Abu Dhabi Islamic Bank (ADIB) together with seven other banks have joined UAE Trade Connect (UTC), a new nationwide blockchain trade finance platform launched by Etisalat Digital, in partnership with First Abu Dhabi Bank (FAB) and Avanza Innovation. The blockchain initiative, opened to all banks in the Emirates, aims to digitize trade in the UAE: in its initial phase, it will focus on addressing double financing and invoice fraud before turning to other key areas of trade finance.
The other banks are FAB, Emirates NBD, Commercial Bank of Dubai, Mashreq, National Bank of Fujairah, RAKBANK and Commercial Bank International, all of which offer Shariah compliant financial services.