Anglo-Gulf Trade Bank joins trade finance network Marco Polo

Wednesday 17 October 2018 10:41 CET | News

Anglo-Gulf Trade Bank has announced that it has joined the Marco Polo Network, a network of commercial banks in the trade finance market.

Marco Polo Network is leveraging blockchain technology to reduce costs, risks and improve efficiencies in financing trade. The initiative is using the TradeIX platform and R3’s blockchain platform, Corda.

Anglo-Gulf Trade Bank was established to help address a global trade finance gap estimated at USD 1.5 trillion. The company is based in the Abu Dhabi Global Market (ADGM), the international finance centre in the capital of the United Arab Emirates, and has plans to open additional offices in the UK, Saudi Arabia, India, and Asia, subject to regulatory approvals.

AGTB will employ a number of technological advances including big data analytics, distributed ledger, and cloud computing to offer a client-centric trade banking service to a broad range of corporate clients to educe costs, risks and improve efficiencies in financing trade. The bank plans to launch in early 2019, subject to final regulatory approval. Anglo-Gulf Trade Bank joins a growing list of members including BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Natwest, Natixis, Bangkok Bank, SMBC, DNB, and OP Financial Group.

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Keywords: Anglo-Gulf Trade Bank, Marco Polo Network, trade finance, United Arab Emirates, UK, commercial banks
Countries: World

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