UAB Joins Forces with UAE Trade Connect to Combat Fraud in Trade Finance

UTC, the fintech blockchain platform of e& enterprise, is the UAE's first commercialized solution to combat fraud in the trade finance space built on advanced technologies, namely blockchain and Artificial Intelligence (AI). In fact, UTC is a collaborative project of the banking industry and co-created with e& enterprise.

UAE Trade Connect is a cloud-native solution that detects suspicious transactions, prevents fraud and duplication, and supports a wide range of trade-related documents that is validated and inspected in real time.

The signing ceremony was held on 06 February 2023 at UAB’s Head Office in Sharjah between the signing representatives, CEO of UAB Shirish Bhide & CEO of UTC Zulqarnain Javaid.

Shirish Bhide, CEO of United Arab Bank, expressed his support for the initiative, stating that it aligns with the bank's goal to promote digitization and enhance security in trade finance. He believes that this partnership with UTC will not only protect UAB's customers and the banking industry, but also drive global trade by making financing more accessible, affordable, and fair. He is enthusiastic about the potential benefits that UTC's solutions can bring to UAB's customers.

Zulqarnain Javaid, CEO of UTC, commented on the matter, announcing that United Arab Bank has joined the UTC banking consortium as a full member. Along with 10 other UAE banks, UAB will have an active role in governing and guiding the UTC platform. Since its launch in April 2021, UTC has been able to inspect transactions worth nearly AED 100 billion in real time, contributing to the UAE government's goal of fostering technology and digitization to advance the economy. This service will be available to UAB's business clients, including local SMEs and larger corporations. The member banks, including UAB, will collaborate through the steering committee to share expertise and drive digital innovation for new applications.

With the advent of the Invoice Factoring law recently published by the Federal Government of the UAE, the UTC blockchain platform will be a key enabler for banks to increase lending to SMEs and allow corporates to borrow against their trade receivables.