DP World, Fintech owned platform, DP World Trade Finance has partnered with Blockchain enabled UAE Trade Connect to transform trade finance and combat fraud across the UAE.
DP World Trade Finance can leverage Blockchain enabled UAE Trade Connect platform to detect fraudulent and suspicious invoices as a risk mitigant for its lending capability.
DP World Trade Finance is the first non-bank financial institution participant with direct lending capabilities and embedded fintech value proposition to join the UTC consortium. Created in 2021, UTC is a blockchain-enabled consortium-led trade finance solution co-created by e& enterprise and the UAE banking industry.
Sinan Ozcan, Senior Executive Officer of DP World Trade Finance, said, “If we are to address the trade finance gap truly, we need organizations to work together to build transparency and security into financial processes.”
Zul Javaid, CEO of UTC, said, “DP World Trade Finance’s addition to the UTC consortium is a step in recognising that the country’s lending ecosystem is diversifying, with emerging fintech companies and alternate lenders entering the space.”
DP World Trade Finance connects businesses with financial institutions, directly offering trade finance facilities. Ozcan said the DP World subsidiary hopes to work with UTC members to transform trade finance by building transparency into the lending process.
In October 2023, UAE Trade Connect added its 13th bank member, Invest Bank.
