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A subsidiary of Sberbank, Russia’s largest bank, has joined the blockchain-based commodity trade financing platform.
Sberbank Switzerland AG has signed an agreement with the Swiss trade finance platform Komgo to apply its blockchain-based trade finance services.
A representative of Sberbank told Cointelegraph that the cooperation with Komgo has solved the increasingly digital problem of trade finance.
Evgeny Kravchenko, head of trade finance at Sberbank, said commodity trade finance is a strategic business of Sberbank Switzerland AG. The executive said that Russia and the Commonwealth of Independent States countries are the company’s main markets, and Sberbank Switzerland AG also supports global trade.
Kravchenko said: “In recent years, the digitalization of trade finance has accelerated rapidly with the demands of market participants.” He added that Komgo’s trade finance will further improve Sberbank’s operational efficiency.
As previously reported, Komgo is a decentralized trade finance startup company that is developing a commodity trade finance platform based on the Ethereum blockchain. One of its purposes is to accelerate trade finance transactions and allow stakeholders to track commodity trade information for instant successful transactions.
Sberbank has been actively entering the blockchain industry recently. As Cointelegraph reported in August, Sberbank is working with the major Russian airline S7 Airlines to launch a blockchain-based ticket sales system. According to reports, Sberbank is also considering launching a stablecoin linked to the Russian ruble.