A subsidiary of Sberbank, Russia’s largest bank, has joined a blockchain-based platform to finance trade in goods.
Sberbank Switzerland AG has signed an agreement with the Swiss trade finance platform Komgo to implement a blockchain-based trade finance service.
Sberbank from Switzerland told Cointelegraph that the collaboration with Comgo is aimed at the increasing digitalisation of trade financing.
Evgeny Kravchenko, Head of Trade Financing at Sberbank, explained that trade financing of goods is a strategic business for Sberbank Switzerland. According to the CEO, Russia and the Commonwealth of Independent States are the most important markets for the company, and Sberbank Switzerland also supports trade flows around the world.
“In recent years, the digitalisation of trade finance has accelerated dramatically in line with the needs of market participants,” said Kravchenko, adding that Komgo’s commercial economy will improve the efficiency of Sberbank’s operations.
As previously mentioned, Komgo is a decentralized trade financing that develops a trade financing platform based on the Ethereum blockchain. One of the goals is to speed up trade financing transactions, as well as enable stakeholders to track the transaction with immediate success for information on trade in goods.
Recently, Sberbank has actively exploited the blockchain industry. As Cointelegraph reported in August, Sberbank is working with the major Russian airline S7 Airlines to offer a blockchain-based ticketing system. The bank is also reportedly considering launching its one-on-one stack coin pegged to the Russian ruble.