Today Lloyds Bank
announced that it is the first UK bank to join blockchain consortium komgo. ING, ABM Amro, and Societe Generale founded the group to streamline trade finance for international commodities trading.
Launched last year, the Geneva-based consortium boasts backing from Shell, Mercuria, and MUFG amongst 15 bank and commodities investors.
The komgo platform, based on JP Morgan’s Quorum, utilizes blockchain to tackle fraud, increase efficiency, and digitize trade. The founding banks saw room to improve on often complex international trade finance.
As Gwynne Master, MD and global head of trade for Lloyds Bank Commercial Banking, put it: “‘Cumbersome’ and ‘time-consuming’ are just two words used to describe international trade today.“
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