Anglo-Gulf Trade Bank, which plans to launch in 2019, has become the latest financial institution to join the Marco Polo Network, the network of commercial banks in the trade finance market using the TradeIX platform and R3’s blockchain platform, Corda. It will sit alongside existing members such as BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Natwest, Natixis, Bangkok Bank, SMBC, DNB and OP Financial Group.
Anglo-Gulf Trade Bank is based in the Abu Dhabi Global Market (ADGM), the international finance centre in the capital of the United Arab Emirates, and has plans to open additional offices in the United Kingdom, Saudi Arabia, India and Asia, subject to regulatory approvals. It aims to offer “a client-centric trade banking service to a broad range of corporate clients to dramatically reduce costs, risks and improve efficiencies in financing trade.”
Daniel Gould, Deputy CEO at Anglo-Gulf Trade Bank said: “Our strategy is driven by our customer–centric approach on providing fully digitised trade finance solutions in the key trade corridors. By being 100% cloud based and employing data analytics, as well as API connectivity, we will be able to assess and mitigate risks more effectively, deliver a more integrated, real-time offering to our clients as well as encourage interoperability within a growing trade ecosystem.
“Joining the Marco Polo Network allows us to offer competitive solutions with a strong impact on the costs and speed in delivering cross-border trade finance as well as facilitating the expansion of the trade ecosystem here in Abu Dhabi and beyond.”