UAE-based Etisalat Digital To Introduce New Disruptive Technology Platform
The platform aims to enable banks, entreprises, and governments to collectively benefit from technologies such as blockchain, artificial intelligence (AI), machine learning and robotics.
In partnership with First Abu Dhabi Bank and Avanza Innovations, Etisalat Digital develops the UAE Trade Connect (UTC), a new platform which will take advantage of the newest disruptive technologies to digitise trade in the United Arab Emirates and will be open to all UAE banks.
UTC aims to enable banks, enterprises, and governments to collectively benefit from technologies such as blockchain, artificial intelligence (AI), machine learning and robotics.
In the starting phase, the focus will be addressing the risks of double financing and invoice fraud, before shifting the focus to other key areas of trade finance, said a statement from Etisalat Digital. The nationwide platform will also focus on safeguarding banks from possible fraud losses through state-of-the-art fraud detection tools and allowing them to extend additional financing to their corporate clients. Seven major UAE banks have joined the platform where those entities will form a functional group to further enhance the service and extend solutions to other areas of the industry.
