Etisalat backed blockchain entity handled invoices worth Dh10 billion since April launch

Dubai: Etisalat Digital’s blockchain arm - UAE Trade Connect (UTC) - has crossed the Dh10 billion mark in invoices handled within the first eight months of launching operations. The amount represents the value of invoices presented by member banks into the UTC system for fraud analysis and duplicate financing 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 UAE is an observing member of the UTC Steering Committee.

“UTC is recognised as one of the most successful blockchain-led use cases that actually solves real-world problems,” said Zul Javaid, CEO of UAE Trade Connect. “We are pleased to announce that in just a few months since UTC’s launch, our consortium banks have performed their invoice-level due diligence in real-time.

“Crossing the Dh10 billion mark represents a landmark achievement for this nationwide platform that is aligned with the UAE government’s vision to bring futuristic technologies such as blockchain and is set to be another enabler for economic growth.”

UTC is a nation-wide trade finance platform built on blockchain and artificial intelligence. Launched on April 19 last, the platform was co-created by Etisalat Digital along with seven UAE banks and initially ideated by First Abu Dhabi Bank. Several other banks are piloting the platform and have expressed an interest in joining the consortium.