Abu Dhabi – Abu Dhabi Islamic Bank (ADIB) has become an official member of UAE Trade Connect (UTC), the blockchain platform of e& enterprise, formerly Etisalat Digital, on 6 October.
The partnership agreement is expected to endorse ADIB’s digital transformation strategy while boosting the transparency and security of its services. The bank will utilise the UTC platform for the detection of fraud and dubious transactions in the trade finance segment, according to a press release.
The platform of e& enterprise from the listed e&, formerly known as Etisalat Group, is the first commercialised blockchain platform to come out of the UAE.
Faisal Abu Shaar, Group Chief Risk Officer at ADIB, said: “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.”
Abu Shaar added: “We look forward to capitalising on the opportunities of this agreement to deliver safe and completely transparent banking solutions for our customers.”
Meanwhile Zulqarnain Javaid, CEO of UTC, said: “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 platform is a cloud native solution running on e& enterprise cloud and is based on blockchain technology and artificial intelligence (AI) capabilities.
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