National Bank of Fujairah concludes its participation at Global Trade Facilitation Summit 2022
NBF supports trade financing scene through impactful engagement in alignment with UAE’s vision towards economic growth
National Bank of Fujairah (NBF) PJSC announced its participation at the ICC UAE’s Global Trade Facilitation Summit, GTFS (Global Trade Facilitation Summit) Dubai 2022, that took place last week at the Dubai Chamber of Commerce. The week-long summit had physical and virtual top tier attendees from around the globe including NBF’s executive team.
The ICC UAE (International Chamber of Commerce, United Arab Emirates) has organised the event that served as a congregation for NBF and practitioners in the facilitation of International Trade & Finance to join the conversation and provide insights technological developments, legal and technical issues impacting Global Trade & Finance. NBF’s participation reaffirms its commitment towards the banking sector, as Madhavan Thooppal, NBF’s Head of Trade Services a panelist in the Institute of International Banking Law & Practice (IIBLP) conference discussing on the subject ‘Recent Cases & Legal Issues for Independent Bank Undertakings’. While Dr. Joseph George, NBF’s Head of Information System & Technology moderated a discussion on “Trade Transformation through Technology”.
With the conference’s impactful reach and influence, NBF’s participation reiterates its position as a leading financial partner and trade finance expert across the Middle Eastern trade finance. The event holds high importance to NBF as the bank aims to support the trade finance ecosystem in the UAE and providing impactful and sustainable solutions through digitalisation.
Last year, NBF also participated in the launch of UAE Trade Connect, a nationwide blockchain platform, co-created by Etisalat Digital and seven other banks; this platform aims at supporting financial institutions to combat fraud and duplication and to tackle key issues in the trade finance space. The solution is one of the key steps towards achieving financial and monetary stability, efficiency, and resilience in the financial system and is aligned with the UAE government’s vision to bring futuristic technologies like blockchain enabling economic growth.
This year’s GTFS summit granted access to discussions on supply chain challenges, digitalization and sustainability in addition to unparalleled opportunities to connect the Trade World and Shape the Future. The ICC closed off the event with The Award of Best Digital Showcase of the Global Trade Facilitation Summit 2022, where FinTechs competed in “The ICC Digital Challenge” for transforming trade.
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury, and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC, and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s with a negative outlook; and BBB / A-2 by Standard & Poor’s with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 15 (of which 1 is an electronic banking service unit) across the UAE.
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