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Emirates NBD invests in Swiss fintech

Emirates NBD says its funding for SMEs is up 34% year on year Reuters/Hamad I Mohammed
Emirates NBD says its funding for SMEs is up 34% year on year

Emirates NBD, the largest bank by assets in Dubai, has invested in Komgo, a Swiss-based software development and technology company operating in the trade finance industry.

The equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture pool. The value was not disclosed.

Created earlier this year, the fund is for investments in tech startups and companies that further support its digital strategy. 

Komgo says it “empowers treasury, credit and trade finance operations through digital solutions”.

From its Swiss roots the company has expanded to international locations including Singapore, Paris, London, Toronto and Houston.

Approximately $1 billion in transaction value flows through the Komgo platform each day.

Ahmed Al Qassim, Emirates NBD group head of wholesale banking, said the Kongo equity investment is part of a commitment to “constantly innovate and develop tech solutions that can accelerate business processes”. 

Komgo CEO Souleïma Baddi said Emirates NDB is the first Middle East-based bank to hold shares in the company.

“This marks a significant milestone and a powerful affirmation of Komgo’s solid track record and promising future,” Baddi added.

In July, Emirates NBD announced a 77 percent jump in net earnings for the second quarter of 2023 to $1.7 billion.

The bank has a presence in 13 countries, serving over 20 million customers. At the end of June the bank’s total assets reached $221 billion.

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