The Swiss branch of the largest Russian bank is investigating blockchain-based trade finance. A subsidiary of the largest Russian bank Sberbank has joined the blockchain-based platform for financing raw materials trading.
Sberbank Switzerland AG has signed a contract with the Swiss trade finance platform Komgo for the use of its blockchain-based trade finance services.
Largest Russian Bank to Solve Digital Problem
The representative of Sberbank Switzerland AG told Cointelegraph that the collaboration with Komgo had solved the increasingly digital problem Mk of trade finance.
Evgeny Kravchenko, Head of Trade Finance at Sberbank, explained that commodity trade finance is a strategic business of Sberbank Schweiz AG. The executive said that Russia and the countries of the Commonwealth of Independent States are the company’s main markets, and Sberbank Switzerland AG also supports global trade.
Kravchenko said, “In recent years, the digitization of trade finance has accelerated dramatically with demand from market participants.” He added that Komgo’s trade finance will further improve the savings banks’ operational efficiency.
As previously reported, Komgo is a decentralized trade finance startup that is developing a commodities trade finance platform based on the Ethereum blockchain. One of its goals is to expedite trade finance transactions and enable stakeholders to instantly track successful transactions of commodity trade information.
Sberbank has been actively developing the blockchain industry lately. As Cointelegraph reported in August, Sberbank is working with a major Russian airline, S7 Airlines, to launch a blockchain-based ticket sales system. The bank is also reportedly considering issuing its own stablecoin, pegged one-to-one with the Russian ruble.