UAE based Abu Dhabi based ADIB Bank ( Abu Dhabi Islamic Bank), a leading Islamic financial institution, has announced the execution of over 60 trade finance cross border transactions in the first year of its partnership with Blockchain trade finance market place, UAE based, TradeAssets. TradeAssets is powered by blockchain technology for digital origination and the distribution of trade assets. In April 2020, ADIB became the first Islamic bank to use Blockchain technology for trade distribution. TradeAssets is a platform developed by Fintech Innovations International based out of DMCC ( Dubai Multi Commodities Center) in Dubai.
Abdulla Al Shehhi, Global Head of International Business Group at ADIB, stated, “The completion of these trade transactions using Blockchain marks a major step forward in the Middle East’s trade transaction industry with blockchain adoption. It also shows that ADIB is at the cutting-edge of global transaction banking providing end-to-end Sharia’a-compliant transaction services through digital channels. ADIB is committed to embrace new and emerging technologies like blockchain in its services as a way to improve efficiency and productivity of businesses.”
Sumit K Roy, Co-founder and Chief Marketing Officer of Fintech Innovations International at TradeAssets, added, “The way we are used to doing business is changing forever and the closing of trade finance deals online in 3 clicks is the way of the future. ADIB, through its active usage of our e-marketplace in the last year, has demonstrated that progressive and futuristic thinking can benefit the entire industry.”
The partnership with TradeAssets complements ADIB’s diversified digital cash, trade and foreign exchange offerings that are available to businesses through its flagship ADIB Direct platform.
Aimed at businesses of all sizes, ADIB Direct improves companies’ ability to manage their finances locally and internationally. These features include customisable dashboards, cashflow forecasting and online trade issuance and financing which are accessible across all devices including a mobile app.
ADIB bank is not the only bank to be working with Blockchain enabled tradeassets trade finance marketplace, other names include FAB Bank ( First Abu Dhabi), Noor Bank, RAK Bank, United Arab Bank, Bank Muscat and many others.