Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has implemented more than 60 blockchain-powered trade finance cross-border transactions during the first year of the bank's partnership with TradeAssets.
In April 2020, ADIB became the first Islamic bank to use blockchain technology for trade distribution, according to a press release on Sunday.
Completed with several regional banks, the cross-border transactions were built on blockchain technology to digitise the traditional processes of origination and distribution of trade assets and seamlessly connect with all partners.
The Global Head of International Business Group at ADIB, Abdulla Al Shehhi, said: "It [the completion of these trade transactions] 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."
Meanwhile, the Co-founder and Chief Marketing Officer of Fintech Innovations International at TradeAssets, Sumit K Roy, 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."