Yesterday state-owned bank Emirates NBD announced that its Innovation Fund had invested in trade finance platform Komgo. The Swiss startup was originally a blockchain joint venture between nine major banks and high profile energy commodities firms. However, it has since expanded to become a broad trade finance platform after acquiring Canada’s GlobalTrade Corporation (GTC) late last year.
Komgo says it now supports around $1 billion in transactions per day for its 220 corporates and banks. In addition to Geneva, it has a presence in London, Paris, Singapore, Houston and Toronto.
While Emirates is the first Middle Eastern bank to become an investor, last week Komgo announced that Qatar National Bank (QNB) had joined the platform to provide trade finance.
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