Today a consortium of 15 banks and commodity traders announced a new consortium targeting
trade finance for commodities. Investors in the ‘komgo’ platform are ABN Amro, BNP Paribas, Citi, CréditAgricole Groupe, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale. Komgo is based in Geneva.
Since last year ING, ABN Amro and Societe Generale worked together on a similar platform they called
Easy Trading Connect. The core team behind Easy Trading Connect has joined komgo.
“The potential that distributed ledger technologies (DLT) have in transforming the commodities sector is clear as evidenced with the success of the Easy Trading Connect experiments,” said Toon Leijtens, CTO of komgo SA, formerly of ING. “We can now achieve a long-term ambition to improve security and operational efficiency in the commodity trade finance sector”.
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