National Bank of Fujairah takes home two MEA Finance Banking Technology Awards 2023

National Bank of Fujairah takes home two MEA Finance Banking Technology Awards 2023

National Bank of Fujairah (NBF) has won two awards at the prestigious MEA Finance Banking Technology Awards 2023, including “Best Innovation in Trade Finance” and “Most Innovative Trading Platform” for the second consecutive year, further establishing itself as a leading bank in the region.

Leveraging on its deep banking experience and market insight in Fujairah and the UAE, NBF has built a strong reputation in the industry. It is recognised as the banking partner that helps clients achieve their business goals, and continues to invest in new technologies and innovations to improve customer experience.

Best Innovation in Trade Finance

In trade finance, NBF has been investing in various technological advancements to improve operations in line with its digitization strategy. The bank achieved a significant milestone when it became the first bank in the region to go live with AI-based Traydsteam to automate its Letters of Credit document checking process. Leveraging this AI technology, the bank is able to provide certain value-added services to customers, and has also managed to reduce operational costs.

NBF has also implemented Finverity, the blockchain-based supply chain financing platform, providing end-to-end automation through digital transformation of documents from the seller to buyer and to the financing bank. This technology is