The Swiss arm of Russia’s largest bank is researching the blockchain-based trade finance process.
Blockchain and trade finance
Sberbank Switzerland AG, a subsidiary of Russia’s largest bank, Sberbank, has just signed an agreement with the Swiss trade finance platform Komgo. The cooperation between the two entities is to involve the use of a trade financing service based on blockchain technology.
Sberbank Switzerland AG officials said Cointelegraphthat collaboration with Komgo is concerned “The increasing digitization of trade finance.”
Evgeny Kravchenko, head of trade finance at Sberbank, emphasized that trade finance is a strategic activity of Sberbank Switzerland AG. According to the director, Russia and the Commonwealth of Independent States are the company’s key markets. He added that Sberbank Switzerland AG also handles trade flows worldwide.
“In recent years, the digitization of trade finance has accelerated rapidly, in line with the needs of market players”
– said Kravchenko, adding that trade financing by Komgo will further increase the effectiveness of Sberbank’s operations.
It is worth recalling that Komgo is an innovative startup dealing with trade finance, which is developing a platform for financing trade in goods based on the Ethereum blockchain. One of its goals is to accelerate trade finance transactions as well as allowing interested parties to track the transaction.
Sberbank has been making heavy use of blockchain technology recently. According to the media, the bank is working with the main Russian airline, S7 Airlines, to introduce a blockchain-based ticketing system. The institution is also reportedly considering introducing its own one-on-one tied to the Russian ruble.
Switzerland is still betting on blockchain
In turn, a new group has been created in Switzerland to promote research and support blockchain companies. It is about Ticino Blockchain Technologies Association, which was established in cooperation with the University of Southern Switzerland (Università della Svizzera Italiana – USI) and the University of Applied Sciences and Arts of Southern Switzerland (SUPSI).
The group’s goal is to support research and companies in the blockchain sector and to promote scientific research in the field of this particular technology.
The other members that make up the group are: Bitcoin.com, Copernicus Holdings, Eligma, Euronovate, Eventboost, Pangea Blockchain Fund, Poseidon Group, Quadrans Foundation, StrongBlock.io, Superflat and the Swiss Blockchain Consortium.