United Arab Bank partners with fintech blockchain service UTC to combat finance fraud
UAB will be responsible for detecting fraud and suspicious activities in the trade financing space.
United Arab Bank announced its official partnership with fintech blockchain platform UAE Trade Connect (UTC).
With this, UAB will become the tenth partner bank for UTC, as per a report by Zawya.
Partner banks with the UTC use its services to improve trade financing in the region. Trade finance refers to financial instruments and products used by banks and companies to facilitate international trade.
This partnership will help achieve the UAE government's vision to bring top-of-the-line technology to the region in a bid to build a more competitive economy and improve digital banking, said Zulqarnain Javaid, Chief Executive Officer of UTC.
UTC is a fintech blockchain platform, which looks to combat fraud in trade financing in the UAE with advanced technologies like blockchain and artificial intelligence.
UAB will be responsible for detecting fraud and suspicious activities in the trade financing space. As per Zulqarnain, the UTC has inspected transactions worth approximately $27 billion since its inception in 2021, the report said.
The market size for trade finance was valued at about $44,098 million in 2020 and is projected to reach $90,212 million by 2030 at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2030.
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Edited by Akanksha Sarma