UAE-based financial technology company UAE Trade Connect unveiled a rebrand this week as Haifin, announcing plans to expand its blockchain-powered invoice-checking platform beyond the UAE. Haifin's tool is designed to address the persistent issue of duplicate financing fraud in trade finance.
“By comparing invoice data submitted from multiple banks, Haifin's artificial intelligence system flags potential duplicate financing requests. Since the platform was introduced in the UAE in 2021, over AED 200 billion ($54 billion) in transactions have been screened,” said Haifin CEO Zul Javaid. He noted banks have been surprised by the high rate of duplicates detected.
"Our banks believe this is a blind spot they could not fix alone," Javaid said. "They need multiple banks and a trusted third party with cybersecurity and no vested interest."
