Komgo Acquires GTC to Create the World's Largest Platform for Digitalisation of Trade Finance
GlobalTrade Corporation (GTC) has announced today 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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221201005153/en/
“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.
"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."
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.
About GlobalTrade Corporation
GlobalTrade Corporation (GTC) pioneered multi-bank trade finance solutions for corporates. The company continues to lead the industry by developing ecosystems aimed at digitalising all stages of a trade finance transaction and connecting all transaction parties. The latest version of the company’s cloud solutions includes features for establishing and managing relationships with financial institutions, pricing of trade finance instruments, their issuance, and advice, post-issuance events, managing electronic documentation, and risk participation. Recognizing that trade finance is tightly connected to other areas inside and outside a corporate organization, GTC supports multiple interfaces and formats for sharing information with other internal corporate systems, such as ERP, financial reporting, cash management and payments, user management, as well as external platforms for connecting with banks and logistics providers. For more information, please visit www.globaltradecorp.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
AUTEL4.2.2023 09:01:43 CET | Press release
Autel Brings MaxiCharger DC Compact to eCarExpo and Signs Partnership Agreement with Leading Charging Operator Eways
MA-TAKEDA-PHARMACEUTICAL4.2.2023 00:49:44 CET | Press release
U.S. FDA Approves Takeda’s TAKHZYRO® (lanadelumab-flyo) to Prevent Hereditary Angioedema (HAE) Attacks in Children 2 Years of Age and Older
TX-SLB3.2.2023 22:06:49 CET | Press release
SLB Completes Acquisition of Gyrodata Incorporated
BDA3.2.2023 16:18:39 CET | Press release
Gallagher Re Joins ABIR and EY as 2023 Bermuda Risk Summit Headline Sponsors
WORKATO3.2.2023 16:16:37 CET | Press release
Workato Named a Leader in the 2023 Gartner® Magic Quadrant™ for iPaaS
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom