Rabo Frontier Ventures (RFV), which is a strategic investment arm of Rabobank has acquired a stake of komgo SA. The latter is a venture seeking to digitalise the trade and commodities finance sector via a blockchain open platform. It was launched by fifteen largest institutions in the world including banks, trading companies, energy majors and an inspection company.
komgo is expected to launch two products by the end of this year. One product is expected to standardize and facilitate Known Your Customer (KYC) process sans a central database. It will facilitate exchange of documents in an encrypted way through blockchain. The other product will be digitalizing of letters of credit, letting commodity houses or any other platforms in order to submit digital trade data and documents to their preferred customer banks. Notably, komgo will be developed along with ConsenSys and incorporated in Geneva.