UAE-based financial technology company Haifin has announced plans to expand its blockchain-based invoice-checking platform to new markets. The platform, which helps banks detect duplicate trade finance requests, has proven successful in the UAE since its 2021 launch.
Haifin CEO Zul Javaid stated that in 2023, 13 UAE banks used the platform to screen AED 120 billion (US$32.7 billion) in transactions. The total value screened since the launch exceeds AED 200 billion. Javaid said the platform identified a high rate of duplicate finance requests, exceeding banks’ expectations.
Haifin does not determine if duplicates constitute fraud. Javaid noted that following the alert, some banks have blacklisted customers, reduced limits for others, and in a few cases, reported suspected fraud to regulators.
Haifin aims to expand to similar markets with the platform’s UAE success, like Oman, Bahrain, and Saudi Arabia. Haifin’s parent company, e&, already operates in Africa and other regions that could be target markets. Javaid said Pakistan, Azerbaijan, Georgia, and South Africa are potential launch countries.
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