“du” and Finance House launch UAE’s 1st blockchain solution
Wednesday, 10 16 2019, Category: Technology, Country: U.A.E
du, from Emirates Integrated Telecommunications Company (EITC), in partnership with Avanza Innovations has built one of the country’s first document exchange platforms on its Blockchain Platform as a Service (BPaaS), named the ‘Bank Trust Network’.
In line with the inspiring visions of the UAE and Dubai leadership, Bank Trust Network will enable paperless exchange of information between banking institutions and their beneficiaries, increasing banks’ efficiency, reducing fraud risks, making customer experience digital, and reducing damage to the environment by excessive use of paper.
“As a leading smart city enabler, du is leveraging nascent technologies like blockchain to power the key industries of tomorrow. Since the inception of our BPaaS in 2018, this pioneering platform has become a centerpiece of enablement for an increasing number of the UAE’s government and enterprise sectors. With the development of the Bank Trust Network, we are proud to once again reinforce our commitment towards industry-defining product innovation that is in line with the digital transformation blockchain strategies and visions of the UAE leadership. We are adamant this BPaaS solution will redefine our customers’ digital transformation journeys and we will continue working alongside our customers and with all our partners in order to explore this technology’s immense benefits and potential,” Farid Faraidooni, deputy CEO - Enterprise Solutions, EITC, said.
du has also revealed that Finance House – a leading financial institution that offers innovative financial products and services – has been on-boarded as the first customer on Bank Trust Network to showcase the buyout process between Finance House and other banks. The solution will facilitate the entire buyout.