Dubai, 16 July 2025 – EIF Innovation HuB Signs Strategic MoU with Licensed Financial Institutions, haifin (an e& enterprise company), and e& (a global technology group) to Advance Digital Bank Guarantees in the UAE

Dubai, 16 July 2025 – The Innovation Hub at the Emirates Institute of Finance (EIF) has launched a strategic initiative aimed at piloting the digitization of bank guarantees within the UAE’s financial services sector. This collaborative effort brings together leading licenced financial institutions, haifin (an e& enterprise company) as the technology provider, and e& as the enterprise beneficiary partner to drive digital transformation in trade finance, supporting the UAE’s national digital economy agenda.

H.E. Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE) and Chairman of the Board of Directors of EIF, witnessed the signing of a Memorandum of Understanding (MoU). The event was held at the EIF Innovation Hub in Dubai, in the presence of senior officials from government entities, senior representatives of UAE banks and technology firms.

The consortium includes First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), Sharjah Islamic Bank (SIB), Commercial Bank of Dubai (CBD), National Bank of Fujairah (NBF), haifin (an e& enterprise company), and e& (a global technology group). The initiative will pilot the digitization of bank guarantees leveraging haifin’s Distributed Ledger Technology-based platform. The pilot will be conducted within a controlled test environment, simulating the key lifecycle events of digital bank guarantee processes, with an objective to identify relevant legal, operational, and technical considerations prior to any future implementation.

This initiative aligns with the UAE’s broader vision to build a fully integrated digital economy and reinforcing its position as a leading global financial hub. By leveraging advanced technologies and fostering collaboration across the financial ecosystem in the UAE, the initiative aims to enhance operational efficiency, strengthen security, and improve service delivery within trade finance.

H.E. Saif Humaid Al Dhaheri, Assistant Governor of Banking Operations and Support Services at CBUAE and Vice Chairman of the EIF, stated: “The launch of this initiative marks a significant strategic milestone in the Central Bank’s ongoing efforts to accelerate digital transformation in the financial sector, enhance the efficiency of the national financial system, and ensure the highest standards of security and resilience in banking transactions.”

H.E. added: “This collaboration between financial institutions and technology companies reflects the UAE’s strong commitment to leveraging emerging financial technologies, such as Distributed Ledger Technology to drive innovation. It also empowers the financial sector to adopt future-ready solutions within a progressive and secure regulatory environment that strengthens the sector’s competitiveness.”

Representatives of the participating entities welcomed the partnership, emphasizing that it marks a significant step toward advancing digital bank guarantees in the UAE. They noted that the initiative aligns with evolving customer expectations and contributes to greater automation, process simplification, and an expected reduction in operational costs.

Martin Tricaud, Group Head of Wholesale Banking at FAB, said: “This pioneering initiative to digitize bank guarantees reflects the shared ambition of forward-looking institutions to transform trade finance in the UAE. Leveraging technologies such blockchain, tokenisation and AI, we aim to enhance client efficiency and reduce risk, thereby strengthening the national ecosystem. We appreciate the important role that the EIF is playing to bring cross-sector collaboration and meaningful innovation within financial services.”

Ayman Alsebeyi, Senior Head – Digital Partnerships at ADCB, stated: “ADCB thrives by delivering innovative customer service to our Trade Finance clients through advanced product suites and digital solutions, powered by cutting-edge technologies such as Blockchain and Artificial Intelligence. This MoU marks another milestone in our digital transformation journey and reflects our commitment to supporting the UAE’s digital economy.”

Musabbah Al Qaizi, Chief Digital Officer at DIB, commented: “The future of finance belongs to institutions that embed intelligence, trust, and agility into every layer of their infrastructure. Our digitization efforts reflect this very ethos — improving efficiency, reducing operational risk, enhancing transparency, and eliminating the burden both on process and the environment. At DIB, modernisation is not dictated by technology; it is guided by the need to create interactive journeys that lead to a seamless and elevated experience. Our focus remains on shaping frameworks that deliver meaningful, long-term value for customers, the financial sector, and the broader ecosystem we serve.”

H.E. Mohamed Abdalla, CEO of SIB, emphasized that this strategic initiative represents a qualitative leap toward enhancing the efficiency of banking operations and improving the quality of financial services provided to customers. He noted that the comprehensive digitization of bank guarantees will help reduce risks, streamline processes, and enhance transparency and reliability. He stated: “At Sharjah Islamic Bank, we are proud to be part of this promising national partnership, which aligns with our plans to adopt the latest digital solutions and implement best practices in the banking sector. This contributes to the UAE’s broader digital transformation efforts and reinforces its position as a global hub for innovation and advanced financial technology. We look forward to working closely with our partners in this ecosystem to develop an integrated digital model for bank guarantees—one that brings a transformational shift in operational processes and efficiently meets customer needs within a secure environment supported by the highest technical standards.”

Dr. Bernd van Linder, CEO of CBD, stated: “CBD is pleased to support this strategic initiative by the EIF Innovation Hub to digitize bank guarantees. This collaborative effort reflects our commitment to driving greater efficiency and transparency, while enhancing the customer experience across the financial sector. As a digital-by-design bank, we are proud to contribute to national efforts that unlock new value through innovation and reinforce the UAE’s position as a forward-looking, global financial hub.”

Adnan Anwar, CEO of NBF, said: “At NBF, we are proud to be part of this pioneering initiative that reflects the UAE’s commitment to digital innovation in the financial sector. The digitization of bank guarantees represents a transformative step toward enhancing transparency, reducing risk, and improving operational efficiency. By collaborating with forward-thinking partners and leveraging cutting-edge technologies, we are helping to shape a more agile and secure financial ecosystem that meets the evolving needs of our clients and supports the nation’s digital economy agenda.”

Khalid Murshed, Chairman of haifin and CEO of e& enterprise, expressed: “This collaboration marks a defining moment in the evolution of financial infrastructure in the UAE. By digitizing bank guarantees through advanced technologies like distributed ledger, we are building a smarter, more secure, and agile financial ecosystem. At haifin, we are proud to collaborate with leading banks and enterprises to help lay the digital foundations that will support the UAE’s ambitions as a future-focused financial hub, where innovation is embedded in every transaction and trust is built into every process.”

Saeed Al Zarooni, Group Chief Procurement Officer at e&, said: “As a trusted technology partner in advancing the nation’s digital vision, e& is proud of haifin’s collaboration with leading financial institutions in driving this transformative initiative forward. Digitizing bank guarantees goes beyond procedural improvement, it represents a strategic move toward creating intelligent, interconnected financial ecosystems that are built to meet future demands. Leveraging our advanced infrastructure and specialized expertise, we are playing a key role in closing the gap between fintech innovation and institutional integration, further strengthening the UAE’s position as a leader in secure and future-ready financial services.”