• Fri, 06 Dec 2019, 01:34 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

komgo SA: Banking and trading giants team up to digitize commodities trade finance using blockchain

Wed, 19 Sep 2018, 12:39 pm UTC

Major banking giants, trading companies, inspection company and an energy major have teamed up for a new venture with the aim of digitizing the trade and commodities finance sector through a blockchain based open platform.

Called “komgo SA,” the new company has been founded by ABN AMRO, BNP Paribas, Citi, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS, and Societe Generale. It will be managed and operated as an independent entity and has been incorporated in Geneva.

“The launch of komgo SA highlights a shared vision for industry innovation and underlines the ongoing commitment among members to build a truly open and more efficient network within commodity trading,” said Souleïma Baddi, Chief Executive Officer of komgo SA.

Some of the founding members are also involved in another initiative called Vakt, which is focused on developing a blockchain-based post-trade processing platform for commodities. Noting this “strong overlap”, the two companies will explore synergies between both platforms moving forward.

According to the official release, the core team behind two successful blockchain Proofs of Concept (PoC) previously tested in energy and soft commodities trading have joined the new venture to develop a decentralised platform based on Ethereum blockchain. The platform will be developed in partnership with ConsenSys.

komgo SA will start with two products:

  • “The first one will standardize and facilitate KYC process without using a central database: the exchange of documents will be executed in an encrypted way over the blockchain on a need to know basis.
  • The second product will be digital letters of credit, allowing commodity houses or other platforms to submit digital trade data and documents to komgo SA customer banks of their choice.”

The products are expected to launch before the end of 2018.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,411.87 (-0.61%)
  • Ethereum (ETH) $147.94 (-0.69%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $211.26 (-1.10%)
  • Litecoin (LTC) $44.90 (-0.55%)
  • Bitcoin (BTC) $7,411.87 (-0.61%)
Dec 6, 2019 (Friday)
13:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:24
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:19
Crypto Technicals: LTC/USD extends sideways, finds strong support at 42.45 (Trendline)
11:18
South Korean consortium to provide blockchain-based ID services via mobile app in 2020
10:31
Crypto Technicals: BCH/USD intraday bias turns slightly bullish, scope for test of 20-DMA (220.99)
10:00
Bitfury launches enterprise blockchain platform ‘Exonum Enterprise’
08:44
CULedger reveals an EFT payment solution for credit unions in collaboration with R3, Luxoft
07:37
Reserve Bank of India governor against the development of private digital currencies
07:34
Ripple asks court to dismiss XRP securities lawsuit in latest filing ahead of court meeting
07:30
Crypto Technicals: ETH/USD struggles to extend recovery, finds stiff resistance at 200H MA at 149.77
05:47
Blockchain firm Figure Technologies hits $1.2B valuation after closing $103M Series C round
05:03
Blockchain firm ChromaWay acquires Antler Interactive after setting up its gaming arm Chroma Studios
04:42
Galaxy Digital-backed Flipside Crypto hires Accenture Managing Director Matt Bridges as COO
04:23
Crypto Technicals: BTC/USD rangebound in the Asian session, struggles at 200H MA
03:56
Canadian mining firm goes belly up; Owes local, federal government hundreds of thousands
03:54
New crypto derivatives trading platform Phemex can manage 300,000 TPS, says core developer
03:51
Microsoft creates blockchain-based incentive scheme with Enjin to recognize active members of Azure community
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft