ADIB joins e& enterprise blockchain platform UAE Trade Connect

Abu Dhabi Islamic Bank (ADIB) has become an official member of UAE Trade Connect (UTC).

The fintech blockchain platform of e& enterprise, UTC is the first commercialised blockchain platform to come out of the UAE.

UAE Trade Connect is a cloud-native solution that detects suspicious transactions, prevents fraud and duplication, and supports a variety of trade-related documents that must be verified and inspected for validity.

Faisal Abu Shaar, group chief risk officer at ADIB said: “We are pleased to partner with UTC as we focus on proactively mitigating risks of fraud and developing a safe and transparent online banking ecosystem. With the goal of supporting UAE’s economic development, we will work closely with UTC and other member banks to enhance our digital capabilities and promote the security of the country’s financial sector. We look forward to capitalising on the opportunities of this agreement to deliver safe and completely transparent banking solutions for our customers.”

Zulqarnain Javaid, CEO of UAE Trade Connect, said: “We are excited to welcome Abu Dhabi Islamic Bank to our consortium. ADIB is an important bank in the corporate banking space and its participation in the platform will further strengthen the network. They join the network at the same time we have crossed the important milestone of Dhs60bn value presented to UTC for duplicate inspection and fraud analysis.”

In recent news, Simplifi, the cards-as-a-service (CaaS) platform for banking and fintech industries in MENA and Pakistan, and ADIB Egypt joined forces to help catalyse payment digitisation for companies in Egypt.

Read: ADIB, Simplifi partner to expand Egypt’s digital payment ecosystem