Santander Corporate & Investment Banking (Santander CIB) has announced an equity investment in Komgo, a software development and technology services company focussed on transforming the trade finance industry.

Through the partnership with Komgo, Santander CIB  intends to support large multinational companies to bolster digitalisation.

As part of the collaboration, both parties aim to speed up the digital transformation of several trade and working capital products.

Santander CIB is Santander’s global division that supports corporate, financial institutions, and financial sponsors clients. It delivers customised services and value-added wholesale products required for the clients’ complexity and sophistication.

Santander CIB trade and working capital solutions global head Mencia Bobo said: “We want to support our clients simplify and digitalise trade finance. Partnering with Komgo means we can automate communications, optimise end-to-end processes, reduce operational risk and deliver the best client experience.

“In addition, it will enable us to innovate and find synergy in our broad Trade Finance business.”

The partnership is expected to develop synergy between Komgo’s advanced technology and corporate client base and Santander CIB’s global footprint and expertise in trade finance.

Besides, Santander CIB intends to provide expertise and custom-made trade and working capital solutions to Komgo’s client portfolios in Europe and the Americas.

The firm can also gain benefits from Komgo’s technology to enhance client-to-bank communication and to implement new solutions in trade finance and commodities.

Komgo CEO Souleïma Baddi said: “Komgo is the preferred trade finance network for the industry’s largest banks, and delivers the best experience to corporate users in their workflow management.

“As a leading financial institution and one of the largest trade banks globally, Santander CIB’s investment in Komgo adds another layer of trust to our network.”

Last year, Banco Latinoamericano de Comercio Exterior (Bladex) joined forces with Komgo to boost its capabilities to drive innovation in trade finance solutions in Latin America.