Emirates NBD, Dubai’s biggest lender by assets, has made an equity investment in Geneva-headquartered digital trade finance platform Komgo, as part of its plans to increase its digital services through FinTech companies.
The bank invested in the company through its Innovation Fund, its corporate venture funding platform, that was created this year.
The fund has the “objective of strengthening synergies from strategic partnerships by combining the bank’s digital ambitions and regional expertise with the agility and technological innovations of FinTech companies”, the lender said in a statement on Monday. It did not disclose the value of the stake.
“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,” Ahmed Al Qassim, group head of wholesale banking, Emirates NBD, said.
Komgo, which claims it is now the world’s largest multi-bank trade finance network, offers solutions that streamline treasury, credit, and trade finance operations, and communications.
Having more than 10,000 enterprise users worldwide, and offices in Singapore, Paris, London, Toronto and Houston, the company says the total value of transactions flowing through its network amounts to $1 billion daily.
The investment by Emirates NBD in Komgo marks the latest in a series of moves by the latter to expand its links with banks.
In June, Spain-based Santander corporate and investment banking, announced an equity investment in Komgo.