BlockchainFintechNews

Al Masraf Joins e& enterprise Blockchain Platform UAE Trade Connect

2

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.

Prarthana Mary

Sber Presents its Neural Network’s New Version, Kandinsky 2.2

Previous article

LIC International Partners with Policybazaar.ae

Next article

You may also like

2 Comments

  1. Want to automate your video animations? Try this https://bit.ly/3sGbgsr

  2. You’ve Been Exclusively Invited To Help Us Launch A New Movement…

    NOTE: THIS IS NOT A NORMAL PRODUCT LAUNCH…

    This is launching a new movement, that will pay you long term, residual commissions over time.

    And you are here at the beginning… before anyone else even knows about it.

    How Is This Different… For YOU !?!

    We are not looking for you to do a quick promotion, and it be over. We’re looking to become partners with you as we launch and grow this amazing community of “Round Pegs in Square Holes…” (This will make more sense when you watch the launch campaigns… ha ha)

    That means that this is NOT a normal affiliate program.

    – First – we are paying YOU 40% LIFETIME residual commissions!

    – Second – we are paying out TWO-TIER, so when your members refer others, you’ll get paid 10% LIFETIME residual commissions on all of those sales!!!

    We recommend that you be the first to sign up.

    Join Here Today

    https://bit.ly/Access40percentLifetimeResidualCommissionAffiliateProgram

Leave a reply

Your email address will not be published. Required fields are marked *

More in Blockchain