As co-investor and sole TIC (Testing, Inspection and Certification) representative, SGS announces the launch of komgo SA, a new Geneva-based company, grouping 15 shareholders in the commodities sector.
komgo SA will launch a new blockchain-based platform before the end of the year that will transform commodity trade finance by enhancing efficiency and strengthening security. This platform will provide trusted digital ledgers to limit operational risks of fraud, counterfeiting or human error. With all data available on the same platform, komgo will reduce time spent on processing documents and data, which will in turn speed up the transaction process.
With this type of investment, SGS continues to stretch the boundaries of TIC industry innovation, confirming its leadership position. SGS is expanding its experience in pioneering technologies to continue to offer advanced services to clients across numerous industries.
15 partners have invested into komgo, including ABN Amro, BNP Paribas, Citibank, Crédit Agricole CIB, Gunvor, ING, Koch, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale. It will be managed and operated as an independent entity.