The distributed ledger technology implemented on the UAE Trade Connect platform is the most successful consortium led blockchain enabled use case in the region. The platform now boasts of 11 leading banks of UAE and continues to welcoming new ones.
Our journey
Timeline
2018
UTC concept ideation
2019
Consortium forms with e& enterprise and banks
2020
Central bank of the UAE joins the steering committee
2021
UTC launches and goes live
2022
Consortium grows to 10 banks
2023
Consortium grows to 11 banks
How it works
The first use case offered on the platform is the fraud detection and identification of duplicate invoices financed by banks as part of their trade finance offering.
UAE trade connect benefits both banks and their clients by:
• Reducing fraud
• Enabling the banks to share knowledge of duplicate invoices without sharing any sensitive information
• Enhancing finance for corporates and SMEs
Awards
Roadmap
Port and trade documentation
Letters of credit
Bank guarantees
Marketplace
E-KYC
