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MUFG executes blockchain letter of credit using komgo

Monday 13 January 2020 10:44 CET | News

Japan-based MUFG Bank has completed its first live blockchain transaction on the commodity trade finance platform, komgo.

MUFG executed a letter of credit in London for commodity trader Mercuria. Switzerland-based commodity trade finance platform KomGo was formed by MUFG and 14 other institutions including banks, commodity traders, energy majors, and a certification company.

The platform offers trade finance products such as letters of credit, standby letters of credit and receivables discounting. Additionally, it has a Know Your Customer (KYC) compliance solution, which standardizes the KYC process without using a central database. komgo is based on JP Morgan’s Quorum blockchain, the enterprise version of Ethereum, and aims to digitize trade finance operation to improve efficiency. ConsenSys’ Kaleido helped with developing the hosting network.

The full list of the founders includes — MUFG Bank, ABN AMRO, BNP Paribas, Citi, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, Natixis, Rabobank, Shell, SGS and Société Générale.


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Keywords: komgo, MUFG, letter of credit, trade finance, blockchain trade finance platform, trade finance platform, MUFG Bank, ABN AMRO, BNP Paribas, Citi, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, Natixis, Rabobank, Shell, SGS, Société Générale
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Japan
This article is part of category

Banking & Fintech