DUBAI - Emirates NBD has announced it invested in Komgo, a leading software development and technology services company transforming the trade finance industry.
The strategic equity investment was made by Emirates NBD's Innovation Fund, the bank's corporate venture fund.
Emirates NBD's corporate venture capital arm will enable the Group to invest in tech start-ups and companies supporting its digital strategy. The Innovation Fund's mandate is to invest in a wide range of stages, from early to growth, depending on the strategic fit for the Group, to deliver strategic benefits and realise a long-term return from investments.
From its Swiss roots, Komgo has expanded to key international locations, including Singapore, Paris, London, Toronto and Houston, and is trusted by a diverse customer base that includes more than 200 multinational corporations and global trade banks. Approximately US$1 billion in transaction value flows through the Komgo Network each day.
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, Group Head of Strategy, Analytics & Venture Capital of Emirates NBD, said that technology is crucial for unlocking new possibilities and the Innovation Fund will remain committed to supporting the bank's growth and vision of becoming the most innovative bank for our customers, people 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."