Sberbank joined a blockchain platform of financing of trade in Komgo raw materials

2020: Transition to a blockchain platform of financing of trade in raw materials

On September 15, 2020 Sberbank announced accession to a blockchain platform of financing of trade in raw materials. The relevant agreement subsidiary bank of Sberbank in Zurich — Sberbank (Switzerland) AG — signed with Komgo company.

Evgeny Kravchenko, director of Management of trade financing of Sberbank, chairman of the board of directors of Sberbank (Switzerland) AG:

Financing trade raw materials — one of strategic business activities of Sberbank (Switzerland) AG. In 8 months 2020 we finance deliveries of more than 15 million tons of goods to the amount over 5 billion US dollars. We finance as a goods turnover with our key markets — Russia and CIS, and flows worldwide. Implementation of services and technologies, rapid response to changes are important principles by which we are guided in the activity. Recently rates of digitalization in business of trade financing considerably accelerated, following needs of participants. We are sure that our clients will appreciate increase in efficiency of activity at the expense of solutions of Komgo.

Komgo is the cornerstone blockchain technology that allows participants to exchange quickly data in the digital, safe and decentralized form. On the platform the circle of the solutions simplifying interaction between participants within financing of trade and increasing transactions speed is implemented. The blockchain technology gives the chance to exercise control of the transaction in real time, providing the transparency necessary in trade in raw materials.

Suleyma Buddy, CEO Komgo:

Sberbank — the important strategic partner of Komgo. Its participation will increase trust to our digital network and will open key geographical markets for our clients. We are very glad to support Sberbank (Switzerland) AG and its clients in transition to more such method of trade.