ABN AMRO, together with 14 of the world’s largest financing, trading and production institutions, has launched Komgo SA. This venture digitalises trade and commodities finance processes through a blockchain-based open platform and will transform the way these operations are processed.
Karin Kersten, Head of Trade and Commodity Finance at ABN AMRO: “We are proud to be one of the launching partners, together with other leading trade finance players. Komgo will be an open financing platform, changing finance processes around commodity financing. This will increase efficiency and reduce risks and costs. The platform is designed to be connectable to other commodity platforms.”
ABN AMRO’s partners in this venture are BNP Paribas, Citi, CréditAgricole Groupe, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale.
The blockchain platform will be developed in partnership with ConsenSys, a global formation of technologists and entrepreneurs building applications, infrastructure, and solutions on the Ethereum network.
Komgo will operate out of Geneva and will start with two products. The first one will standardise and facilitate the know-your-customer process. The second product will be a digital letter of credit, allowing commodity houses or other platforms to submit digital trade data and documents to the Komgo customer banks of their choice.