Abu Dhabi Islamic Bank announced that it signed on to be part of TradeAssets, a trade finance e-marketplace headquartered in UAE.
By being part of this fintech platform Abu Dhabi Islamic Bank will be able to use TradeAsset to automate primary and secondary trade finance pricing and communication with banking counterparts globally.
Haytham Elmaayergi Global Head of Transaction Banking at Abu Dhabi Islamic Bank commented this collaboration marks an important step for the bank to use emerging technologies in driving greater efficiency.
TradeAssets is described as a company that is built to create efficiency and transparency in the traditional deal-making process, increase connectivity between institutions globally, make trade finance more accessible, and improve profitability for clients.
Their objectives are to create a secure electronic trade finance marketplace for banks, use automation and functionality to digitize and improve a very manual process as well as to build an ecosystem where participants manage risk efficiently and increase profitability.
The startup’s website seems to indicate that their banking clientele are largely concentrated in Sri Lanka, Bangladesh and india.