Etisalat Digital, in partnership with First Abu Dhabi Bank (FAB) and Avanza Innovations, has developed the UAE Trade Connect (UTC), a new nationwide platform which will use the latest disruptive technologies to digitise trade in the UAE.
In the initial phase, the focus will be on addressing the risks of double financing and invoice fraud before turning to other key areas of trade finance, said a statement from Etisalat Digital.
UTC is aimed at driving the country's digital transformation of trade by enabling banks, enterprises and governments to collectively benefit from innovations such as blockchain, artificial intelligence, machine learning and robotics, it stated.
Seven major UAE banks, in addition to FAB, have joined the nationwide platform. Together these entities will form a working group to further develop and extend the solution to other areas of trade.
The nationwide platform, which is open to all UAE banks, is aimed at safeguarding banks from potential fraud losses through advanced detection tools and allowing them to extend additional financing to their corporate clients, it added. – TradeArabia News Service