New Strategic Investment in Komgo by Emirates NBD
5. September 2023 – State-owned bank Emirates NBD made through its new Innovation Fund a strategic investment in Swiss based trade finance and treasury platform Komgo. The Geneva based company was set-up in 2018 as a blockchain joint venture between nine major banks and high profile energy commodities firms but expended to become a broad trade finance platform after acquiring Canada’s GlobalTrade Corporation (GTC) late last year.
Komgo currently has 10,000 enterprise users worldwide, and a daily transaction processing value of USD 1bn.
Emirates NBD, Dubai's biggest lender, is the second bank to invest in Komgo during the last three months after Santander announced a working partnership with and strategic investment in Komgo in June.
Bank shareholders in Komgo now include ABN Amro, BNP Paribas, Citi, Credit Agricole, Credit Suisse, Emirates NBD, ING, MUFG, Natixis, OCBC Bank, Santander, SMBC, Société Générale and RaboBank.