Trustin launches Middle East’s first regulated digital escrow platform after securing key ADGM FSP licence
With a game-changing solution, Trustin Limited is set to change the business landscape of the UAE and the Middle East with the region’s first digital escrow platform that eliminates the problem of collecting payment after deliveries and completing work.
Abu Dhabi, UAE; August 6, 2024
Trustin Limited, a UAE-built first Digital Escrow Platform in the region, officially announces the launches of its operation after securing Financial Service Permission (FSP) from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA). This licence is a significant milestone, solidifying its commitment to regulatory compliance and innovation in escrow Services space.
Securing the FSP positions Trustin as first of its kind Digital Escrow Platform in the UAE and the greater Middle East region and will act as trusted partner for institutions and retail clients for safeguarding their buying and selling of goods and services.
Most businesses in the region suffer due to deferred payment, post-dated cheque payment with 3-6 months outstanding credit, lack of timely payment, non-payment of dues that affects businesses. Most companies drain resources in recovering bills – a major issue in the private sector.
Trustin aims to democratise and simplify escrow services, making them accessible through a convenient digital platform. This solution eliminates the time-consuming nature of traditional escrow banking.
Trustin operates within the regulatory regime of FSRA and offers real-time transparency and security for all parties involved, potentially leading to a smoother and more cost-effective transaction experience for consumers, small businesses, and enterprises. All the parties involved in the transaction are subject to highest level of Know Your Customer/Know Your Business process to ensure compliance adherence. Trustin provides enhanced protection and trust for business transactions, and financial dealings, making it a preferred choice for end users seeking reliable and transparent escrow solutions.
Momeen Ahmad, Co-Founder and SEO of Trustin Limited said, “We are pleased to announce this important milestone for Trustin Limited. With our final regulatory approval from FSRA, ADGM, we aim to create a safe and transparent digital ecosystem for buying, selling, and payments for retail and corporates in the economy. Trustin will act as a regulated neutral party to facilitate complete trade transactions from origination to conclusion by all the parties involved. We thank the FSRA, and ADGM for their support and guidelines in achieving our regulatory milestone.”
Trustin addresses a major problem statement, which is the risk associated with open trade, particularly among SMEs and the retail market segment. These transactions often lack the security of traditional banking instruments like Letters of Credit (LC) and Bank Guarantees. Additionally, they can suffer from a lack of legal framework, transparency, and safety regarding payments and delivery of goods and services.
Trustin’s digital escrow services provide enhanced security, compliance, and transparency, ensuring safe and efficient transactions for SMEs and retail businesses. With Trustin, businesses can mitigate risks and build trust in their trade activities.
Parvez Akram Siddiqui, Co-Founder and Chief Technology Officer of Trustin.ae, said, “We are happy to witness the successful launch of Trustin.ae as the region’s first locally built digital escrow services platform.
“The platform is fully built in-house on cutting-edge technology and hosted on Amazon Web Service (AWS), UAE to ensure data protection guidelines. The seamless integration with one of the largest banks in UAE, regulated by Central Bank of the UAE, safeguards the client’s money in a separate client money account.”
