The Bank will be able to use TRADEASSETS to automate primary and secondary market trade finance pricing and communication on a global scale.
29th May 2019: Abu Dhabi Islamic Bank PJSC (ADIB) signed up as a member of TRADEASSETS, a unique global Fintech platform, headquartered in the UAE. Under the agreement, ADIB will be able to use TRADEASSETS to automate primary and secondary market trade finance pricing and communication with banking counterparts globally.
Haytham Elmaayergi, Global Head of Transaction Banking at ADIB and Andreas Meletiou, Head of Financial Institutions at ADIB, along with Lakshmanan Sankaran, Founder Chairman and Chief Executive Officer, and Sumit K Roy, Founder President and Chief Marketing Officer of Fintech Innovations International, signed the deal this week on behalf of their respective institutions.
Haytham Elmaayergi Global Head of Transaction Banking at ADIB, said: “This collaboration with TRADEASSETS will provide ADIB with a digital footprint in trade distribution and origination as a member of this trade finance e-marketplace. This is an important step for ADIB, in alignment with its objective of using emerging technologies in a rapidly evolving environment to obtain greater efficiency and deliver value to all our stakeholders.”
Lakshmanan Sankaran, Founder Chairman and Chief Executive Officer (TRADEASSETS) said: “We are very happy that a prestigious institution like ADIB is the latest member of our digital ecosystem. We are proud to join hands with ADIB as partners on this path to our digital future using the TradeAssets e-marketplace. “
Launched last year by Dubai-based Fintech Innovations International and using the latest blockchain technology, TRADEASSETS was 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.
About TRADEASSETS
TRADEASSETS is a UAE-based trade finance e-marketplace, the first of its kind for Banks. Founded by senior banking professionals Lakshmanan Sankaran and Sumit K Roy, TRADEASSETS is creating a global ecosystem of financial institutions trading in secondary and primary trade finance assets while securely connected 24/7. Team TRADEASSETS consists of industry veterans with decades of experience in international banking, located across global financial centres. This fintech e-marketplace has successfully entered the Bangladesh and Indian markets and is making an impactful entry in the Middle East. UAE is the home base for both institutions and a very important market for trade finance. Consequently, TRADEASSETS looks forward to a very long and fruitful relationship with ADIB.
About ADIB
ADIB is a leading bank in the UAE with more than AED 124.6 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).
ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan and Iraq.