Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has become the first bank in the Middle East to join Komgo, a fintech offering digital network, trade and working capital workflow solutions for corporate and financial institutions.
Through the Komgo Network, FAB’s key clients can initiate trade finance transactions across various international locations as well as obtain competitive pricing.
FAB is also a lead participant in the development of Komgo’s Market solution for FIs, which will further enhance FAB’s trade secondary risk distribution capabilities.
Anirudha Panse, MD & Head of GTB Trade Finance Product Innovation at FAB, said: “At FAB our approach to digital technology is all about combining multiple solutions, embracing emerging technology, adopting evolving business models, and innovating in what we do. Our partnership with Komgo will have an immediate benefit for our clients. By working together with Komgo, FAB is strengthening its offerings for our investment and corporate banking clients.”
Souleïma Baddi, CEO of Komgo added: “We’re very proud to work with forward-thinking financial institutions like FAB. Thanks to their support we are building a common digital framework for trade finance operations, which will modernize the entire industry and ensure the ongoing availability of liquidity which underpins all global trade.”
With this partnership, FAB delivers on its commitment to building relevant and scalable fintech partnerships that better serve customers.
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 FIRST ABU DHABI BANK (FAB)
FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s focus is to create value for its employees, customers, shareholders and communities to grow through differentiation, agility and innovation.
Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.
With total assets of over AED 1.1 Trillion (USD 312 Billion) as of September-end 2022, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively - the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East since 2011, and #31 Safest Bank globally in 2022. The Banker’s Top 1000 World Banks 2021 rankings, measured by Tier 1 capital, ranked FAB as #1 in the UAE, #3 in the Middle East and #91 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of AA, ‘Leader’ category), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.
For further information, visit: www.bankfab.com.