Sberbank Switzerland has signed an agreement with Switzerland-based trade finance platform Komgo to apply its blockchain-powered trade finance service. Representatives from Sberbank Switzerland stated that the collaboration with Komgo addresses the growing digitisation of trade finance, according to cointelegraph.com.
Commodity trade finance is a strategic business of Sberbank Switzerland. According to company staff, Russia and the Commonwealth of Independent States countries are the company’s key markets, while Sberbank Switzerland also supports trade flows globally. The collaboration with Komgo is the bank’s first partnership tapping blockchain-based commodity trade finance. Also, the initiative is not expected to immediately impact Sberbank’s operations in Russia, but might be implemented in the future.