First Abu Dhabi Bank, Etisalat launch UAE trade finance blockchain

Tuesday 30 July 2019 13:50 CET | News

Etisalat Digital has announced a new nationwide blockchain trade finance platform called UAE Trade Connect (UTC).

It was developed in partnership with First Abu Dhabi Bank (FAB) and Avanza Innovations. So far, eight banks have signed up, but the platform is open to others.

As with most trade finance blockchain initiatives, the aim is to digitize trade in the UAE. The initial scope is to address double financing and invoice fraud.

Blockchains by their nature prevent an invoice being double financed, but only if the entire sector uses that blockchain. In India, Monetago partnered with SWIFT and other organisations to try to ensure invoices don’t get double financed within India.

However, for the UAE’s Trade Connect, invoice fraud is just the first step, and it’s forming a working group to extend the solution. The project won’t just leverage blockchain, but also artificial intelligence, machine learning and robotics.

The banks are First Abu Dhabi Bank, Emirates NBD, Commercial Bank of Dubai, Mashreq, National Bank of Fujairah, RAKBANK, Abu Dhabi Islamic Bank and Commercial Bank International.

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Keywords: First Abu Dhabi Bank, Etisalat, trade finance, blockchain, invoice, finance, fraud
Countries: World

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