Santander Corporate & Investment Banking (Santander CIB), a premier global bank specialising in trade finance, has joined hands with Komgo, the foremost multi-bank trade finance network worldwide, through a strategic equity investment.
The alliance is poised to expedite the digitalisation of numerous Trade & Working Capital products.
The partnership’s primary purpose is to fast-track the digital transformation of trade finance. It unites the strengths of both organisations, blending Santander CIB’s global footprint and leadership in trade finance with Komgo’s advanced technology and extensive corporate client base.
Santander CIB, an arm of the Spanish banking group Santander, is recognised as one of the top global banks in trade finance. The institution provides a wide range of financial services and products to large corporates, institutions, and government bodies.
On the other side of the partnership, Komgo is an innovative FinTech company known as the world’s largest multi-bank trade finance network. It aims to optimise and digitalise the trade finance industry by leveraging blockchain and other cutting-edge technologies.
Additionally, Santander CIB has become a shareholder of Komgo through a strategic equity investment. This move is anticipated to generate synergy between Santander CIB’s global reach and Komgo’s innovative technology and corporate clientele. Furthermore, Santander CIB will benefit from Komgo’s technology to improve its client-to-bank communication, while Komgo will expand its trade finance offering, having already grown through the acquisition of Global Trade Corporation (GTC) last year.
Mencia Bobo, global head of Trade & Working Capital Solutions at Santander CIB said, “We want to support our clients simplify and digitalize trade finance. Partnering with Komgo means we can automate communications, optimise end-to-end processes, reduce operational risk and deliver the best client experience. In addition, it will enable us to innovate and find synergy in our broad Trade Finance business.”
Komgo’s CEO, Souleïma Baddi, added: “Komgo is the preferred trade finance network for the industry’s largest banks, and delivers the best experience to corporate users in their workflow management. As a leading financial institution and one of the largest trade banks globally, Santander CIB’s investment in Komgo adds another layer of trust to our network. We are especially proud to be supporting its clients’ transformation journey.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
