Bank ABC, headquartered in Bahrain, has unveiled a groundbreaking digital documentary trade platform known as ABC Trade. Powered by Komgo, a renowned Swiss technology provider, this cloud-based platform introduces an array of enhanced offerings for Documentary Trade, solidifying Bank ABC’s commitment to innovation and digital transformation.
ABC Trade offers comprehensive end-to-end functionality across all trade instruments, encompassing imports, exports, and collections. It facilitates the digital exchange of trade documents, instructions, and free-format communication, seamlessly integrating with the bank’s downstream Trade Finance systems. Notably, the platform incorporates robust audit and due diligence controls aligned with industry best practices. Besides streamlining processes, ABC Trade also contributes to sustainability efforts by reducing paper usage, minimizing human intervention, and enhancing overall process efficiency.
This platform represents a significant milestone for Bank ABC, drawing from over 40 years of global Trade Finance expertise. Initially, ABC Trade is accessible to the bank’s corporate clients across the GCC region, with strategic plans to expand its reach progressively across the bank’s network.
Amr El Nokaly, Group Head of Wholesale Banking at Bank ABC, emphasized the importance of embracing a “digital-only” approach, recognizing it as the future of the industry. He stated that the partnership with Komgo leverages cutting-edge technology to elevate client banking experiences and strengthen the bank’s overall service offerings.
Komgo’s CEO, Souleima Baddi, echoed this sentiment, highlighting Bank ABC’s commitment to innovation in its digital transformation program. “Our ongoing collaboration is poised to reshape the landscape of documentary trade in the MENA region and beyond, offering a more efficient, secure and sustainable solution for trade finance needs.”
Bank ABC’s unwavering commitment to innovation is driving its digital banking strategy, with a focus on delivering superior customer experiences and fostering innovation in the industry. As part of its multi-year digital transformation program, the bank has introduced numerous award-winning initiatives and actively seeks opportunities to drive innovation and value for its customers and the broader industry.