Through its digital trading platform based on “Blockchain”
"Etisalat Digital" handles bills of 10 billion dirhams within 8 months
Etisalat Digital launched the platform commercially on April 19, 2021. Archive
The digital commerce platform "UTC", the digital arm of "Etisalat Digital" and based on the "Blockchain" technology, announced that it has succeeded in processing invoices worth more than 10 billion dirhams, within only eight months of its launch, to represent this value of all invoices submitted by the participating banks. In the platform to validate invoices and related dual financing risks.
This alliance consists of Commercial Bank of Dubai, Commercial International Bank, Emirates NBD, First Abu Dhabi Bank, Mashreq Bank, National Bank of Fujairah, and Ras Al Khaimah National Bank, while the UAE Central Bank plays the supervisory role in the platform’s steering committee.
Zulkarnain Javid, CEO of UAE Trade Connect, said, "The platform has proven its importance and success by relying on (Blockchain) technology to contribute to finding solutions to the daily problems faced by the banking sector."
He added, "We are pleased to announce that, in just a few months since the platform's launch, the participating banks were able to complete their invoices in real time," noting that "exceeding the 10 billion dirhams barrier is a significant achievement for this national platform, whose goals are in line with the vision of The UAE government is benefiting from future technologies such as (Blockchain) to contribute effectively to achieving the desired economic growth and development of the country.”
UTC is the first digital commerce platform of its kind in the UAE, which relies on advanced technologies such as blockchain and artificial intelligence.
Etisalat Digital had launched the platform commercially on April 19, 2021, in cooperation with seven leading banks in the country, which is the idea of the First Abu Dhabi Bank.
Several other banks are currently experimenting with this platform, and many of them have indicated their desire to join the platform during 2022.
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