Wednesday 7 December 2022 – 3.33pm
ABU DHABI, December 7 / WAM / Abu Dhabi First Bank, the largest bank in the UAE and one of the largest and most secure financial institutions in the world, has become the first bank in the Middle East to join Kumgo, a technology financial company providing digital networking, trading and capital flow solutions. Working for corporations and financial institutions.
Through the Kumgo network, FAB’s major commodity customers can initiate trade finance transactions in various international locations, benefiting from competitive rates.
The bank is also a major participant in the development of Komgo’s market solutions for financial institutions, which enhance FAB’s ability to spread secondary commercial risks.
Anirudha Bansi, Chief Executive Officer and Head of Trade Finance Product Innovation, International Banking Department at First Abu Dhabi Bank, said, “We are keen to use digital technologies in a way that ensures coordination between a variety of solutions, adopting new business models, and continuing to focus on innovation in all the businesses we undertake.We practice it..and our customers will immediately begin to benefit from the benefits of our partnership with Kumgo, a partnership that we are confident will enhance the range of solutions we offer to investment banks and corporate clients.
For his part, Salimi Badi, CEO of Kumgo, said, “We are delighted to partner with First Abu Dhabi Bank, which is one of the leading financial institutions in terms of adoption and implementation of the latest technological solutions and innovations. Through this cooperation, we will work to build a joint digital system for trade finance operations, which helps to make a quantum leap in the sector and ensure the continuous availability of liquidity, so as to support commercial activities around the world.
This partnership confirms First Abu Dhabi Bank’s commitment to constructive collaborations in the field of financial technology, as part of its continued efforts to provide the best services to clients.
Reda Abdel Nour / Ramy Samih
