Abu Dhabi Islamic Bank (ADIB) has joined UAE Trade Connect (UTC), a national trade finance platform, as part of its digital transformation strategy.
Established in 2021 as a nationwide initiative by e& (formerly known as Etisalat Group) and a consortium of seven banks with the Central Bank of the UAE as an observing member, UTC has processed AED60 billion (US$16.33 billion)-worth of invoices for duplicate inspection and fraud analysis. It is the first commercialized blockchain platform to have originated out of the UAE.
The cloud-native solution detects suspicious transactions, prevents fraud and duplication, and supports a variety of trade-related documents that must be verified and inspected for validity. With an eye on becoming a national trade finance platform, UTC is working on boosting its capabilities to provide detailed information about suspicious elements of invoices presented for financing.
“We are pleased to partner with UTC as we focus on proactively mitigating risks of fraud and developing a safe and transparent online banking ecosystem. With the goal of supporting UAE’s economic development, we will work closely with UTC and other member banks to enhance our digital capabilities and promote the security of the country’s financial sector. We look forward to capitalising on the opportunities of this agreement to deliver safe and completely transparent banking solutions for our customers,” commented Faisal Abu Shaar, ADIB’s group chief risk officer.
Other members of UTC include Dubai Islamic Bank, Emirates NBD and Mashreq.