Two major Swiss technology players join ITFA & the Fintech Committee

The ITFA membership continues to expand, and we are delighted to welcome two technology providers headquartered in Switzerland: FQX and Komgo.

Frank Wendt, Co-Founder and CEO, FQX outlines the FQX proposition to the trade finance market: “FQX has built and runs the banking-grade DLT-based infrastructure for electronic Promissory Notes, or eNotes. FQX eNotes build a bridge between liquidity users such as corporates in developed and emerging markets with institutional investors, decreasing the global trade finance gap at scale. Our focus on a sound legal framework compliant with the leading legislative frameworks such as MLETR (UNCITRAL’s Model Law on Electronic Transferable Records) and UETA (US Uniform Electronic Transactions Act), a global arbitration enforcement mechanism, a secure technology based on DLT and qualified electronic signatures as well as a uniquely smooth user experience are FQX’s competitive advantages. We are pleased to join ITFA as our ambition is to unite and connect with such community to support UK Common Law legislative developments soon to come.”

Souleïma Baddi, CEO, Komgo outlines the Komgo ambition: “Digitalisation is no longer a discussion topic; it is an absolute “must have”, which will play a major role in the future of the trade finance industry. No organisation can afford to be left behind, and those that move too slowly will lose a competitive edge to others who are already working together to build a trusted and more secure financing environment.  Komgo started with an initial focus on commodities, but the pain points we solve are also prevalent in the wider trade finance space – manual and paper-based processes, dependency on email which brings security vulnerabilities, and no common language of exchange. Komgo powers a secure network of verified actors generating instantaneous trust between parties and helping lenders take advantage of new business opportunities. We’re pleased to join ITFA’s leading community of trade finance banks, funds, brokers and underwriters as we strive to usher-in a safer and more secure lending environment.“

Our Fintech Committee now regroups a total of 36 players which are listed on our web site. Our Fintech Initiatives aim to address two market-level ambitions: digitising negotiable instruments in the corporate-to-bank space (DNI Initiative), and attracting institutional funding to the distribution space (TFD Initiative). Our fintech regulatory task force (TERA) aims to promote the integration of digital options such as use of cloud computing, e-signatures, e-originals, DLT and digital assets into existing regulations.