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Wed 17 Oct 2018 02:10 PM

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UK royal opens HQ of new UAE digital trade bank

Anglo-Gulf Trade Bank in Abu Dhabi is set to start ops next year to help address global trade finance gap estimated at $1.5trn

UK royal opens HQ of new UAE digital trade bank
Prince Andrew, The Duke of York, opened the headquarters of the Anglo-Gulf Trade Bank in Abu Dhabi.

The headquarters of the Anglo-Gulf Trade Bank in Abu Dhabi, which is set to launch operations next year, has been officially opened by Prince Andrew, The Duke of York.

Anglo-Gulf Trade Bank, which has been established as the world’s first digitally-enabled trade bank to help address a global trade finance gap estimated at $1.5 trillion, will facilitate trade between the Middle East, United Kingdom and Asia.Anglo-Gulf Trade Bank is based in the Abu Dhabi Global Market (ADGM), the international finance centre of the UAE capital and has plans to open additional offices in the United Kingdom, Saudi Arabia, India and Asia, subject to regulatory approvals.“Anglo-Gulf Trade Bank will have a real impact on the way that international trade is carried out, and that is why the inauguration of our Abu Dhabi headquarters, in the heart of the emerging world’s trade corridors by the Duke of York is such an important moment,” said Jeremy Parrish, chairman of the Anglo-Gulf Trade Bank.

“There is a huge opportunity for a pioneering trade finance provider that delivers simple and intuitive digital trade-related products and value-add services in real time in close collaboration with ambitious companies looking to take advantage of digital tools available to optimise international processes and streamline working capital solutions,” he added.

“This is because the current trade finance industry is ripe for fundamental change , with incumbent banks offering complex, largely paper-driven products to a limited number of corporates. However, significant opportunities exist today to rethink operational processes, technologies and trade banking services themselves.”  Anglo-Gulf Trade Bank is a joint venture between AGTB Holdings Limited, a Rowland family controlled company, and Mubadala Investment company.

AGTB will employ a number of technological advances including big data analytics, distributed ledger and cloud computing to offer a client-centric trade banking service to a broad range of corporate clients to dramatically reduce costs, risks and improve efficiencies in financing trade.

The bank plans to launch in early 2019, subject to final regulatory approval.

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