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3rd Party: 06 Aug 2024
Trustin Limited, UAE Built First Digital Escrow Platform in the region pleased to announce an important milestone in their journey. They have secured 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 region and will act as trusted partner for institutions and retail clients for safeguarding their buying and selling of goods & services.
Trustin aims to democratize 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 & CTO of Trustin Limited, said, “We are happy to witness the successful launch of Trustintrade.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 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.
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