National Bank of Fujairah takes home two MEA Finance Banking Technology Awards 2023
NBF recognised for its technology and innovation in the corporate banking sector
18 May 2023: National Bank of Fujairah (NBF) has won two awards at the prestigious MEA Finance Banking Technology Awards 2023, including “Best Innovation in Trade Finance” and “Most Innovative Trading Platform” for the second consecutive year, further establishing itself as a leading bank in the region.
Leveraging on its deep banking experience and market insight in Fujairah and the UAE, NBF has built a strong reputation in the industry. It is recognised as the banking partner that helps clients achieve their business goals, and continues to invest in new technologies and innovations to improve customer experience.
Best Innovation in Trade Finance
In trade finance, NBF has been investing in various technological advancements to improve operations in line with its digitization strategy. The bank achieved a significant milestone when it became the first bank in the region to go live with AI-based Traydsteam to automate its Letters of Credit document checking process. Leveraging this AI technology, the bank is able to provide certain value-added services to customers, and has also managed to reduce operational costs.
NBF has also implemented Finverity, the blockchain-based supply chain financing platform, providing end-to-end automation through digital transformation of documents from the seller to buyer and to the financing bank. This technology is another example of how NBF reduced its operational costs, while simultaneously adding new revenue streams. In addition, over the past year NBF has enhanced its IHS Markit platform to automate the process of vessel, container and dual-usage goods checks which are critical to the bank to mitigate its compliance risk.
Most Innovative Trading Platform
Expanding its digital offerings, NBFX – NBF’s electronic trading platform – offers customers a bespoke digital experience to hedge their treasury requirements and is available for both conventional and Shariah-compliant banking customers. The innovative platform acts as an efficient, competitive and user-friendly venue for executing foreign exchange and precious metal transactions, providing users with a tailored experience. One of its unique features is the possibility for customers to execute FX Non-Deliverable Forwards (NDFs) and FX Time Options on a 24/5 basis. It also leverages best practices and multifactor authentication for customer logins, providing a safe and secure platform for customers to execute transactions.
In line with NBF’s overall strategy to help customers leverage new opportunities made possible by evolving financial technology, it also launched a digital corporate dashboard on NBFX, facilitating higher efficiency in cash management and informed decision making.
The MEA Finance Banking Technology Awards 2023 recognise the commendable achievements of banks and technology businesses for their delivery of smarter banking solutions and for their ability to drive real growth in an increasingly competitive regional market.
Furthermore, NBF was recently recognised also for its excellence in Islamic Banking services at the International Finance Awards, taking home the title of “Best Islamic Window UAE”.
As one of the leading banks in the region, NBF Islamic is committed to bringing the benefits and convenience of modern banking to its customers, with all practices specially designed to align with traditional values. This award recognised the bank’s progressive services, which focus on innovation and digitalisation to support the growing needs of its clients.
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’ah 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 and BBB / A-2 by Standard & Poor’s, both 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.