Voy Finance participated in the sandbox to test a decentralized finance (DeFi) approach to SME trade financing. The company sought to address the fragmented, paper-intensive nature of traditional trade finance by combining AI-powered document processing with tokenized trade assets to create a paperless, automated trade finance workflow. The testing was supported by the FSRA and private-sector stakeholders, including SME development funds and financial institutions. Over six months, Voy Finance tested three integrated components of its platform: –A proprietary AI engine, Paiperless, that digitalizes and validates trade documentation –A tokenization system that converts trade assets into digital representations for use as collateral –The YildX deal desk module that enables institutional trade finance execution The system simulated end-to-end trade transactions with SME exporters/importers and regional banks, testing both technical performance and user experience.Main findings The AI engine reduced document processing time by more than 70%, significantly improving compliance checks and operational throughput. Tokenized trade assets proved effective as collateral in simulated lending environments, with high verifiability and minimal system latency. From the user perspective, SMEs reported faster onboarding and greater transparency compared to traditional bank-led processes, though the absence of real-world risk protection limited actual financing readiness. Regulatory takeaways The testing revealed substantial regulatory challenges for tokenized trade finance in the UAE. Regulatory uncertainty around AI in compliance, credit scoring and onboarding creates implementation barriers. Perhaps most significantly, the absence of state-supported credit insurance or guarantees for SME trade finance emerged as a critical limitation, suggesting that technological solutions alone cannot fully address the trade finance gap without complementary policy interventions. The country could benefit from developing a comprehensive legal framework for digital assets representing real-world assets (RWAs). Future regulations should distinguish tokenized trade assets from cryptocurrencies and create clear pathways for their use as regulated collateral.3.2 Voy Finance: DeFi-based lending for SME trade finance Voy Finance BOX 8 Company background: Based in Estonia, Voy Finance connects DeFi liquidity with regulated trade finance use cases. Its platform enables tokenized, digital lending for SMEs, aiming to bridge the financing gap through programmable, transparent capital flows. Main technology features: –Incorporated AI-powered document- processing with tokenized trade finance –Improved automation of trade finance functions Testing participants: Throughout the sandbox, Voy Finance engaged with the FSRA and private- sector stakeholders, including SME development funds, HSBC, LME Trade House and other financial institutions to validate its approach to digital, tokenized trade finance. Advancing Digital Trade: Insights from the UAE TradeTech Regulatory Sandbox 18

Advancing Digital Trade 2025