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DUBAI / WAM
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.
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.
UTC is aimed at driving the digital transformation of trade in the UAE by enabling banks, enterprises, and governments to collectively benefit from innovations.
The agreement to develop the solution was signed by Salvador Anglada, Group Chief Business Officer of Etisalat, with Manoj Menon, Head of Global Transaction Banking of FAB; Sumit Aggarwal, Executive Vice President and Group Head – Transaction Banking Services at Emirates NBD; Hassan Al Redha, General Manager, Institutio-nal and Transaction Banking at Commercial Bank of Du-bai; Ahmed Abdelaal, Executive Vice President at Ma- shreq; Devid Jegerson, Head of Customer Experience and Platform Development of National Bank of Fujairah; Peter England, CEO of Rakbank; Haytham Elmaayergi, Global Head of Transaction Banking of Abu Dhabi Islamic Bank; and James Greenwood, CEO of Commercial Bank International.