Abu Dhabi, 06 October 2022: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announced today that it has become an official member of UAE Trade Connect (UTC). As part of the membership agreement, this partnership is aimed to strengthen the Bank's digital transformation strategy and increase the transparency and security of its services.
This collaboration further reinforces ADIB's role as the leading innovative Islamic bank in the region, utilising the UAE Trade Connect platform to detect fraud and dubious transactions in the trade finance area.
UTC is the fintech blockchain platform of e& enterprise, from e& (formerly known as Etisalat Group) and is the first commercialised blockchain platform to come out of the UAE. UTC's multi-award-winning platform aspires to be the national trade finance platform and is already enhancing its capabilities to provide in-depth information about suspicious elements of invoices presented for financing.
Speaking on the partnership, Faisal Abu Shaar, Group Chief Risk Officer at ADIB said: “We are pleased to partner with UTC as we focus on proactively mitigating risks of fraud and developing a safe and transparent online banking ecosystem. With the goal of supporting UAE's economic development, we will work closely with UTC and other member banks to enhance our digital capabilities and promote the security of the country's financial sector. We look forward to capitalising on the opportunities of this agreement to deliver safe and completely transparent banking solutions for our customers."
Further commenting on the partnership, Zulqarnain Javaid, CEO of UAE Trade Connect further commented: “We are excited to welcome Abu Dhabi Islamic Bank to our consortium. ADIB is an important bank in the Corporate Banking space and their participation in the platform will further strengthen the network. They join the network at the same time we have crossed the important milestone of AED 60 billion value presented to UTC for duplicate inspection and fraud analysis."
UTC is a cloud native solution that runs on e& enterprise Cloud and is based on blockchain technology and artificial intelligence capabilities. The platform detects suspicious transactions, prevents fraud and duplication, and supports a variety of trade-related documents that must be verified and inspected for validity. UTC is the country's first commercialised blockchain platform of its kind built on advanced technologies; was co-created by e& enterprise and has been “built by the banks for the banks".