Emirates NBD has declared its investment in Komgo, a prominent software development and technology services firm that is revolutionizing the trade finance sector. Emirates NBD’s Innovation Fund, the bank’s corporate venture fund, executed the strategic equity investment.
According to WAM, Emirates NBD’s corporate venture capital division will enable the Group to invest in technology startups and companies that align with its digital strategy.
The Innovation Fund’s mission is to invest across various stages, from early-stage to growth, based on how well they fit into the Group’s strategic goals, aiming to achieve long-term returns from these investments.
Originating in Switzerland, Komgo has expanded its presence to significant international hubs, including Singapore, Paris, London, Toronto, and Houston.
Komgo Network: Handling $1B Daily Transactions
It enjoys the trust of a diverse customer base, consisting of over 200 multinational corporations and global trade banks. The Komgo Network handles approximately $1B in transaction value on a daily basis.
Commenting on the announcement, Ahmed Al Qassim, Group Head of Wholesale Banking of Emirates NBD, said, “Our strategic equity investment in Komgo reflects our commitment to constantly innovate and develop tech solutions that can accelerate business processes. We recognise how the fast-changing fintech landscape impacts our industry, and we will continue to find and support the next generation of technologies that will help us shape the future of finance and to further strengthen our position as one of the leading financial institutions in the region.”
Neeraj Makin, the Group Head of Strategy, Analytics, and Venture Capital at Emirates NBD, emphasized the vital role of technology in opening up new opportunities. He confirmed the Innovation Fund’s steadfast dedication to aiding the bank in its pursuit of becoming the most innovative bank for its customers, employees, and communities.
Souleïma Baddi, CEO at Komgo, commented, “We are delighted that Emirates NDB has taken a strategic equity stake in Komgo, becoming the first Middle Eastern bank to hold shares in the company. This marks a significant milestone and a powerful affirmation of Komgo’s solid track record and promising future.”
