Etisalat co-develops platform to improve digitisation in trade financing

Etisalat Digital, in partnership with First Abu Dhabi Bank (FAB) and Avanza Innovations, has established the UAE Trade Connect (UTC), a new nationwide platform that it says 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. They are: Emirates NBD; Commercial Bank of Dubai; Mashreq; National Bank of Fujairah; RAK Bank; Abu Dhabi Islamic Bank; and Commercial Bank International.

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