Virtual Event
June 8-10, 2021
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Tuesday, June 8 • 10:10 - 10:40
UAE Trade Connect - UAE's First and Largest Blockchain based Trade Finance Platform - Waqas Mirza, Avanza Innovations

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Banks offer various Trade Finance solutions to their clients under Letters of Credit or Open Account using products and solutions like, Trust Receipt Financing, Invoice Discounting, Factoring, Receivable Finance and Supply Chain Finance. The challenges that banks face is the risk of potential double financing and frauds as there is no robust mechanism in place to validate the genuineness of the underlying trade transactions or whether the transaction has been pre-financed through any other bank. These risks have evolved leaving the banks to grapple with severe Financial Crime Risks like, over and under invoicing, Sanctions, Trade Based Money Laundering, resulting in fraud losses to banks and reduced financing to Corporates and SMEs. Developed on Hyperledger Fabric, UAE Trade Connect (UTC) is a State of The Art National Platform for digitizing and securing Trade.

avatar for Waqas Mirza

Waqas Mirza

CEO, Avanza Innovations
Waqas Mirza is the founding CEO of Avanza Innovations - the latest venture of Avanza Group of Companies. Avanza Group has more than two decades of experience in delivering cutting edge software solutions to over 300 customers across 45+ countries. During the past 3 years Waqas has... Read More →

Tuesday June 8, 2021 10:10 - 10:40 CEST
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