The Swiss arm of Russia's largest bank is exploring a trade finance process based on blockchain technology. Blockchain and trade finance Sberbank Switzerland AG, a subsidiary of Russia's largest bank, Sberbank, has just signed an agreement with Swiss trade finance platform Komgo. The cooperation between the two entities is to be about using a trade finance service based on blockchain technology. Representatives from Sberbank Switzerland AG told Cointelegraph that the collaboration with Komgo is about the "growing digitization of trade finance." Evgeny Kravchenko, head of trade finance at Sberbank, stressed that trade finance for commodities is a strategic activity of Sberbank Switzerland AG. According to the director, Russia and CIS countries are the company's key markets. He added that Sberbank Switzerland AG also handles trade flows around the world. "The digitalization of trade finance has accelerated rapidly in recent years, in line with the needs of market players," - Kravchenko said, adding that Komgo's trade financing will further enhance the efficiency of Sberbank's operations. Komgo It is worth recalling that Komgo is an innovative trade finance startup that is developing a commodity trade finance platform based on the Ethereum blockchain. One of its goals is to speed up trade finance transactions, as well as allow interested parties to track transactions. Sberbank has been using blockchain technology heavily recently. According to media reports, the bank is working with Russia's major airline, S7 Airlines, to introduce a blockchain-based ticketing system. The institution is also reportedly considering introducing its own stablecoin tied one-to-one to the Russian ruble. Switzerland continues to bet on blockchain In Switzerland, on the other hand, a new group has been formed to promote research and support blockchain companies. It is the Ticino Blockchain Technologies Association, which was formed in collaboration with the University of Southern Switzerland (Università della Svizzera Italiana - USI), and the University of Applied Sciences and Arts of Southern Switzerland (SUPSI). The purpose of the group is to support blockchain research and companies, and to promote academic research in this particular technology. Other members included in the group are: Bitcoin.com, Copernicus Holdings, Eligma, Euronovate, Eventboost, Pangea Blockchain Fund, Poseidon Group, Quadrans Foundation, StrongBlock.io, Superflat and the Swiss Blockchain Consortium. Tags Blockchain trade finance Russia
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