Dubai Islamic Bank Joins Digital Blockchain Platform UAE Trade Connect to Enhance Fraud Risk Mitigation

Dubai Islamic Bank (DIB) announced on the 1st of February 2022 that it had joined the digital blockchain platform UAE Trade Connect (UTC) as an official member in line with the bank’s efforts to enhance mitigation of fraud risk and transition towards a fully digitised trade finance ecosystem safely.

Why it Matters?

Through distributed ledger technology, UTC reduces the risk of fraudulent transactions, assisting DIB and other United Arab Emirates (UAE) banks with centralised, organised, and immutable data that enhances trust, transparency, and privacy between parties. The platform also serves to make trade financing more accessible, affordable, and equitable and enhance global trade by protecting customers and the broader banking system.

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