haifin's Fraud-Detection Solution Sets a New Standard in Global Trade

10x Industry

Mokshita P.
10x Industry
Published:

haifin's Fraud-Detection Solution Sets a New Standard in Global Trade

haifin, the rebranded platform, aims to expand globally, providing fraud-detection solutions to financial institutions. The network has grown rapidly, inspecting over AED 200 billion in transactions since 2021.

In a move to extend its transformative blockchain platform globally, UAE Trade Connect announced its rebranding as "haifin," unveiling a new brand identity that states its commitment to innovation in trade finance. The roadmap encompasses a presence in the Asia-Pacific,MENA, and GCC regions.

The CEO of e& enterprise, Salvador Anglada, expressed the company's dedication to boosting scalable cloud-based solutions, leading market impact and advancing the global fintech space. The rebranding symbolises haifin's vision as a leading fintech to connect and protect financial institutions, contributing to a more resilient ecosystem.

Zul Javaid, CEO of haifin, highlighted the platform's mission to act as the connective tissue in the financial industry. The new brand, incorporating AI, FIs, and FinTech into its name, signifies haifin's intent to replicate its success beyond the UAE. The rebranding aligns with the company's aspirations to expand its cloud-native and blockchain-based IP to design solutions supporting financial institutions in new territories.

haifin's solution offers real-time management of various trade-related documents, ensuring trust, transparency, and privacy between multiple organisations. Operating on e& enterprise's E1Cloud platform, the proprietary technology validates trade finance transactions, identifies duplication, and combats potential fraud in real time. These capabilities empower banks to make informed lending decisions, boost lending confidence, and safeguard funds.

The haifin network has grown substantially, expanding from seven banks in 2021 to 15 lending institutions, including 13 major UAE banks and two fintechs, DP World Financial Services and Beehive. Banking members encompass Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Masraf, Commercial Bank International, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD PJSC, First Abu Dhabi Bank, Invest Bank, Mashreq Corporate & Investment Banking Group, National Bank of Fujairah, RAKBANK, and United Arab Bank. Additionally, several more institutions are in advanced discussions to join the consortium.

Since its commercial launch in 2021, haifin has inspected transactions exceeding AED 200 billion and identified potential frauds worth several millions of dirhams. Handling over 4 million data points monthly, the platform's machine learning capability continues to grow with the expanding dataset. The company's success reflects its important role in revolutionising trade finance and the global financial ecosystem.