/wholesale banking

News and resources on transaction banking, corporate banking and supply chain finance.
Emirates NBD takes stake in trade finance fintech Komgo

Emirates NBD takes stake in trade finance fintech Komgo

Dubai's biggest lender Emirates NBD has made an equity investment in Geneva-headquartered trade finance and treasury network Komgo.

The strategic equity investment was made by Emirates NBD’s Innovation Fund, the Bank’s corporate venture fund. Created earlier this year, the fund has the objective of combining the Bank’s digital ambitions and regional expertise with the agility and technological innovations of fintech companies.

Ahmed Al Qassim, group head of Wholesale Banking, Emirates NBD, says: “We recognise how the fast-changing fintech landscape impacts our industry and we will continue to find and support the next generation of technologies that will help us shape the future of finance and to further strengthen our position as one of the leading financial institutions in the region.”

komgo is a blockchain-based trade financing platform and network-based on JP Morgan's Quorum. The firm currently claims 10,000 enteprise users worldwide and a daily transaction processing value of $1 billion.

Souleïma Baddi, CEO at Komgo comments: “We are delighted that Emirates NDB has taken a strategic equity stake in Komgo, becoming the first Middle Eastern bank to hold shares in the company. This marks a significant milestone and a powerful affirmation of Komgo's solid track record and promising future.”

The investment by Emirates NBD comes just months after Banco Santander announced a working partnership and strategic stake in the trade finance fintech.

Financial terms of both investments were not disclosed.

Comments: (0)