According to Dubai-based Etisalat Digital, the platform dubbed UAE Trade Connect aims to streamline business operations by curbing fraud and financial crime risks. Currently, UAE Trade Connect is solely focusing on detecting fraud within the finance ecosystem with plans to expand to money laundering in the future. Miguel Villalonga, vice-president of cloud and data at Etisalat Digital, explained how the platform works. According to Villalonga: The project’s development lasted at least two years before going live, with trials running up to six months. During the pilot phase, the developers focused mainly on the security of the platform. First Abu Dhabi Bank initiated the project along with Etisalat in 2017.
More banks to join the platform
Although the First Abu Dhabi Bank led the banking sector involvement in the project, UAE’s Central Bank fintech division was onboard as a steering committee member. Reportedly, four other banks will potentially participate in the Trade Connect project whose developers aim to expand globally. Notably, the developers are seeking to onboard more partners to tackle operations such as e-invoicing. Furthermore, more partners will join since the UAE Trade Connect will handle bills of lading, letters of credit, and bank guarantees involving ports, customs authorities, and governments. Watch the video: UAE Trade Connect explained
