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Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announced today that it has become a full member of UAE Tradelink (UTC). As part of the membership agreement, the partnership aims to strengthen the bank’s digital transformation strategy and increase the transparency and security of its services.
This collaboration further strengthens ADIB’s role as the leading innovative Islamic bank in the region, utilizing the UAE Tradelink platform to detect fraud and suspicious transactions in the trade finance sector.
UTC is the fintech blockchain platform for e& enterprises, from e& (formerly Etisalat Group), the first commercial blockchain platform out of the UAE. UTC’s award-winning platform aspires to be the national trade finance platform and is already enhancing its ability to provide in-depth information on suspicious elements of financing invoices.
Speaking of cooperation, Faisal Abu Shaar, Chief Risk Officer, ADIB Group: “We are delighted to be working with UTC as we focus on proactively reducing fraud risks and developing a secure and transparent online banking ecosystem. With the goal of supporting the 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 leveraging the opportunity of this agreement to provide our customers with secure and fully transparent banking solutions.”
Zulqarnain Javaid, CEO of UAE Trade Connect, commented further on the partnership Further commenting: “We are delighted to welcome Abu Dhabi Islamic Bank to our consortium. ADIB is a key bank in the corporate banking space and their participation in the platform will further strengthen the network. As they join the network, we have already crossed the line to commit to UTC A major milestone worth AED 60 billion for duplication checks and fraud analysis.”
UTC is a cloud-native solution based on blockchain technology and AI capabilities, running on e&enterprise cloud. The platform detects suspicious transactions, prevents fraud and duplication, and supports various trade-related documents whose validity must be verified and checked. UTC is the country’s first commercialized blockchain platform based on advanced technology; co-created by e&enterprise, “built by banks for banks”
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