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FUJAIRAH / WAM
National Bank of Fujairah (NBF) has received two awards at the MEA Finance Banking Technology Awards 2023. The awards won by NBF include “Best Innovation in Trade Finance†and “Most Innovative Trading Platform†for the second consecutive year.
NBF’s success stems from its extensive banking experience and market expertise in Fujairah and the UAE, establishing its strong industry reputation. As a trusted banking partner, NBF aids clients in achieving their business objectives and continues to invest in cutting-edge technologies and innovations to enhance the customer experience.
In trade finance, NBF has made significant technological investments, aligning with its digitisation strategy to improve operations. Notably, the bank became the first in the region to implement the AI-based Traydsteam, automating its Letters of Credit document verification process. By leveraging this AI technology, NBF can offer value-added services to customers while reducing operational costs.
Furthermore, NBF has successfully integrated Finverity, a blockchain-based supply chain financing platform, enabling end-to-end automation and digital transformation of documents. This integration has resulted in reduced operational costs and the generation of new revenue streams. Additionally, NBF has enhanced its IHS Markit platform, automating critical checks on vessels, containers, and dual-usage goods to mitigate compliance risk.
NBF’s commitment to digital transformation is further exemplified through its innovative trading platform, NBFX. The platform offers customers a tailored digital experience for hedging their treasury requirements and is accessible to both conventional and Shariah-compliant banking customers.
Additionally, NBF launched a digital corporate dashboard on NBFX to enhance cash management efficiency and informed decision-making for its customers. The MEA Finance Banking Technology Awards 2023 acknowledges the exceptional accomplishments of banks and technology firms in delivering intelligent banking solutions and driving tangible growth in an increasingly competitive regional market.