Today MUFG announced it used digitized documents on the komgo blockchain trade finance network. Because the documents supporting the letter of credit are authenticated and timestamped with an audit trail, it helps to mitigate fraud. The transaction was an oil trade between Mercuria Energy Trading and Gunvor with all three firms investors in komgo.
Komgo investors are: ABN AMRO, BNP Paribas, Citi, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Société Générale.
MUFG is also a member of the Marco Polo trade finance network and it’s participating in the Singapore TradeTrust blockchain interoperability framework.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
