ABU DHABI: Al Masraf has become an official member of UAE Trade Connect (UTC).
UTC, the fintech blockchain platform of e& enterprise, is the UAE’s first commercialised solution to combat fraud in the trade finance space built on advanced technologies, namely blockchain and Artificial Intelligence (AI). UTC is a collaborative project of the banking industry and was co-created with e& enterprise. UAE Trade Connect is a cloud-native solution that detects suspicious transactions, prevents fraud and duplication, and supports a wide range of trade-related documents that are validated and inspected in real time.
The signing ceremony was held on 12 July 2023 at Al Masraf’s Head Office in Abu Dhabi, between the signing representatives, CEO of Al Masraf Graham FitzGerald and CEO of UAE Trade Connect Zulqarnain Javaid.
Commenting on the partnership, Graham FitzGerald, Chief Executive Officer of Al Masraf, said: “We are thrilled to collaborate with UAE Trade Connect to combat trade financing fraud. This partnership aligns with our commitment to digitisation and innovation. By leveraging advanced technologies, we will create a more secure and efficient ecosystem, ensuring the protection of our customers and the entire banking community. Together, we are building a stronger financial landscape.”
Zulqarnain Javaid, Chief Executive Officer of UTC, welcomed Al Masraf, which joins as a new member of the banking consortium of 11 other UAE banks. He said: “Al Masraf will benefit immensely by identifying fraudulent trade finance transactions and by deepening the knowledge pool to protect other member banks. The UTC platform now processes close to AED 10 billion worth of trade invoices every month, and many interbank fraud attempts have been identified, saving user banks millions of dirhams in real time.”
Al Masraf has been driving digitisation and innovation in its banking systems to enhance customer experience and improve operational efficiency. UAE Trade Connect membership will further enhance its systems for mitigating fraud and enhance opportunities for SMEs in funding availability for their day-to-day working capital needs. UAE Trade Connect continues to explore and develop new use cases that will serve and benefit the banking community at large.
