UAE ADIB Bank secured over $128 million in deals on Blockchain trade finance platform in 2022

 

UAE Abu Dhabi Islamic Bank secured 130 deals valuing over $128 million from 11 banks in Bangladesh using Blockchain trade finance platform TradeAssets. TradeAssets is powered by blockchain technology for digital origination and the distribution of trade assets.

As a result UAE based Blockchain trade finance e marketplace TradeAssets has awarded Abu Dhabi Islamic Bank (ADIB), e-Marketplace Champion Award for its excellence in digital adoption from blockchain-powered e-Marketplace 

ADIB has been constantly embracing new and emerging technologies, with the strategic partnership signed last year with TradeAssets further strengthening the efficiency and productivity of businesses. 

Commenting on the recognition, Abdulla Shehhi , Global Head International Business Group (IBG), at ADIB, stated, “ADIB is at the cutting-edge of global transaction banking offering end-to-end Sharia’a-compliant trade financing through digital channels. Through the successful implementation of TradeAssets, ADIB has demonstrated to the world its commitment to efficiency, productivity, innovation and leading the way business should be done in a digital world.”

Sumit K Roy, Co-founder and Chief Marketing Officer of Fintech Innovations International DMCC, TradeAssets, added, “This award and certificate of excellence are presented to a member bank in recognition of its commitment to the adoption of digital processes that support global access and efficiency. ADIB, through its active usage of our e-marketplace for the last three years, has demonstrated that the banks with progressive and futuristic thinking can change the entire industry for the better.”

$128 million in secured deals is double the amount of deals done on Blockchain platform TradeAssets in 2021. In April 2021 ADIB Bank executed over 60 trade finance cross border transactions in the first year of its partnership with  Blockchain trade finance market place, TradeAssets. In April 2020, ADIB became the first Islamic bank to use Blockchain technology for trade distribution.

This e-marketplace complements ADIB’s diversified digital cash, trade, and foreign exchange offerings, available to businesses through its flagship ADIB Direct platform. Aimed at businesses of all sizes, ADIB Direct improves companies’ ability to manage their finances locally and internationally. The key features include customisable dashboards, cashflow forecasting and online trade issuance and financing which are accessible across all devices including a mobile app.