New era for trade finance
Having seen many proofs of concept and pilots, the trade commodity finance industry is ready for action with the launch of komgo, a blockchain-based venture that will transform the sector.
“We can now achieve a long-term ambition to improve security and operational efficiency in the commodity trade finance sector,” said Toon Leijtens, chief technology officer of komgo.
It will radically simplify and accelerate trustworthiness, auditability, and accessibility to trade financing across the industry.
ING is one of the 15 banks, commodity houses and trading companies involved in its creation.