Commercial Bank of Dubai Receives the “Outstanding Digital Transformation in Trade Finance” Award by “The Digital Banker”
Dubai, 12 July 2021: Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, has won the “Outstanding Digital Transformation in Trade Finance” Award during the 2021 Middle East & Africa Innovation Awards event, organized by ‘The Digital Banker’.
The Digital Banker awards recognize and celebrate the world's preeminent Financial Services Organizations that are pioneering unrivalled standards and capabilities in their respective fields. The awards programs are globally acclaimed and co-judged by leading consultancies and reporters who are subject matter experts in Retail Banking, Private Banking, Transaction Banking, Investment Banking, Corporate Banking, Asset Management and Insurance, to ensure full transparency and an impartial assessment.
Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, commented: “We are proud that our innovative products and solutions in trade finance have been recognized by reputable industry experts. CBD has been instrumental in driving digital transformation and investing in state-of-the-art technology to provide customers with bespoke, innovative solutions, which help clients optimize their working capital and improve their operational efficiency.”
Ali Imran, Head of Transaction Banking & Wholesale Digital Services at CBD, added: “This achievement is in line with our efforts to support the digital economy, ensuring customers are provided with the most efficient banking services that enable them to bank securely from anywhere in the world, even during challenging times. We will continue to ride the wave of disruption by providing innovative payment solutions as part of our ‘Default Digital’ strategy”.
CBD’s Trade Finance offering, the first of its kind in Middle East, provides both Buyer and Seller Led Supply Chain Finance solutions through a single portal for corporates. To ensure compliance with local data regulations, the solution has been deployed using Microsoft Azure’s UAE cloud. The platform is also capable of handling clients and their counterparts located anywhere across the globe as the KYC metrics will be customized according to respective country’s regulation requirements.