komgo blockchain platform for commodity trade finance goes live

GTR – 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. Founded as an independent venture in August 2018, its 15 shareholders include a mix of corporate and financial players: ABN Amro, BNP Paribas, Citi, Crédit Agricole, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Société Générale. Its foundation followed two experiments carried out on ING’s Easy Trading Connect platform in energy and soft commodities trading in 2017 and early 2018 respectively. After months of building the platform, the first transaction was announced by Société Générale on its LinkedIn page on December 20: “A new step in innovation for trade commodity finance. Société Générale is proud to announce the process via blockchain of a first letter of credit from komgo. Financing a live transaction on North Sea crude oil with Mercuria.” The komgo platform will initially offer two products: a digital letter of credit (LC) and a know your customer (KYC) solution. The digital LC, which is now live, allows commodity houses and other players to submit digital trade data and documents to their… continue reading

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