The platform invites all UAE banks and the supply chain industry to join the platform to combat fraud and duplication, among other issues in the trade finance space. The commercial launch took place recently at a virtual press conference in the presence of senior management from UTC and partnering banks.
The steering committee for the platform consists of the Central Bank of the UAE, 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. The platform is based on blockchain and other disruptive technologies enabling data to be shared in a secure manner. Technologies such as Artificial Intelligence (AI), Machine Learning, Optical Character Recognition (OCR), and Robotic Process Automation (RPA) read invoices to identify duplications, frauds, and dubious transactions within the banking trade finance offering.
The initial phase will focus on addressing the risks of double-financing and invoice fraud before turning to other key areas of trade finance, such as digitalising bills of lading and e-invoices. UTC is aimed at driving the digital transformation of trade in the UAE by enabling banks, enterprises, and government authorities to collectively benefit from future technologies.
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