Dubai has been aspiring to reinforce its position as a fintech hub. Last month, the Dubai Culture and Arts Authority established the first digital bank for art in the world. ArtBank also launched its own digital currency to boost transaction speed and simplify the purchasing process.
“The Dubai ArtBank initiative marks out Dubai as a pioneer in using technology to extend the reach and impact of art. This is yet another example of Dubai taking the lead in adopting advanced technologies to enhance excellence in various spheres of life,” noted Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Vice Chairman of Dubai Culture in an official statement via the Dubai Media Office.
Sheikha Latifa also ensured that the project would stimulate the integration of the art space into the world of financial technologies and inspire a boost of the creative ecosystem in Dubai.
The initiative is seen as a way of facilitating the growth of the country as a large international centre of art and creativity. It is considered a part of the “Dubai 10X initiative” that aims at implementing the latest fintech trends in the country before somebody does.
Customers of ArtBank will get access to an account for managing art collections and payments while working with crypto coins. The financial institution won’t be dealing with blockchain-based bitcoin or any other altcoin, instead, it intends to launch its own virtual coin for speeding up the processing time of a transaction and facilitating the profit from art objects.