UTC’s digital trade platform goes live with 7 banks
rohma@khaleejtimes.com
Filed on April 19, 2021
One of the first commercialised blockchain applications in the country, the platform will create an ecosystem for multiple trade-related entities
UAE Trade Connect (UTC), a new nationwide blockchain platform, has officially gone live on Monday to help financial institutions combat fraud and duplication.
Co-created by Etisalat Digital, seven leading UAE banks and Avanza Innovations, the idea was first proposed by First Abu Dhabi Bank to tackle key issues in the trade finance space. The steering committee for the platform consists of the Central Bank of the UAE, Commercial Bank International (CBI), Commercial Bank of Dubai (CBD), Emirates NBD, First Abu Dhabi Bank (FAB), Mashreq Bank, National Bank of Fujairah (NBF), and RAKBANK.