Komgo trade finance

The Largest Multi-Bank Trade Finance Platform Komgo has acquired GlobalTrade Corporation (GTC) to create the market leader in digital trade services. Are you a trader, lender, insurance company or other industry stakeholder? We're here to support your transformation journey. Toronto, Canada – Geneva Switzerland, December 1, 2022: GlobalTrade Corporation (GTC) has announced today that it has been acquired by Swiss headquartered Komgo. The round featured both new and existing investors. SMBC was one of Komgo is a Swiss-headquartered software development and technology services company, offering the reference digital network and workflow solutions for the trade finance industry. la BIC - BRED (Suisse) SA de financer les besoins de ses clients : négociants, exportateurs, importateurs, distributeurs et/ou premiers transformateurs. Streamline Trade Finance. MUFG Bank has executed its first live digital transaction on komgo, a blockchain-based commodity trade finance platform led by KomGo SA, a venture formed in August 2018 by the bank and fourteen other global institutions. Full address (covers more extended fields) Complete the Mandatory field marked with red asterisk* and other optional fields as required. Date: 26/06/2024. Mar 31, 2019 · Put simply, komgo is the first blockchain/DLT-based platform for the financial trade of commodities. Discover Market. Komgo is the leading software development and technology services company transforming the trade finance industry. PDF Format. ) utilizing blockchain technology, with the aim of securing and streamlining trade transactions which require complicated procedures and a large volume of paper-based documents. Having seen many proofs of concept and pilots, the trade commodity finance industry is ready for action with the launch of komgo, a blockchain-based venture that will transform the sector. Notre offre de financement couvre, sur base sélective, les besoins de nos clients pour : Sep 5, 2023 · Blockchain trade finance startups. The Trade Finance Taxonomy is a joint publication by the ITFA Market Practice Committee chaired by Paul Coles and the Komgo Secondary Market Workstream led by Izabela Czepirska. GTC brings on board its 120 large multinational customers and their 11,000 subsidiaries that use its trade finance solutions. “Together Komgo and GTC will provide the widest coverage, and biggest volumes, for our corporate and bank users Simple. Reduction Status. “Together Komgo and GTC will provide the widest coverage, and biggest volumes, for our corporate and bank users. Paper/Fax Channel. Trade finance blockchain company Komgo has closed a funding round with $29 million, a press release said on Tuesday (June 1). Founded as an independent venture in August 2018, its 15 shareholders include a mix of corporate and financial players: ABN Amro, BNP Paribas To create a new quick form, user can click on Menu à Field configuration. Select ‘Currency‘ and enter fee amounts. 01 / Konsole connects corporates and banks in an authenticated, structured exchange around the full life-cycle of trade finance instruments, from opening and issuance, to amendment, presentation of documents and settlement. To save the added fees and add more fees, click the ‘Save & add more’ button. Komgo acquires GTC to create the world’s largest platform for digitalisation of trade finance. “Of the administrative costs over the At a glance. To request a new guarantee , the user needs to click on “Request New Guarantee”. Note: This is an automated service, and the system shall automatically create an amendment in the Create to Status defined in the Oct 17, 2023 · RMB’s participation brings another layer of trust to our digital ecosystem, and unlocks a key geography for Komgo’s corporate clients. Jan 12, 2022 · Jointly Komgo and GTC provide trade finance digitalisation solutions to over 120 multinational clients and their 11,000+ subsidiaries, connecting them to their financial institutions and trade service providers on a global basis. Apart from Switzerland’s well known corporate tax advantages, the region claims to have 40-60% of the world’s trade finance activity. Click Add Full Address or Add Short Address. One of komgo’s advantages is its location in Geneva. Citi Trade Finance has evolved with our customers’ needs and offers strategies to address a wide range of financing from the basic to some of the most complex supply chain structures in a domestic and international trade environment. Jul 21, 2020 · Today, Sumitomo Mitsui Financial Group (SMBC) announced that it’s joining two blockchain trade finance consortia, komgo and Contour. The strategic equity investment was made by Emirates NBD’s Innovation Fund, the Bank’s The Largest Multi-Bank Trade Finance Platform Komgo has acquired GlobalTrade Corporation (GTC) to create the market leader in digital trade services. Sep 19, 2018 · Fifteen of the world’s largest institutions, including banks, trading companies, an inspection company 1 and an energy major have formed a new venture known as komgo SA, that will seek to digitalise the trade and commodities finance sector through a blockchain based open platform. DBS has partnered with multiple Digital Trade Platforms (DTP) including ICE Digital Trade (formerly essDOC), ELCY and Komgo to help improve our clients' experience and digitise workflows for greater efficiency. ” Souleïma Baddi, CEO of Komgo added: “Komgo is the preferred trade finance network for the industry’s largest banks, and delivers the best experience to corporate users in their workflow management. Une connaissance approfondie du secteur des matières premières permet à. You can add up to 5 fees at once. The consortium behind KomGo SA, including commodity trading and corporate companies, aim to Create an issuance application through + Quick Form template. Transaction communication channel by fax or courier. The GTR Leaders in Trade awards highlight excellence in the trade, commodity, supply chain, and export finance and fintech markets. A message box folder for Swift and DTA messages. DTPs support the digital application, presentation of electronic documents and end-to-end settlement under Letter of Dec 1, 2022 · U. The amount of the investment was not disclosed. Pop-up window. Our specialist trade knowledge, industry experience and execution deployed to trigger the right business outcomes: More than 200 FI and corporate clients using Komgo solutions, providing feedback and iterating with us on a daily basis. Step 1: Create Report Template, Click on “Add New Template”. komgo is continuing to work in partnership with Consensys to accelerate development and simplify adoption for other institutional players in the commodity trading market. Both networks currently focus on Letters of Credit. Transaction communication channel. The GTR selection committee recognized Komgo's achievements in its efforts to unify corporate-to-bank Trade Finance communications. Gunvor Group. Our innovative solutions empower Treasury, Credit, and Trade Finance teams, streamlining communications and strengthening operational capacity for over 10,000 enterprise users worldwide. Generating sales volumes of 200 TWh of power and gas per year, SEFE plays a central role in the stability of the energy supply in Europe and requires strong and reliable systems to support its operations. Konsole is used to communicate with banks registered on Konsole. Clients are now able to reach BBVA through Komgo and digitally handle their trade finance activities, such as guarantees or letters of […] Jun 21, 2023 · Komgo is the leading software development and technology services company transforming the trade finance industry. Through innovation and with a strong foundation in digitally enabled strategies, Citi can enable access to The Largest Multi-Bank Trade Finance Platform Komgo has acquired GlobalTrade Corporation (GTC) to create the market leader in digital trade services. 01 / Konsole connects corporates and banks in an authenticated, structured exchange around the full life-cycle of a trade finance instrument, from opening and issuance, to amendment, presentation of documents and settlement. Trade Finance Platform for Financial Institutions and Corporates. SEFE joins the Komgo Trade Finance Network. Functional User Guide. Terms of the deal, which sets the stage for a merger of two of the biggest names in trade finance Jun 21, 2023 · Santander has made a strategic equity investment into commodity trade finance platform Komgo, as part of its plans to accelerate the digital transformation of its trade and working capital products. Komgo doesn’t see, collect or analyse any information exchanged. Click on Menu à Transactions à Q Form list. Gunvor uses Komgo’s “Market” solution as a data aggregator to accelerate price discovery and deal execution on risk cover and discounting transactions with the company’s trade finance banks. User can also choose the order of the Sep 25, 2018 · The new trade finance system could reduce trade finance costs by about 20-50%, and possibly much more in the longer term, according to the Komgo partners. Digital trade finance solutions for banks, lenders and insurance companies. Trade Finance. Our global customer base is supported through offices in Singapore, Geneva, London, New York and Houston. The Komgo platform also offers trade finance products such as letters of credit, standby letters of credit, and receivables discounting. We work with an ecosystem of trade software partners, connecting the dots in the industry. -based GlobalTrade Corporation announced it has been acquired by Swiss-headquartered Komgo. The system will then open the Q Form list for the user to see all guarantee opened with Quick form. Jan 17, 2024 · BBVA has joined Komgo, the world’s largest multi-bank trade finance network, to help digitalization of its international clients, enhancing their communication processes with BBVA and achieving greater efficiency in their trade finance operations. Santander now becomes a Komgo shareholder alongside a mix of corporate and financial players Komgo is the leading software development and technology services company transforming the trade finance industry. Secure. S. Integrated. ‍ We asked Structured Trade Finance Officer Janina Taneva about Gunvor’s experience deploying and using the solution, and how it benefits the business. Once parameters have been defined, click the “Generate Schedule” button