Sharjah, UAE: UAE Trade Connect (UTC) today announced the addition of Invest Bank as its 13th official member, marking a significant milestone in e& enterprise's blockchain fintech platform's mission to transform trade finance and combat fraud across the UAE.

UTC demonstrates the UAE's commitment to digital transformation and innovation, paving the way for a secure, efficient and technologically advanced trade finance landscape.

Initiated in 2021 as a collaborative project between the banking industry and e& enterprise, UTC utilises cutting-edge technologies such as blockchain, Artificial Intelligence (AI), and machine learning to offer a cloud-native solution. This solution enhances transparency by digitising trade-related documents in real time, detects suspicious transactions, and prevents fraud. 

Zul Javaid, CEO, Trade Connect said: “Invest Bank's inclusion in the UTC consortium demonstrates our commitment to strengthening the UAE banking industry while also playing a fundamental role in advancing the nation's digital strategy and contributing to its ambitious growth plans. Our platform is not just a technology solution; it serves as a driving force for economic growth and ensures enhanced risk management.”

Helmi Abdullah, Chief Wholesale Banking Officer, at Invest Bank said: “Joining UAE Trade Connect as a member bank is a significant milestone in our journey as it reinforces our commitment to enhance our digital trade capabilities support our growth of Trade Finance business in a secure and efficient manner. This decision demonstrates UTC's dedication to raising banking standards in the UAE.” 

As an official member, Invest Bank gains access to a robust system that validates trade finance transactions, identifies duplication, and combats potential fraud in real time. This empowers the bank to make informed lending decisions, increasing lending confidence and safeguarding funds.

The UTC blockchain platform plays a pivotal role in enhancing lending confidence and transparency, facilitating increased lending opportunities towards mitigating risks, enhancing operational efficiency, and validating invoice transactions worth over AED 170 billion while detecting multi-million-dirham frauds. UTC has made significant progress towards establishing itself as a national invoice registry.

Aligned with the UAE's vision for world-class digital infrastructure and efficient digital services, UTC continues to evolve, contributing to the nation's digital future. The consortium actively explores and develops new use cases to benefit the broader banking community.

About Invest Bank

Bank was established in 1975 as a public shareholding company, in the Emirate of Sharjah. Since its inception, the Bank has made significant advances and has contributed to the economic development of Sharjah and the wider UAE. The Bank has built a solid reputation and strong relationships with its loyal corporate and retail customers and continues to be their trusted bank of choice.

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