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Russia-based Sberbank joins blockchain trade finance platform

Friday 18 September 2020 13:57 CET | News

Sberbank Switzerland, a subsidiary of Sberbank has joined a blockchain-based platform for commodity trade finance.

Sberbank Switzerland has signed an agreement with Switzerland-based trade finance platform Komgo to apply its blockchain-powered trade finance service. Representatives from Sberbank Switzerland stated that the collaboration with Komgo addresses the growing digitisation of trade finance, according to cointelegraph.com. 

Commodity trade finance is a strategic business of Sberbank Switzerland. According to company staff, Russia and the Commonwealth of Independent States countries are the company’s key markets, while Sberbank Switzerland also supports trade flows globally. The collaboration with Komgo is the bank’s first partnership tapping blockchain-based commodity trade finance. Also, the initiative is not expected to immediately impact Sberbank’s operations in Russia, but might be implemented in the future. 

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Keywords: Russia, Switzerland, Sberbank, blockchain, trade finance, platform, commodity trade finance, subsidiary, komgo, trade finance platform, trade finance service, digitisation, Commonwealth of Independent States, trade flows
Categories: Banking & Fintech
Companies:
Countries: Europe
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Banking & Fintech

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