UAE Trade Connect (UTC), a new nationwide blockchain platform co-created by Etisalat Digital and seven leading UAE banks and Avanza Innovations and initially ideated by First Abu Dhabi Bank, goes commercially live this week.
This unique platform will enable UAE banks and the supply chain industry to join the platform to combat fraud and duplication, among other issues in the trade finance space.
The platform is based on blockchain and other disruptive technologies enabling data to be shared in a secure manner. Technologies such as Artificial Intelligence (AI), Machine Learning, Optical Character Recognition (OCR) and Robotic Process Automation (RPA) read invoices to identify duplications, frauds and dubious transactions within the banking trade finance offering.
The initial phase will focus on addressing the risks of double-financing and invoice fraud before turning to other key areas of trade finance, such as digitalizing bills of lading and e-invoices. UTC is aimed at driving digital transformation of trade in the UAE by enabling banks, enterprises and government authorities to collectively benefit from future technologies.
Dr. Sabri Al Azazi, COO at the Central Bank of the UAE
The Central Bank promotes financial and monetary stability, efficiency and resilience in the financial system. The launch of the UTC Digital Trade Platform is one of the key steps towards achieving this goal as it will help to minimize the risks of fraud inherent in the existing paper-based system in trade finance.
