Sberbank joins commodity trade finance blockchain platform Komgo

Russian bank Sberbank Rossii PAO (MCX:SBER) has joined commodity trade finance blockchain platform Komgo. Sberbank (Switzerland) AG, Sberbank’s Zürich-based subsidiary, has signed the relevant agreement with Komgo.

Evgeny Kravchenko, Global Head of Trade Finance, Sberbank, Chairman of the Board, Sberbank (Switzerland) AG:

“Commodity trade finance is a strategic business of Sberbank (Switzerland) AG. By September 2020, we have financed more than 15 million MT of commodities worth over USD5 bn. We support trade flows with our key markets, Russia & CIS, as well as flows around the world. Best services, cutting-edge technologies and prompt responses to an ever-changing environment are essential principles that guide our team. In recent years, trade finance digitalization has accelerated dramatically, following the needs of market players. We strongly believe that our customers will truly appreciate the enhanced efficiency of their operations due to Komgo’s convenient and high-tech solutions.”

Komgo is based on the blockchain technology that enables participants to quickly exchange data in a digital, secure, and decentralized way. The platform provides a wide range of solutions that facilitate trade finance between participants and increase the speed of transactions. The blockchain technology allows stakeholders to control a deal in real time, offering the transparency that commodity trade needs.

Souleïma Baddi, CEO of Komgo, commented:

“Sberbank is an important strategic partner for Komgo. Their membership brings another layer of trust to our digital network and unlocks key geographical markets for our users. We are excited to support Sberbank Switzerland and their customers to transition to a safer, more efficient way of trading.”