UAE Trade Connect, the blockchain-based platform led by Etisalat, is gaining momentum.
Image Credit: Ahmed Ramzan / Gulf News
Dubai: Etisalat Digital’s blockchain branch – UAE Trade Connect (UTC) – has passed the MAD 10 billion mark in invoices processed in the first eight months of launching operations. The amount represents the value of invoices submitted by member banks in the UTC system for fraud analysis and duplicate funding checks.
The consortium includes Commercial Bank of Dubai, Commercial Bank International, EmiratesNBD, First Abu Dhabi Bank, Mashreq Bank, National Bank of Fujairah and National Bank of Ras Al Khaimah. The Central Bank of the United Arab Emirates is an observer member of the UTC Steering Committee.
“UTC is recognized as one of the most successful blockchain-based use cases that actually solves real-world problems,†said Zul Javaid, CEO of UAE Trade Connect. “We are delighted to report that in just a few months since the launch of UTC, our consortium banks have performed their due diligence on invoices in real time.
“The crossing of the 10 billion dirhams mark represents a historic achievement for this national platform which aligns with the vision of the government of the United Arab Emirates to bring futuristic technologies such as blockchain and which should be another catalyst for economic growth. “
UTC is a national blockchain and artificial intelligence-based trade finance platform. Launched on April 19, the platform was co-created by Etisalat Digital with seven banks in the United Arab Emirates and initially designed by First Abu Dhabi Bank. Several other banks are piloting the platform and have expressed an interest in joining the consortium.