Swiss Branch of Russian Bank Sberbank Partners with Komgo Blockchain Platform
Sberbank announced a new strategic partnership with the blockchain trade finance platform, Komgo. It is the first time that a Russian bank has joined a blockchain platform to provide better financing of commodity trade.
The new agreement is signed between Sberbank's Swiss subsidiary, Sberbank Switzerland AG and Komgo. Sberbank is the largest Russian bank and the new partnership may lead to greater integration between traditional financial organizations and blockchain services in the 11th largest economy in the world.
Financing commodity trade has always been an important aspect of traditional bank business. Sberbank is very focused on this part of the economy and tries to provide the best services, especially for its international clients. The new integration and partnership with a commercial finance startup from the blockchain industry helps them move faster in the new era of digitization.
Komgo, based on the Ethereum blockchain, provides faster and more secure ways for clients to keep track of their deals on commodity trade finance. Evgeny Kravchenko, Global Head of Trade Finance at Sberbank, and Chairman of the Board at Sberbank (Switzerland) AG, said about the new association:
“Financing of commodity trade is a strategic business of Sberbank (Switzerland) AG. As of September 2020, we have financed more than 15 million MT of raw materials worth more than USD 5 billion. We support trade flows with our key markets, Russia and the CIS, as well as flows around the world. The best services, cutting-edge technologies and quick responses to an ever-changing environment are essential principles that guide our team. In recent years, the digitization of trade finance has accelerated dramatically, following the needs of market players. We strongly believe that our customers will truly appreciate the improved efficiency of their operations due to Komgo's high-tech and convenient solutions. "
The decentralized infrastructure that Komgo provides for Sberbank is a vital component in increasing trust in trading platforms. While many traditional banks still struggle to provide decentralized and more secure services, banks like Sberbank can have a competitive advantage in working with blockchain startups. Faster, safer and more reliable transactions are some of the results of the partnership with Kongo for Switzerland, the Sberbank branch.
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