UAE Trade Connect (UTC), an e& enterprise company and the first commercialised blockchain platform transforming trade finance in the UAE, has unveiled its new brand identity ‘haifin’.
haifin’s solution can manage various types of trade-related documents, which are inspected, validated, and tested for authenticity in real time.
What does ‘haifin’ do?
“Its proprietary technology ensures trust, transparency and privacy between multiple organisations with a stack of leading-edge technologies deployed locally on e& enterprise’s E1Cloud platform,” the company said in a statement.
The system validates trade finance transactions, identifies duplication, and combats potential fraud in real time.
The name ‘haifin’ reflects the platform’s evolution and carries a roadmap to expand globally with its fraud-detection solution.
“This strategic rebranding reflects e& enterprise’s dedication to nurturing scalable cloud-based solutions. These drive substantial market impact by supporting and advancing the global and regional fintech space. Hence, they pave the way for more inclusive, efficient, and secure financial services,” Salvador Anglada, CEO of e& enterprise, said.
Zul Javaid, CEO of haifin, added: “This rebranding reflects haifin’s mission to serve as the connective tissue in the financial industry. Incorporating AI, FIs and FinTech into its very name, haifin is set to replicate its UAE success in other countries.”
Growing network
The haifin network has grown from seven banks in 2021 to 15 institutions comprising 13 major UAE banks and two fintechs, DP World Financial Services and Beehive. Banking members include ADCB, ADIB, Al Masraf, Commercial Bank International, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD PJSC, FAB, Invest Bank, Mashreq Corporate & Investment Banking Group, National Bank of Fujairah, RAKBANK and United Arab Bank.
Since its commercial launch in 2021, the platform has inspected transactions worth more than Dh200 billion. It has also identified potential frauds worth several millions of dirhams. Moreover, the system handles over four million data points monthly. Notably, its machine learning capability is increasing as the dataset grows each month.
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