UAE Trade Connect (UTC), a commercialized blockchain platform, has recently confirmed that the Abu Dhabi Commercial Bank (ADCB) has joined its consortium of prominent UAE banks utilizing its blockchain platform to help de-risk trade finance.
According to the details shared by UTC, the signing ceremony was attended by both organizations in Dubai. UAE Trade Connect aims to boost the adoption of innovative technologies like blockchain in the region.
Commenting on the ADCB partnership and the consortium’s first anniversary, Zulqarnain Javaid, the Chief Executive Officer of UTC, said: “Today is an important milestone that demonstrates how far UTC has come in our vision to co-create the UAE’s first commercialized blockchain platform and move towards a fully digitized trade finance ecosystem."
"We are indeed very excited to have ADCB join our consortium as we work closely to promote financial stability within the country’s financial system. As more banks join us, we are confident of strengthening our coverage in combating fraud even further as we will be catering to the majority of the trade finance market share," Javaid added.
ADCB
Abu Dhabi Commercial Bank is one of the largest banks in the region. ADBC offers a broad range of services, including wealth management services. It is licensed and regulated by the Central Bank of the United Arab Emirates.
“ADCB has always leveraged technology and innovation as a means of empowering our clients and supporting our delivery of excellent service. As one of the first banks in the UAE to initiate and lead the digitization of trade finance in the country, we continue to seek out valuable partnerships as we work towards achieving strategic national initiatives. We remain focused on providing our valued clients with comprehensive working capital solutions in a transparent and efficient manner. This partnership will see us working closely with UTC and its member banks to create a digitalized trade finance ecosystem in the UAE,” ADCB added.
