Best Business Ecosystem Initiative is “UAE Trade Connect” under First Abu Dhabi Bank
This ecosystem platform initiative addresses the risk of duplicate and fraudulent trade financing through sharing of invoice information. The solution leverages emerging technologies such as blockchain, artificial intelligence, machine learning and optical character recognition to identify and mitigate duplicate invoices. Moreover, the working capital needs of the SME segment are supported in an improved manner, as banks are able to finance invoices with more confidence. With more than 60% share of invoice clearing by volume and value, this consortium initiative as the winning bank’s brainchild has now grown to include nine strong banks in UAE.
For developing a collaborative solution for the banks to bring down costs and risks of trade financing, the Best Business Ecosystem Initiative is “UAE Trade Connect” under First Abu Dhabi Bank.