GlobalTrade Corporation (GTC) has announced that it has been acquired by Swiss headquartered Komgo. Jointly Komgo and GTC provide trade finance digitalisation solutions to over 120 multinational clients and their 11,000+ subsidiaries, connecting them to their financial institutions and trade service providers on a global basis.
“The industry has been waiting for this consolidation”
“Together Komgo and GTC will provide the widest coverage, and biggest volumes, for our corporate and bank users. We are combining Komgo’s commodity expertise with GTC’s industry expertise, consolidating the market for digital trade services. Trade finance is moving to a digital framework, and we’re proud to be at the forefront of this transition,” said Souleïma Baddi, CEO of Komgo.
Latest Fintech News: New Report: Identity Fraud Doubled in Crypto and Banking in 2022
“The industry has been waiting for this consolidation,” said GTC’s Chairman of the Board, Jacob Katsman. “Together with Komgo, we can now connect corporates to all their financial institutions for trade finance irrespective of what back-office system they use. Solutions offered by both companies are complementary and cover the complete range of payment instruments used in international trade, starting from detection of fraudulent invoices to automation and management of letters of credit, bank guarantees, documentary collections; integrated with a trade finance marketplace.”
Latest Fintech News: What is AVAX? Everything You Need to Know About Avalanche
About Komgo
Komgo is a Swiss-headquartered software development and technology services company solving problems for the trade finance industry. Our elegant digital solutions are transforming internal workflows, and the relationships between importers, exporters, banks, and all the stakeholders in-between. Owned by the industry’s leading banks and corporates, our global customer base is supported through offices in Seoul, Singapore, Geneva, London, New York, and Houston.
Latest Fintech News: Atomic Collaborates With Jack Henry to Unlock a Digital Banking Evolution for Banks and Credit Unions
[To share your insights with us, please write to sghosh@martechseries.com]
