Emirates NBD, a banking group in the MENAT (Middle East, North Africa, and Türkiye) region, has taken a significant step in reshaping the trade finance sector by investing in Komgo, a software development and technology services company.
This strategic equity investment has been facilitated through Emirates NBD’s Innovation Fund, a corporate venture fund established earlier this year. The fund’s primary objective is to bolster collaborative opportunities by combining the bank’s digital aspirations and regional expertise with the agility and technological innovations of fintech firms.
With the support of its corporate venture capital arm, Emirates NBD can now venture into investments in tech startups and companies that align with its digital strategy. The Innovation Fund’s scope encompasses a broad spectrum of investment stages, from early startups to those in the growth phase, with each investment aimed at delivering strategic advantages and yielding long-term returns.
Komgo, the recipient of this substantial investment, is at the forefront of transforming Treasury, Credit, and Trade Finance operations through its innovative solutions. By streamlining communications and enhancing operational efficiency, Komgo serves over 10,000 enterprise users across the globe.
The company, originally rooted in Switzerland, has since expanded its footprint to major international hubs including Singapore, Paris, London, Toronto, and Houston. Komgo has built trust among a diverse clientele, boasting over 200 multinational corporations and global trade banks as satisfied users.
Notably, the Komgo Network facilitates transactions worth approximately $1bn every day, underscoring its profound impact on the trade finance landscape.
Komgo CEO Souleïma Baddi said: “We are delighted that Emirates NBD has taken a strategic equity stake in Komgo, becoming the first Middle Eastern bank to hold shares in the company. This marks a significant milestone and a powerful affirmation of Komgo’s solid track record and promising future.”
Emirates NBD’s strategic investment in Komgo represents a pivotal moment in the pursuit of modernising and revolutionising trade finance operations, with the Innovation Fund serving as a cornerstone in achieving these transformative goals.
Emirates NBD wholesale banking group head Ahmed Al Qassim said: “Our strategic equity investment in Komgo reflects our commitment to constantly innovate and develop tech solutions that can accelerate business processes.
“We recognise how the fast-changing fintech landscape impacts our industry and we will continue to find and support the next generation of technologies that will help us shape the future of finance and to further strengthen our position as one of the leading financial institutions in the region.”
