UAE Trade Connect Blockchain enabled trade finance platform looks to offer its solution to Saudi banking sector. Zul Javaid, CEO of UAE Trade Connect expressed his interest in expanding the Blockchain enabled KYC Trade Connect platform to KSA.
This came as UAE Trade Connect participated at the Global Trade Review conference in Riyadh KSA in May of this year.
As per Javaid, “The Kingdom of Saudi Arabia is a robust banking market, and we are very keen to bring our unique blockchain and AI based engine into the country to help banks de risk their trade finance lending.”
Javaid met with several leading Saudi banks at the event. Also present at the event in KSA was First Abu Dhabi Bank and Emirates Bank who are members of Blockchain enable UAE Trade Connect platform.
In February 2023, UAE Trade Connect added its 11th bank to the platform, the United Arab Bank. Prior to that Abu Dhabi Islamic Bank (ADIB) became the 10th bank to join Blockchain trade finance platform.
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). 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.
At the time, Shirish Bhide, Chief Executive Officer at United Arab Bank, stated, “We wholeheartedly support UTC’s mission of driving digital transformation and reducing fraud risks. This strategic partnership aligns with UAB’s mission to accelerate growth through digitization and to build a secure and transparent trade finance ecosystem. UTC’s benefits will not only protect UAB’s customers and the wider banking system but will also boost global trade. It is a pivotal event in the digitization space, with the potential to make trade financing more accessible, affordable, and equitable.”