UAE Trade Connect launches digital commerce platform with 7 banks


UAE Trade Connect launches digital commerce platform with 7 banks

By Léandra Monteiro

UAE Trade Connect (UTC), a new national blockchain platform, officially went live on the 19the April 2021 to help financial institutions fight fraud and duplication. The blockchain platform co-created by Etisalat Digital and seven UAE banks and Avanza Innovations was originally envisioned by First Abu Dhabi Bank to tackle key issues in the area of ​​trade finance.

The platform’s steering committee is made up of the Central Bank of the United Arab Emirates, Commercial Bank International (CBI), Commercial Bank of Dubai (CBD), Emirates NBD, First Abu Dhabi Bank (FAB), Mashreq Bank, National Bank of Fujairah (NBF) and RAKBANK.

According to media reports, Dr Sabri Al Azazi, Director of Operations at the Central Bank of the United Arab Emirates, said: “The Central Bank promotes financial and monetary stability, efficiency and resilience of the financial system. The launch of the UTC digital commerce platform is one of the key steps towards achieving this goal, as it will help minimize the risks of fraud inherent in the existing paper system in trade finance. It also reflects the banking industry’s commitment to accelerate the digital transformation process to prepare the UAE to enter the new digital banking era. “

According to media reports, Zulqarnain Javaid, CEO of UAE Trade Connect, said: “Today’s announcement is a milestone in the financial sector in the UAE. Technological advancements present innovative solutions to historical problems and enable the sector to move forward. The solution is aligned with the UAE government’s vision to bring futuristic technologies like blockchain and will be another catalyst for economic growth. “

The initial phase of the platform will focus on managing the risks of double financing and invoice fraud before moving on to other key areas of trade finance, such as digital invoice scanning and electronic invoices. UAE Trade Connect aims to drive the digital transformation of commerce in the UAE by enabling banks, organizations and government authorities to benefit from future technologies.

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