The lender plans to launch in early 2019, subject to final regulatory approval.
Anglo-Gulf Trade Bank (AGTB) has announced that it has joined the Marco Polo Network, a network of commercial banks in the trade finance market leveraging blockchain technology to reduce costs, risks and improve efficiencies in financing trade.
AGTB will employ a number of technological advances including big data analytics, distributed ledger and cloud computing to offer a client-centric trade banking service to a broad range of corporate clients.
In a statement, AGTB stated that the Marco Polo initiative is using the TradeIX platform and R3’s blockchain platform, Corda.
The bank joins a growing list of members including BNP Paribas, Commerzbank ING as well as Standard Chartered Bank, Natwest and Natixis.
Daniel Gould, Deputy CEO at Anglo-Gulf Trade Bank, said that joining the Marco Polo Network allows the bank to offer competitive solutions with a strong impact on the costs and speed in delivering cross-border trade finance as well as facilitating the expansion of the trading ecosystem here in Abu Dhabi and beyond.