UAE-based monetary expertise firm Haifin has announced plans to increase its blockchain-based invoice-checking platform to new markets. The platform, which helps banks detect duplicate commerce finance requests, has confirmed profitable within the UAE since its 2021 launch.
Haifin CEO Zul Javaid acknowledged that in 2023, 13 UAE banks used the platform to display screen AED 120 billion (US$32.7 billion) in transactions. The entire worth screened for the reason that launch exceeds AED 200 billion. Javaid mentioned the platform recognized a excessive charge of duplicate finance requests, exceeding banks’ expectations.
Haifin doesn’t decide if duplicates represent fraud. Javaid famous that following the alert, some banks have blacklisted prospects, diminished limits for others, and in a couple of instances, reported suspected fraud to regulators.
Haifin goals to increase to comparable markets with the platform’s UAE success, like Oman, Bahrain, and Saudi Arabia. Haifin’s dad or mum firm, e&, already operates in Africa and different areas that could possibly be goal markets. Javaid mentioned Pakistan, Azerbaijan, Georgia, and South Africa are potential launch international locations.
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