UAB Partnership with Fintech Blockchain Platform UAE Trade Connect

  • UAB will now be an official partner of UTC.
  • With this partnership, UAB will become the tenth partner bank for UTC. 
  • The finalization of this great collaboration took place in the first week of February.

The United Arab Bank (UAB) proudly announces its official association with UAE Trade Connect (UTC). From now on, the UAB will be in charge of detecting fraud and suspicious activities in the trade financing sector. 

The signing ceremony took place on 06 February 2023 at the head office of UAB in Sharjah between the signing representatives, UAB CEO Shirish Bhide, and UTC CEO Zulqarnain Javed.

According to the official website of UTC, It is the first and only national trade finance platform of the United Arab Emirates. It is established by developing technologies like blockchain and artificial intelligence to analyze and approve trade statements and fraudulent activities on its platform. 

With this collaboration, UAB will now look into fraudulent and suspicious activities within the trade financing sector. According to Mr. Zulqarnain, UTC has reportedly processed $27 billion in transactions since its inception in 2021.

Talking about the collaboration, Shirsh Bhide, Chief Executive Officer of United Arab bank, said that he supports UTC’s mission graciously to drive digital modification and reduce the risk of fraud.

This well-thought-out partnership aligns with UAB’s mission to step up growth through digitization and create a secure and crystal-clear trade finance ecosystem. He is thrilled to benefit from the advantages offered by this agreement to provide secure and completely transparent banking solutions for their customers. 

As per Mr. Bhide, the benefits of UTC will not only secure UAB’s customers and the wider banking system but also promote international trade. This is a significant event in the field of digitization, which has the potential to make trade financing more affordable, accessible, and equitable.

According to the Chief executive officer of UTC, Zulqarnain Javaid, United Arab Bank received a warm welcome from the banking consortium. The UAB would be joining as a full-time member along with 10 other banks of UAE. 

All the members will be playing an active and equal role in navigating along with the governance of the UTC platform. From the launch in April 2021, UTC managed nearly AED 100 billion in transactions in real-time. The achievement aligns with the government’s vision of bringing the best technologies to build a competitive economy and upgrading the digital transformation process for entering the new digital banking era.

He added, “This service serves UAB’s business clients, ranging from local SMEs to larger corporates. UAB will join other member banks working together through the steering committee to share knowledge and drive digital innovation to develop new use cases.”

Recently, the world’s second-largest Islamic bank and UAE’s largest bank, DIB (Dubai Islamic Bank), announced it’s becoming an official partner of UAE Trade Connect. 

Know more about UTC

Official website