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BB Energy, Komgo & SGTraDex partner to facilitate digital trade finance

By Gloria Mathias

August 22, 2023

  • APAC Fintech news
  • Asia
  • BB energy
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Komgo, SgTRAdex, Singapore, BB energy, Digital Trade Finance, SGTraDex, BB Energy and Komgo have partnered to advance digital trade financing. The trio formalised their collaboration through the signing of an MoU.

This collaboration aims to enhance the conventional trade finance domain, providing verifiability, fraud detection, and risk mitigation capabilities.

With a track record as a Digital Agent for borrowing bases in Europe, the US and Asia, Komgo, together with SGTraDex’s data highway and BB Energy, seeks to capitalise on digital innovation by integrating SGTraDex’s data highway with enhanced interoperability, transparency and operational ease.

“Our partnership with SGTraDex and BB Energy is a tribute to our objective to generate value for borrowers and lenders through tangible use cases. This robust integration to a modern and trustworthy data source unlocks benefits for all and reinforces Komgo’s position as an aggregator of trade finance flows and technologies,” stated Nicolas Djelalian, Managing Director of Komgo Pte Ltd.

BB Energy anticipates leveraging SGTraDex’s data highway to exchange essential documents through Komgo’s platform, streamlining borrowing base drawdown with financing banks. A drawdown refers to accessing funds or credit from a financing facility based on specific terms and conditions.

Anbu Ramasamy, Regional CFO – Asia Pacific at BB Energy noted, “BB Energy Asia is proud to be at the forefront of this initiative as the first commodity trader to take this step forward. Embracing digitalisation is paramount when tackling governance and providing confidence to liquidity providers, enabling banks to extend financing more securely and efficiently. With BB Energy’s domain expertise and SGTraDex and Komgo’s robust digital infrastructures, this partnership will create a dynamic, differentiated offering that can pave the way for an industry-wide shift to efficient, more transparent structured trade finance operations.”

This partnership effectively captures the spirit of innovation and collaboration, enabling SGTraDex and Komgo’s efforts in reshaping the digital trade financing landscape.

Kelvin Ling, Head of Operations and Business Development at SGTraDex said, “This strategic partnership is a testament to our commitment to drive digital transformation for supply chain trade financing. The MOU signing marks the beginning of a journey where SGTraDex, BB Energy, and Komgo collaborate to drive operational efficiency and innovation in the industry.”

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