Dubai’s largest lender Emirates NBD has made an equity investment in trade finance and treasury network Komgo.
The strategic equity investment was made by Emirates NBD’s Innovation Fund, the Bank’s corporate venture fund.
Founded earlier this year, the fund is designed to combine the bank’s digital ambitions and regional expertise with the agility and technological innovations of FinTech companies.
Ahmed Al Qassim, group head of Wholesale Banking, Emirates NBD, said: “We recognise how the fast-changing FinTech landscape impacts our industry and we will continue to find and support the next generation of technologies that will help us shape the future of finance and to further strengthen our position as one of the leading financial institutions in the region.”
Komgo is a blockchain-based trade financing platform and network-based on JP Morgan’s Quorum.
The firm currently claims to have 10,000 enterprise users worldwide, and a daily transaction processing value of $1bn.
Souleïma Baddi, CEO at Komgo stated: “We are delighted that Emirates NDB has taken a strategic equity stake in Komgo, becoming the first Middle Eastern bank to hold shares in the company.
“This marks a significant milestone and a powerful affirmation of Komgo’s solid track record and promising future.”
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