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How UTC solves various issues in trade finance

UAE Trade Connect (UTC) is a new countrywide blockchain network that was co-created by Etisalat Digital, seven top UAE banks, Avanza Innovations, and Etisalat Digital, with the original concept coming from First Abu Dhabi Bank.

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How UTC solves various issues in trade finance

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  1. How UTC solves various issues in trade finance?

  2. UTC’s digital trade platform • UAE Trade Connect (UTC) is a new countrywide blockchain network that was co-created by Etisalat Digital, seven top UAE banks, Avanza Innovations, and Etisalat Digital, with the original concept coming from First Abu Dhabi Bank.  • This one-of-a-kind platform allows all UAE banks and the supply chain sector to participate in order to tackle fraud and duplication, among other trade finance challenges. This Photo by Unknown author is licensed under CC BY-SA-NC.

  3. The new platform intends to boost international cooperation and innovation and deliver profitable outcomes for the global trade finance business. • The industry is able to go ahead as a result of technological developments that provide novel answers to enduring issues. The solution is consistent with the UAE government's objective to introduce future technology such as blockchain and will serve as an additional catalyst for economic development. This Photo by Unknown author is licensed under CC BY.

  4. How UTC Solves Various Issues • UTC has created a platform to find duplicates and close-matches of trade invoices from the millions of invoices being handled by UAE banks. • By de-risking trade financing it is envisaged that SME’s will have improved access to funding for trade and supply chain related finance.

  5. The platform is founded on blockchain and other disruptive technologies that enable the safe sharing of data. In the banking trade finance offering, technologies such as Artificial Intelligence (AI), Machine Learning, Optical Character Recognition (OCR), and Robotic Process Automation (RPA) examine invoices to discover duplications, frauds, and questionable transactions. • Before moving on to other crucial areas of trade finance, such as the digitization of bills of lading and e-invoices, the first phase will address the hazards of double-financing and invoice fraud. UTC is geared towards driving digital • UAE trade transformation through allowing banks, businesses, and government agencies to collaboratively benefit from future technology.

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