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Abu Dhabi Islamic Bank Awarded For Excellence In Digital Adoption By Blockchain-Powered E-Marketplace TradeAssets

Abu Dhabi Islamic Bank Awarded For Excellence In Digital Adoption By Blockchain-Powered E-Marketplace TradeAssets

Recently, TradeAssets presented the e-Marketplace Champion Award to the Abu Dhabi Islamic Bank. The award was for its great use of digital technology. TradeAssets is a blockchain technology e-Marketplace for trade finance. Together with ADIB, it was one of the first organizations to use blockchain technology to make trade finance distribution deals happen last year. 

About Abu Dhabi Islamic Bank And TradeAssets

Fintech Innovations International introduced TradeAssets in 2018. It is based on blockchain technology. Also, it was founded to make traditional deal-making more transparent and strengthen global connections between institutions. Ultimately, its goal is to make trade financing more accessible to everyone. Their vision is to make the time-consuming manual process more modern by using automation and features to build a digital marketplace for trade finance for banks.

The strategic partnership between ADIB and TradeAssets, which was signed last year, helps both companies be more effective and efficient. It also helps ADIB continue to use cutting-edge technologies. Over the past months, Abu Dhabi Islamic Bank and 11 other Bangladeshi banks have used the TradeAssets platform to close 130 deals worth more than USD 128 million. 

Abdulla Shehhi, the Global Head of the International Business Group at ADIB, mentioned that ADIB is at the forefront of global transaction banking, providing fully digital, Sharia’a-compliant trade finance. Through TradeAssets, ADIB has been able to show the world its commitment to digital business innovation, efficiency, and leadership. Sumit K. Roy, Co-founder of Fintech Innovations International, TradeAssets, added that the bank was given an award and a certificate of excellence for its commitment to digital processes that improve global access and efficiency. He further expressed that the fact that ADIB has kept working with their e-marketplace for three years shows how powerful innovative banks can be.

For commercial clients, ADIB’s main platform, ADIB Direct, offers a wide range of digital cash, trade, and foreign exchange options. This online marketplace is an addition to those services. ADIB Direct is a way for businesses of all sizes to manage their finances locally and around the world. The main features are personalized dashboards, cash flow projections, and online trade issuing and financing. These can be accessed from any device, including a mobile app.

Abu Dhabi Islamic Bank Other Awards

In the past few months, Global Finance has named Abu Dhabi Islamic Bank the “Best Islamic Financier” at the 2019 International Trade Finance Awards and the “Best Islamic Trade Finance Provider” by Global Finance. Some other awards they have received include the “Best Islamic Digital Bank.” The Banker Magazine of the Financial Times named it “World’s Best Islamic Bank.” Also, Banker Middle East named it “Best Premium Banking Service in the UAE.” The EMEA Banking Awards named it “Best Islamic Bank.”

Conclusion

Under the terms of the agreement, Abu Dhabi Islamic Bank will be able to use TradeAssets to streamline its primary and secondary market trade finance pricing and communication with banks around the world. 

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