Swiss headquartered commodity trade finance blockchain platform Komgo has acquired Canada based GlobalTrade Corporation (GTC), which provides several letter of credit (L/C) solutions amongst its range of digital multi-bank trade finance solutions for corporates.

Jointly, Komgo and GTC expect to provide trade finance digitalisation solutions to over 120 multinational clients and more than 11,000 of their subsidiaries, connecting them to their financial institutions and trade service providers on a global basis.

Combined expertise

The acquisition combines Komgo's commodity expertise with GTC's industry expertise, with the aim of consolidating the market for digital trade services.

GTC's @Global Trade Systems solutions include standby L/C issuance and receipt, export and import documentary credit and collections as well as a hosted solution for electronic L/C advising.

Complementary solutions

According to GTC's chairman, Jacob Katsman, the solutions offered by both companies are complementary and cover the complete range of payment instruments used in international trade.

This includes automation and management of L/Cs, bank guarantees and documentary collections as well as detection of fraudulent invoices.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.