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Dubai: As a leading technology solutions provider in the UAE, du, from Emirates Integrated Telecommunications Company (EITC), in partnership with Avanza Innovations, has built the country’s first document exchange platform on its Blockchain Platform as a Service (BPaaS), named the ‘Bank Trust Network’. In line with the inspiring visions of the UAE and Dubai leadership, Bank Trust Network will enable paperless exchange of information between banking institutions and their beneficiaries, increasing banks’ efficiency, reducing fraud risks, making customer experience digital, and reducing damage to the environment by excessive use of paper.
After announcing the latest BPaaS breakthrough at GITEX Technology Week 2019, du also revealed that Finance House – a leading financial institution that offers innovative financial products and services – has been on-boarded as the first customer on Bank Trust Network to showcase the buyout process between Finance House and other banks. The solution will facilitate the entire buyout process by issuing the liability and clearance letters in a trusted, tamper proof platform.
‘Banking on Blockchain’
Farid Faraidooni, Deputy CEO - Enterprise Solutions, EITC, said: “As a leading smart city enabler, du is leveraging nascent technologies like blockchain to power the key industries of tomorrow. Since the inception of our BPaaS in 2018, this pioneering platform has become a centerpiece of enablement for an increasing number of the UAE’s government and enterprise sectors. With the development of the Bank Trust Network, we are proud to once again reinforce our commitment towards industry-defining product innovation that is in line with the digital transformation blockchain strategies and visions of the UAE leadership. We are adamant this BPaaS solution will redefine our customers’ digital transformation journeys and we will continue working alongside our customers and with all our partners in order to explore this technology’s immense benefits and potential.”
Wael Elsayed Ibrahim, Group Chief Operating Officer, Finance House, said: “At Finance House, we are continuously on the hunt for transformative solutions that enable us to optimise our financial products and the digital roadmap of our organisation. By signing as the first Bank Trust Network partner, we believe this optimal BPaaS solution will enable Finance House to provide enriched and seamless financial solutions for clients. We are proud to be part of this innovative blockchain ecosystem and to be partnering with a leading technology enabler like du to champion reliable digital solutions to enrich the UAE’s future progress.”
‘Leading Solutions for a Leading Nation’
Through its partnership with ConsenSys, a leading blockchain solutions provider and venture production studio, du is building decentralized BPaaS applications and offering an integrated set of solutions for client-centric blockchain ecosystems.
du’s BPaaS is a cloud-native blockchain infrastructure that can provision private blockchain networks with a high level of customization, supporting multiple consensus algorithms with monitoring, managing capabilities, and smart contract capabilities.
BPaaS represents the outcome of du’s initiative to meet and support the UAE Blockchain Strategy, which was launched in April 2018 by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The strategy aims to capitalise on blockchain technology to transform fifty percent of government transactions by 2021.
du’s BPaaS offers a shared environment for customers to host their blockchain-based POCs and production systems, including shared infrastructure and document management, which will adopt and facilitate the current process of any organization by making it more secure, easy and immutable on blockchain. The BPaaS solution offers companies and government entities immense opportunities for scalability, compatibility, and better software with low-cost access to technology.
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About du
Operating under the steadfast umbrella of Emirates Integrated Telecommunications Company (EITC), du is an integral driver of the UAE’s economic, social and digital transformation. Thriving on digitally innovating all facets of the contemporary telecom experience, we touch the lives of millions of customers everyday as a dedicated enabler of connectivity, continuity and growth across consumer and enterprise segments. Whether delivering state-of-the-art Smart City infrastructure, bespoke enterprise ICT solutions, government communications, secure data solutions, or the very best in home entertainment and value, we are a reliable telco and ICT player shaping the future of communication for a more connected tomorrow.
About Finance House
Finance House PJSC is an Abu Dhabi - headquartered finance company that was established on 13 March 2004 and commenced its operations on 18 July 2004.
The principal activities of the Company are commercial and retail financing, financial services and investments. The Company is licensed and regulated by the Central Bank of the UAE.
The major shareholders of Finance House include, The National Investor (TNI), a number of prominent UAE businessmen, high net worth individuals and dignitaries.
In a short span since inception, Finance House has introduced a number of innovative products and services for the consumer and commercial segments.
Finance House is listed on the Abu Dhabi Exchange under the ticker symbol FH and is categorized as a “Grade One” company by the Emirates Securities & Commodities Authority (SCA).
Finance House is rated BBB- long-term and A3 short-term, both with Stable Outlook by Capital Intelligence.
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