Etisalat digital signs collaboration agreement with 8 banks on new blockchain platform

The initial phase will focus on addressing the risks of double financing and invoice fraud  before turning to other key areas of trade finance

  

Dubai: Etisalat Digital, in partnership with First Abu Dhabi Bank (FAB) and Avanza Innovations, have developed UAE Trade Connect (UTC), a new nationwide platform that will use the latest disruptive technologies to digitise trade in the UAE. The initial phase will focus on addressing the risks of double financing and invoice fraud  before turning to other key areas of trade finance.

UTC is aimed at driving digital transformation of trade in the UAE by enabling banks, enterprises and governments to collectively benefit from innovations such as blockchain, artificial intelligence, machine learning and robotics. Seven major UAE banks, in addition to FAB, have joined the nationwide platform.

The agreement to develop the solution was signed by Salvador Anglada, Group Chief Business Officer, Etisalat, with Manoj Menon, Head of Global Transaction Banking, First Abu Dhabi Bank (FAB); Sumit Aggarwal, Executive Vice President and Group Head - Transaction Banking Services at Emirates NBD; Hassan Al Redha, General Manager, Institutional & Transaction Banking, Commercial Bank of Dubai; Ahmed Abdelaal, Executive Vice President, Mashreq; Devid Jegerson, Head of Customer Experience and Platform Development, National Bank of Fujairah; Peter England, CEO of RAKBANK;   Haytham Elmaayergi, Global Head of Transaction Banking, Abu Dhabi Islamic Bank; and James Greenwood, Chief Operations Officer, Commercial Bank International.

Etisalat Digital along with the eight banks will form a working group to further develop and extend the solution to other areas of trade. This nationwide platform, which is open for all UAE banks to join, will safeguard banks from potential fraud losses through advanced detection tools, allowing them to extend additional financing to their corporate clients. 

-Ends-

Press release issued by Corporate Communication Department – Etisalat
For further media information:
Nancy Sudheer,
Corporate Communications – Etisalat 
Email nsudheer@etisalat.ae  

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases