14 November 2018 (Singapore / Abu Dhabi) – The ASEAN Financial Innovation Network (AFIN) and the Headquaters of AGTB, Abu Dhabi Global Market (ADGM), have showcased the connectivity between the two platforms. Pilot test includes Anglo-Gulf Trade Bank which extends trade financing to a Singapore-based seller of goods for the purposes of simulating a UAE-Singapore trade transaction. AGTB uses the ADGM Digital Sandbox to connect via APIs to the APIX platform to source FinTech start-ups to perform due diligence on the Singapore-based seller, as well as to make the subsequent loan payment.
The initiative will bring together financial institutions and fintech companies between the MENA region and the Asia-Pacific.
About Anglo-Gulf Trade Bank
Anglo-Gulf Trade Bank was founded as a joint venture between AGTB Holdings Limited, Rowland Family controlled company and Mubadala Investment Company. It offers the world’s first digital-only trade finance bank to encourage greater trade by companies, particularly in the Middle East, the United Kingdom and Asia. The company uses blockchain technology to offer clients full control over simple, streamlined and highly transparent processes, while analyzing data to mitigate risk effectively. Its approach will be to encourage collaboration across the trade ecosystem.