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ADIB Bank to use blockchain for trade distribution

Tuesday 21 April 2020 14:13 CET | News

UAE-based Abu Dhabi Islamic Bank (ADIB) has executed a trade finance distribution transaction using blockchain, with the help of trade finance marketplace TradeAssets.

 

The cross-border transactions were enabled by ADIB’s partnership with TradeAssets, a trade finance e-marketplace powered by Blockchain technology to help digitize the traditional processes of origination and distribution of trade assets

ADIB and TradeAssets have been collaborating for more than a year and enabled the bank to automate trade finance transactions and conclude transactions with banking counterparts in emerging markets. ADIB launched ADIB Direct eFX , a platform that allows its clients to secure online foreign exchange rates for international transfers and payment, in March this year.

The bank said in a statement that the platform improves companies’ ability to manage their finances locally and internationally. These features include customisable dashboards, cashflow forecasting and online trade issuance and financing which are accessible across all devices including a mobile app.


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Keywords: ADIB, TradeAssets, trade finance, blockchain, trade finance platform, United Arab Emirates, customisable dashboards, cashflow forecasting, online trade issuance, United Arab Emirates, MENA
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: United Arab Emirates
This article is part of category

Banking & Fintech