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Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, has won the "Outstanding Innovation in Trade Finance" Award during the Global Finance's Digital Banks and Innovators Awards ceremony held recently at Ritz Carlton Hotel – DIFC.
The award was received by Dr. Bernd van Linder, Chief Executive Officer, CBD and Abdul Rahim Al Nimer, General Manager, Corporate Banking.
The Global Finance Innovators 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.
Upon receiving the award, Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, commented: "We are honored 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 utilizing new technology to meet the needs of our clients, helping them enhance efficiency and improve processes. As we continue on our journey towards excellence, awards such as these will motivate us to continue enhancing our services to our customers and providing them with more innovative solutions."
Ali Imran, Head of Transaction Banking & Wholesale Digital Services at CBD, said: "Innovative financial solutions are critical for corporates nowadays, as they leverage the most advanced banking technologies to provide them convenient and seamless banking experience, enabling them to easily execute banking transaction from the comfort of their offices. 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.
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