Bladex enters into a strategic alliance with Komgo, driving innovation in trade finance solutions

Rhea-AI Summary

Banco Latinoamericano de Comercio Exterior (Bladex) has announced a strategic alliance with Fintech company Komgo, marking it as the first bank in Latin America to join this international platform. This partnership aims to enhance Bladex's capacity to support foreign trade through innovative solutions. Several transactions have already been successfully completed on the Komgo platform, improving safety and efficiency. CEO Jorge Salas emphasized that the alliance will expand product offerings and strengthen transaction security, while Komgo's CEO noted the increased trust in their network.

Positive

• Bladex becomes the first Latin American bank to join the Komgo platform, enhancing trade finance capabilities.
• Successful transactions have already been completed on Komgo, demonstrating immediate benefits.
• The partnership aims to promote new products and improve operational efficiency.

Negative

• None.

PANAMA CITY, Nov. 10, 2022 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior (Bladex) has entered into a strategic alliance with Fintech company Komgo, becoming the first bank in Latin America to join this platform in which international banks and large corporations participate. Many of these platform participants are long established clients, counterparties, or prospects of Bladex. This will increase Bladex's capabilities to develop innovative solutions to further support foreign trade in the region.

Several transactions negotiated on Komgo have already been concluded, facilitating business in a safer, faster, and more efficient way, where each of the platform participants can exchange authenticated messages within the framework of either plain vanilla or structured trade finance transactions.

This is the first of a network of alliances Bladex plans to develop with select Fintechs and other trade finance specialists, to support the needs of participants in the supply chain.

Bladex's CEO, Jorge Salas, indicated that "Bladex is building its strategic plan on a unique business model that will benefit from a series of critical alliances, such as the one with Komgo, which aims to promote financing solutions for foreign trade through new technologies that adapt to clients' needs and boost the business."   

"Through this alliance, Bladex intends to promote new products and financing structures, increase its customer base, achieve operational and efficiency improvements, as well as further strengthen the security of transactions through the capabilities offered by new technologies," added Salas.

Souleïma Baddi, CEO of Komgo, said: "Bladex's involvement brings yet another layer of trust to our digital network and opens a key market for our corporate users. We are delighted to support Bladex and its customers in their digital transformation journeys."

Bladex is a multinational bank, originally established by the central banks of Latin American and Caribbean countries, which began operations in 1979 with the purpose of promoting trade finance and economic integration in the Region.  The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and an agency in the United States, to promote regional development and serve its customer base, which includes financial institutions and corporations.

Bladex has been listed on the New York Stock Exchange in the United States of America (NYSE ticker symbol: BLX) since 1992, and its shareholders include: central banks and state-owned entities from 23 Latin American countries, commercial banks and financial institutions, as well as institutional and individual investors, through its stock exchange listing.

Komgo is a Swiss-headquartered software development and technology services company solving problems for the trade finance industry.  Their elegant digital solutions are transforming internal workflows, and the relationships between importers, exporters, banks, and all the stakeholders in-between. Owned by several leading trade banks and multi-national companies, their global customer base is supported through offices in Seoul, Singapore, Geneva, London, New York, and Houston.

For more information, please contact: 

Bladex:
Irma Grrido Arango – Senior Vice President, Business Development and Alliances.
Email: igarrido@bladex.com Tel: (+507) 210-8559
Headquarters Address: Business Park Building, Tower V, Avenida La Rotonda, Urb. Costa del Este, Panama, Republic of Panama

Komgo:
Amable Bueno - North America Sales Manager.
E-mail: amable.bueno@komgo.io Tel.: +1 347 302 9844
Address:  3040 Post Oak Blvd Floor 18
Houston TX 77056

Logo - https://mma.prnewswire.com/media/1769043/Logo_Bladex_NYSE_Logo.jpg
Logo - https://mma.prnewswire.com/media/1943551/Komgo.jpg

 

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SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)

FAQ

What is the significance of Bladex's partnership with Komgo?

The partnership positions Bladex as the first Latin American bank on the Komgo platform, enhancing trade finance capabilities.

When was the strategic alliance between Bladex and Komgo announced?

The strategic alliance was announced on November 10, 2022.

How does the Komgo platform benefit Bladex?

The Komgo platform allows Bladex to facilitate safer and more efficient trade finance transactions.

What is the stock ticker for Banco Latinoamericano de Comercio Exterior?

The stock ticker for Banco Latinoamericano de Comercio Exterior is BLX.

Who are the participants in the Komgo platform?

The participants include international banks and large corporations, many of whom are existing or prospective clients of Bladex.