In a rapidly evolving digital landscape, the UAE Trade Connect (UTC) has embarked on a journey to redefine the future of trade in the region and beyond. Launched in mid-July 2019 as a joint initiative between the First Abu Dhabi Bank (FAB) and Etisalat Digital ” now e& enterprise” , UTC set out to revolutionize digital trade through the integration of cutting-edge technologies such as blockchain, artificial intelligence (AI), and machine learning.
From UTC to Haifin: A Rebranding Journey
On February 20th, 2024, UTC announced its rebranding to Haifin , marking a significant shift in its journey. The change from UTC to Haifin represents a strategic decision to step into a global arena. This rebranding aligns with broader transformations within the industry, signifying Haifin’s evolution as a key player within the global ecosystem outside UAE.
The Transition from Local to Global
Haifin’s decision to rebrand is driven by a strategic vision to position itself as a global contender rather than just a local player. This strategic move is further validated by Haifin’s intention to extend its services to international markets, including Turkey and Egypt. The decision to change the name underscores the platform’s commitment to growth and adaptation to evolving market dynamics.
Overcoming Challenges and Achieving Success
The journey from UTC to Haifin has been marked by several challenges. Initially, the platform faced difficulties in onboarding a significant number of banks, with FAB taking the lead. However, through persistence and strategic partnerships, Haifin now collaborates with 13 banks, 2 fintech companies, and DP World. Additionally, profitability was an issue, which led to adjustments in fees to accommodate smaller banks. Haifin is banking on expansion to drive profitability, with the anticipation of a larger market and a higher volume of transactions.
Permissible Blockchain Adoption: A Rare Success Story
One of Haifin’s notable achievements is its successful implementation of a permissible blockchain. Avanza Innovations played a key role in the development, and Haifin’s use case underscores the potential of enterprise blockchains in a landscape where public blockchains are gaining prominence. The platform’s architecture enables banks to securely submit invoice details through private nodes, which are then verified and recorded on the blockchain.
The Role of the UAE as a Trade Hub
The UAE’s role as a trade hub has been instrumental in shaping Haifin’s success. The platform has leveraged the UAE’s diverse trade scenarios to test and refine its technologies, providing valuable insights for global expansion.
The rebranding of UAE Trade Connect to Haifin is a significant milestone in its journey toward global recognition. Haifin’s transformation from a local initiative to a global contender is a testament to the collaborative efforts of UAE’s leading entities and the country’s status as a dynamic trade hub.
