Etisalat’s blockchain arm crosses Dhs100bn

UAETrade Connect (UTC), the blockchain division of Etisalat Digital, processed over 10 billion Dhs of invoices in the first eight months of operation. This amount represents the value of the invoice presented to the UTC system by the member bank for fraud analysis and duplicate funding checks.

Consortium Banks include Dubai Commercial Bank, International Commercial Bank, Emirates NBD, First Abu Dhabi Bank, Mashreq Bank, Hujayra National Bank and Las Archaima National Bank. The Central Bank of the United Arab Emirates is a monitoring member of the UTC Steering Committee.

Zul Javaid, CEO of UAE TradeConnect, commented: Beyond 10 billion AEDs is a breakthrough for this national platform, in line with the UAE government’s vision of bringing futuristic technologies such as blockchain, and another enable economic growth. Will be an element. “

UTC is a national trade finance platform built on advanced technology: blockchain and artificial intelligence.

Launched commercially on April 19, 2021, the platform was co-created by Etisalat Digital and seven UAE banks and was initially conceived by First Abu Dhabi Bank.

Several other banks are currently piloting the platform and are interested in joining the consortium in 2022.

read: What’s beyond the blockchain in the Middle East?