Anglo-Gulf Trade Bank is looking to leverage blockchain to reduce costs, risks and improve efficiencies in financing trade.
The bank has joined the Marco Polo Network, a network of commercial banks in the trade finance market leveraging the technology. The initiative is using the TradeIX platform and R3’s blockchain platform, Corda.
Anglo-Gulf Trade Bank is based in the Abu Dhabi Global Market (ADGM), the international finance centre in the capital of the United Arab Emirates, and has plans to open additional offices in the United Kingdom, Saudi Arabia, India and Asia, subject to regulatory approvals.
AGTB said it will employ a number of technological advances including big data analytics, distributed ledger and cloud computing to offer a client-centric trade banking service to a broad range of corporate clients.
Daniel Gould, Deputy CEO at Anglo-Gulf Trade Bank said: “Our strategy is driven by our customer–centric approach on providing fully digitised trade finance solutions in the key trade corridors. By being 100% cloud based and employing data analytics, as well as API connectivity, we will be able to assess and mitigate risks more effectively, deliver a more integrated, real-time offering to our clients as well as encourage interoperability within a growing trade ecosystem.
The Marco Polo Network offers a state-of-the-art trade finance platform for global working capital needs powered by blockchain technology and open Application Programming Interfaces (APIs) purpose-built for the global trade ecosystem. It allows banks to offer participants and to easily integrate into trade orchestrations bringing in ERP, procure to pay, logistics, payment and insurance data real-time into the trade transactions.
Anglo-Gulf Trade Bank joins a growing list of members including BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Natwest, Natixis, Bangkok Bank, SMBC, DNB and OP Financial Group.
“It’s long been clear that the challenges facing trade finance must be addressed at an international level for any solution to be effective. Underpinned by our Corda blockchain platform, Marco Polo’s global network will facilitate much more efficient cross-border trade. We are pleased to welcome Anglo-Gulf Trade Bank to the initiative and we are excited to foster growing trade corridors worldwide,” said David E. Rutter, CEO of R3.
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