This week Dubai-based National Bank of Fujairah (NBF) announced it has become a member of the trade finance blockchain network Marco Polo.
NBF’s addition brings the Marco Polo participant count to 22. Members include Mastercard which joined last week as well as several top global banks such as BNP Paribas, ING and Standard Chartered.
“We’ve been actively exploring how emerging technologies such as blockchain, and an enhanced digital experience can be deployed in Trade Finance and Treasury Services to better serve our corporate clients’ ever-changing needs,” said Subramanian Krishnamurthy, Head of Global Transaction Services at NBF.
Marco Polo was started in 2017, is currently in the pilot phase and offers open account solutions. The selling point of the network is ERP integration, which allows enterprises to get financing from multiple banks using a single dashboard. They simply need to select the invoices, the banks and the amount of funding they’re looking for. Current integrations include Microsoft Dynamics 365, Xero, and Oracle Netsuite.
The technology underpinning the Marco Polo platform is R3’s Corda and the technology partner is TradeIX founded by Rob Barnes, who also co-founded PrimeRevenue.
“We are pleased to welcome NBF to the Marco Polo Network expanding our membership in the Middle East,” said Daniel Cotti, MD for Banking and Trade at TradeIX.
In July, NBF signed up for blockchain trade finance platform called UAE Trade Connect which aims to address double financing and invoice fraud. Etisalat Digital developed the platform in partnership with First Abu Dhabi Bank and Avanza Innovations.
NBF is backed by the Government of Fujairah, conglomerate Easa Saleh Al Gurg and state-owned Investment Corporation of Dubai. Among UAE banks, Anglo-Gulf Trade Bank is also a part of the Marco Polo network and yesterday received the first UAE digital banking license.
The complete list of current Marco Polo members is Alfa Bank, Anglo Gulf Trade Bank, Bangkok Bank, Bayern LB, BNP Paribas, Bradesco, Commerzbank, Danske Bank, DNB, Helaba, ING, LBBW, Mastercard, Natixis, Natwest, OP, Raiffeisen Bank, SMBC, S-Servicepartner, Standard Bank, and Standard Chartered.