of the new e-mortgage system comes as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits.”
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