Dubai-based banking group Emirates NBD has made a strategic investment in Swiss software company Komgo, marking its first foray into the Middle Eastern market. The investment, which was made through Emirates NBD’s Innovation Fund, was announced on Wednesday.
The exact amount invested in Komgo has not been disclosed. However, the move is part of the bank's broader strategy to establish partnerships with fintech firms that can aid its digital transformation efforts.
Komgo, a trade finance and treasury platform based in Geneva, was initially established in 2018 as a blockchain joint venture between nine major banks and high-profile energy commodities firms. It later expanded its scope after acquiring Canada’s GlobalTrade Corporation (GTC) late last year. As of now, Komgo processes a daily transaction value of $1 billion and serves over 10,000 enterprise users worldwide.
Emirates NBD is the second bank to invest in Komgo in the last three months, following Santander (BME: SAN )'s strategic investment and partnership announcement in June. Other significant shareholders in Komgo include ABN Amro, BNP Paribas (OTC: BNPQY ), Citi, Credit Agricole (OTC: CRARY ), Credit Suisse, ING, MUFG, Natixis, OCBC Bank, SMBC, Société Générale (EPA: SOGN ) and RaboBank.
Ahmed Al Qassim, group head of wholesale banking at Emirates NBD said the equity investment reflects the bank's commitment to innovation and development of tech solutions that can accelerate business processes. He added that Emirates NBD recognizes the impact of the fast-changing fintech landscape on their industry and will continue to support technologies that help shape the future of finance.
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