Hyperledger Global Forum 2021

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.