Date: 17/02/2022
OQ Trading (OQT) has become one of the first corporates to nominate Komgo as Digital Agent on their flagship borrowing base managed by ING, following renewal of the facility in mid-June 2021.
Following successful deployment of Komgo’s ‘Konsole’ and ‘Trakk’ solutions, OQT has invested in further data activation via Komgo’s professional service steam, to enable more automated and intelligent functionality at scale across their trading business.
The first implementation will automatically generate and send to ING the relevant Notice of Assignment (NOA) based on data embedded in sales invoices, without any human intervention. This application will be scaled to 80% of the trade portfolio by mid-2022, for an estimated 8-man hours saved per week. A similar setup is deployed for the generation of utilisation requests on the purchase side.
OQT’s invoice’s will also be registered on Track, adding extra comfort and security by enabling counterparties to verify their authenticity on OQT’s website rather than call-back. Trakked documents can be given extra status through the addition of verifiable counterparty activity to create a digital audit trail and real-time visibility on a document’s status.
“Our objective is to lead the industry in terms of efficiency and sustainable value. For many of our banks and partners, this value comes through increased security and reliability of data, the ability to automate tasks and report on demand. Komgo’s Digital Agent is gathering verified data from across their trusted network to provide highly contextualised reporting and supplementing existing data flowing from our internal systems.”
Sam Naylor, CFO, OQ Trading
OQ Trading is the commodity trading arm of the Government of Oman, held through the OQ Group and the Oman Investment Authority, with a remit to source, transport, trade, and market hydrocarbon commodity products in the international marketplace.
Headquartered in the Dubai International FinancialCentre (DIFC), the company has successfully established a global presence as one of the world’s major participants in the commodities trading industry – trading approximately 30 million tonnes of energy products each year. In addition to the headquarters in Dubai, OQ Trading has a network of offices located across key markets and trading hubs worldwide, including in Houston, London, Muscat, Rotterdam, Shanghai and Singapore.
Since inception OQ Trading has built an excellent reputation within the marketplace as an established, trusted partner to its hundreds of trading counterparties as well as numerous financiers including leading commodity trade finance banks.
ING is a global financial institution with a strong European base, offering banking services through its operating companyING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 57,000 employees offer retail and wholesale banking services to customers in over 40 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part ofING’s strategy, evidenced by ING’s leading position in sector benchmarks.
ING's ESG rating by MSCI was upgraded to 'AA' in December 2020. ING Group shares are included in major sustainability and Environmental, Social and Governance (ESG) index products of leading providers STOXX, Morningstar and FTSE Russell. In January 2021, ING received anESG evaluation score of 83 ('strong') from S&P Global Ratings.
Komgo is a Swiss headquartered software development and technology services company, offering the reference digital network and workflow solutions for the trade finance industry.
Our global customer base is supported through offices in Singapore, Geneva, London, New York, and Houston.
Komgo removes the need for manual and paper-based processes, mitigates against fraud risk, provides a benchmark data reference for the industry, and delivers the best-in-class value to end-users through elegant digital experiences.
