Haifin, a UAE-based financial technology startup, has announced ambitions to expand its blockchain-based invoice-checking platform into other regions. Since its inception in 2021, the platform has been effective in the UAE, assisting banks in detecting duplicate trade finance requests.
According to Zul Javaid, CEO of Haifin, in 2023, 13 UAE banks would utilize the platform to screen transactions worth AED 120 billion (US$32.7 billion). The total value screened since launch reaches AED 200 billion. Javaid stated that the platform revealed a high rate of duplicate finance requests, exceeding banks’ expectations.
Haifin does not decide if duplicates constitute fraud. Javaid added that in response to the notice, some banks blacklisted customers, cut restrictions for others, and, in a few cases, reported suspected fraud to regulators.
Haifin intends to expand to markets similar to the platform’s success in the UAE, such as Oman, Bahrain, and Saudi Arabia. Haifin’s parent business, e&, has already established operations in Africa and other potential target countries. According to Javaid, potential launch countries include Pakistan, Azerbaijan, Georgia, and South Africa.
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