UAB joins e&enterprise fintech blockchain platform UAE Trade Connect – News
UAB collaborates with the UAE Trade Connect platform to detect fraud and suspicious activities in the trade finance space
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Shirish Bhide, CEO of UAB; and Zulqarnain Javaid, CEO of UTC; and other leaders at the signing ceremony in Sharjah. — Attached picture
United Arab Bank (UAB) has announced that it has joined UAE Trade Connect (UTC) as an official member.
UTC, the fintech blockchain platform of e& enterprise, is the UAE’s first commercialized solution to fight fraud in the trade finance space built on advanced technologies, namely blockchain and artificial intelligence (AI).
UTC is a collaborative project between the banking industry and created in collaboration with e& enterprise. UAE Trade Connect is a cloud-based solution that detects suspicious transactions, prevents fraud and duplication, and supports a wide range of trade-related documents that are validated and inspected in real time.
The signing ceremony was held at UAB’s head office in Sharjah between the signing representatives, UAB CEO Shirish Bhide and UTC CEO Zulqarnain Javaid.
“We wholeheartedly support UTC’s mission to drive digital transformation and reduce fraud risk. This strategic partnership is in line with UAB’s mission to accelerate growth through digitization and to build a secure and transparent trade finance ecosystem, said Shirish Bhide, CEO of UAB.
“We are delighted to take advantage of the benefits presented by this agreement to be able to offer secure and fully transparent banking solutions for our customers,” he said.
He said UTC’s benefits will not only protect UAB’s customers and the broader banking system, but also boost global trade.
“It is a key event in the digitization space, with the potential to make trade finance more accessible, affordable and fair.”
Zulqarnain Javaid, CEO of UTC, said: “We are delighted to welcome United Arab Bank to our banking consortium – UAB joins us as a full member along with 10 other UAE banks. All consortium members play an equal and active role in the governance and management of the UTC platform.”
“Since our launch in April 2021, UTC has inspected close to AED 100 billion worth of transactions in real time. This achievement is in line with the UAE government’s vision to bring the best in technology and build a competitive economy and step up the digital transformation process to enter the new digital banking era, he said.
“This service serves UAB’s corporate customers, which range from local SMEs to larger enterprises. UAB will join other member banks working together through the steering committee to share knowledge and drive digital innovation to develop new use cases,” he said.
With the arrival of the Invoice Factoring Law recently published by the UAE Federal Government, the UTC blockchain platform will be a key enabler for banks to increase lending to SMEs and allow corporates to borrow against their accounts receivable.