for the system to automatically generate the periodically scheduled amendments under the Schedule Amendments grid. The deployment will focus on Komgo’s transaction manager, Konsole, to streamline daily trade finance communications and instruments, as well as Market for credit risk and liquidity optimisation. GlobalTrade, the Trade Finance solution of GTC, is now integrated with the APIs of The Largest Multi-Bank Trade Finance Platform Komgo has acquired GlobalTrade Corporation (GTC) to create the market leader in digital trade services. Dubai: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has invested in Komgo, a leading software development and technology services company transforming the trade finance industry. Jan 21, 2020 · 21st Jan 2020 by Ben Poole. “We can now achieve a long-term ambition to improve security and operational efficiency in the commodity Jan 9, 2019 · komgo, a new blockchain-based platform backed by some of the world’s largest commodity trade finance banks, is now live. komgo is a platform that digitises and streamlines trade and commodity finance. Simple. ”. . 19 September 2018. The type of the templates is based on the module you are The Largest Multi-Bank Trade Finance Platform Komgo has acquired GlobalTrade Corporation (GTC) to create the market leader in digital trade services. Our innovative solutions empower Treasury, Credit, and Trade Finance teams Sep 19, 2018 · New era for trade finance. On the other hand, Komgo has a dozen Feb 7, 2020 · Geneva-based KomGo SA was formed in 2018 by MUFG and 14 other global institutions, including banks, commodities traders, energy majors, and a certification company*. The language of trade finance is as diverse as the products and geographies it covers. When Komgo was founded in 2018 there were four bank-backed blockchain trade finance platforms. Select the module guarantee and the component “ Q Form” and click on “Next”. Step 2: Ensure the field Template Name* is filled out and select the type of the template based on the data you wish to see in the template. Komgo removes the need for manual and paper-based processes, Since its establishment in 2018, KomGo has worked to develop an advanced trade platform centered on commodity finance (trade finance related to oil, metals, grains, etc. komgo; GlobalTrade; Functional User Guide; Functional User Guide. Enter ‘Booking reference‘, ‘Fee Details‘, ‘Description‘ , and ‘Account‘. ‍ We are therefore very proud to announce that SEFE has chosen Komgo to digitalise and streamline its trade finance operations. Outbox. In Address Book, you can setup the Address in Full or Short format. Jan 24, 2019 · Once komgo’s energy sector offering is more mature, it plans to target other commodity sectors, with talks already underway. Based in Switzerland, this relatively new venture says its mission is “To catalyse the commodity trade network by providing a fully decentralised, interoperable blockchain solution to act as a data exchange for the industry. It was a sister company to VAKT, another successful enterprise blockchain startup that has several common shareholders. LCE Module- Letter of Credit Export. The acquisition rounds out the marriage of the customers and the banks onto the same trade finance platform. We build tools like Konsole and Trakk, which are used by hundreds of firms around the world, to simplify trade finance. To set the same currency for all new fees, click the master currency selector. While open account trade finance gained market share for many years, there was a turnaround in 2019 that saw a 6% growth in documentary trade finance revenues, which include Letters of Credit (LC), according […] The Largest Multi-Bank Trade Finance Platform Komgo has acquired GlobalTrade Corporation (GTC) to create the market leader in digital trade services. From the start, Komgo had the most focused target market: letters of credit for the energy sector. Jointly Komgo and GTC provide trade finance digitalisation solutions to over 120 Jointly Komgo and GTC provide trade finance digitalisation solutions to over 120 multinational clients and their 11,000+ subsidiaries, connecting them to their financial institutions and trade service providers on a global basis. ITFA would like to thank all contributors listed in the Authors Note across Citi, Crédit Agricole, Credit Suisse, ING, Lloyds, Mizuho, MUFG, Natixis, Pemberton Capital Jun 21, 2023 · In addition, it will enable us to innovate and find synergy in our broad Trade Finance business. From our Swiss roots we’ve expanded to key Dec 1, 2022 · Today Swiss-based Komgo said it had acquired Canada’s GlobalTrade Corporation (GTC) for an undisclosed sum (more later). Select who can access the template: just the user, the entity or the whole group. We recently sat down with Kris Van Broekhoven, Global Head of Commodity Trade Finance at Citi, one of the founder investors of komgo, to discuss the benefits of blockchain in Click MENU->Tools->Address Book List. For each of the field, user can choose if the field should be visible, if it should be mandatory and what should be the name of each of the field. Sep 4, 2023 · September 4, 2023. Message is generated in PDF format. am gp oa pn zw on zj nc xg jr