The Swiss arm of Sberbank joins blockchain-based platform Komgo

Sberbank Switzerland AG signed an agreement with Komgo. It joined a blockchain-based platform for commodity trade finance.

Sberbank Switzerland AG, a subsidiary of the Russian financial giant, has signed an agreement to join the Komgo trade finance platform based on Ethereum.

Chairman of the Board of Directors of Sberbank (Switzerland) AG Evgeny Kravchenko:

For 8 months of this year we have financed deliveries of more than 15 million tons of goods to the amount of more than 5 billion US dollars. We finance both trade turnover with our key markets — Russia and CIS — and flows around the world. Introduction of the best services, newest technologies, prompt response to changes — these are important principles that guide us in our activities.

Kravchenko stressed that in recent years, digitalization of trade finance transactions has become a trend for financial institutions. Blockchain will help make Sberbank’s operations more efficient and noticeably accelerate them.

Komgo CEO Souleima Baddi said that Sberbank’s accession to the platform was an important step for the development of the company’s digital network. Sberbank will open up new geographic markets for Komgo, while at the same time providing its customers with more efficient and secure services thanks to the blockchain.

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Jeffrey Hancock

Blockchain enthusiast developer and writer. I love video games, blockchain and the hot symbiosis of these two worlds.