UAE - ADIB Makes Over 60 Blockchain-Powered Transactions
Monday, 04 19 2021, Category: Banking, Country: U.A.E
Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has executed over 60 trade finance cross-border transactions in the first year of its partnership with TradeAssets, a trade finance e-marketplace powered by blockchain technology for digital origination and the distribution of trade assets. In April 2020, ADIB became the first Islamic bank to use Blockchain technology for trade distribution.
The cross-border transactions, which were completed with multiple regional banks, were powered by Blockchain technology to help digitize the traditional processes of origination and distribution of trade assets. It enables seamless connectivity with all partners involved in the transactions at both ends of the trade.
Commenting on the milestone, Abdulla Al Shehhi, Global Head of International Business Group at ADIB, said: “The completion of these trade transactions using Blockchain marks a major step forward in the Middle East’s trade transaction industry with blockchain adoption. It also shows that ADIB is at the cutting-edge of global transaction banking providing end-to-end Sharia’a-compliant transaction services through digital channels. ADIB is committed to embrace new and emerging technologies like blockchain in its services as a way to improve efficiency and productivity of businesses.”
Sumit K Roy, Co-founder and Chief Marketing Officer of Fintech Innovations International at TradeAssets, said: “The way we are used to doing business is changing forever and the closing of trade finance deals online in 3 clicks is the way of the future. ADIB, through its active usage of our e-marketplace in the last year, has demonstrated that progressive and futuristic thinking can benefit the entire industry.”
The partnership with TradeAssets complements ADIB’s diversified digital cash, trade and foreign exchange offerings that are available to businesses through its flagship ADIB Direct platform.