UAE Trade Connect rebrands as Haifin, eyes international expansion

UAE Trade Connect rebrands as Haifin, eyes international expansion

Counter-fraud platform UAE Trade Connect has unveiled plans to expand its blockchain-based invoice checking tool to other markets, amid a broader rebrand in which the company has been renamed Haifin.  Duplicate financing fraud, where companies use the same documents to obtain financing from multiple banks, has plagued the trade finance sector in recent years. Haifin’s ...

The post UAE Trade Connect rebrands as Haifin, eyes international expansion appeared first on Global Trade Review (GTR).Counter-fraud platform UAE Trade Connect has unveiled plans to expand its blockchain-based invoice checking tool to other markets, amid a broader rebrand in which the company has been renamed Haifin. 

Duplicate financing fraud, where companies use the same documents to obtain financing from multiple banks, has plagued the trade finance sector in recent years. Haifin’s platform compares invoice data submitted by banks and uses artificial intelligence to flag potential duplicates. 

Alongside the launch of the Haifan brand at the GTR Mena event in Dubai last week, chief executive Zul Javaid explained the platform has already proven highly successful in its home market since going live in 2021. 

“In 2023, we had 13 live participants on our platform, and AED 120bn (US$32.7bn) in value in that one year alone,” Javaid told GTR