Launch of komgo SA : Industry players and banks join forces to launch blockchain platform to transform commodities trade finance
On 19 September 2018, fifteen of the world’s largest institutions, including banks, trading companies, an inspection company and an energy major have announced the formation of a new venture known as komgo SA, that will seek to digitalise the trade and commodities finance sector through a blockchain based open platform.
The founders of this new company, managed and operated as an independent entity, include companies from: ABN AMRO, BNP Paribas, Citi, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale.
The launch of komgo SA highlights a shared vision for industry innovation and underlines the ongoing commitment among members to build a truly open and more efficient network within commodity trading.
komgo SA has been incorporated in Geneva, one of the main worldwide commodity-based clusters, and benefits from the strong support of the Canton de Genève.
Walder Wyss advised the founders in this process. The Walder Wyss team was led by Hubertus Hillerström (Partner, Banking & Finance) and further included Patrick W. Vogel (Partner, Banking & Finance), Mark A. Reutter (Partner, IP/IT), Fouad G. Sayegh (Partner, Tax), Dirk Spacek (Managing Associate, IP/IT), Philippe Kohler (Associate, Banking & Finance), André Kuhn (Associate, Banking & Finance), Hugh Reeves (Associate, IP/IT), Laura Luongo (Associate, Employment) and Valentine Schnyder (Trainee, Corporate/M&A).