Trade Connect will initially cut down under-invoicing and then take on money laundering
Dubai: UAE has rolled out a blockchain-based trade finance platform with the intent of stamping out fraud and financial crime risks such as duplicate- or under- invoicing. The ‘UAE Trade Connect’ brings together telecom giant Etisalat and a consortium of seven leading local banks, led by FAB (First Abu Dhabi Bank).
The system went live on Monday (April 19) after six months of trials. The project overall took two years from concept to actual delivery. The UAE Central Bank’s fintech division was also a member of the steering committee that oversaw the project.