UAE National Bank of Fujairah Joins Marco Polo Blockchain network
National Bank of Fujairah PJSC (NBF), one of the leading bank in the Middle East has become a member of the Marco Polo Network, the largest and fastest growing trade finance network. The addition of NBF is a major step and further fuels the network’s positive momentum. The Marco Polo Network has grown to over 25 financial institutions and continues to expand steadily each month with members on all six key continents.
Powered by Corda blockchain technology from R3 and the distributed platform from TradeIX, the Marco Polo Network provides an open enterprise software platform for trade and working capital finance to banks and corporates that allows for the seamless and secure exchange of data and assets between all participants.
Marco Polo is a network at its core, uniquely positioned to enable its members to benefit from “network effects”. In other words, every time a new organisation such as NBF with its own unique eco-system joins , the value of the Marco Polo Network increases for every other participant.
“We are thrilled to join the Marco Polo Network and support the collaborative effort to create and advance these new technologies in the trade finance ecosystem, said Subramanian Krishnamurthy, Head of Global Transaction Services, at National Bank of Fujairah. We’ve been actively exploring how emerging technologies such as blockchain, and an enhanced digital experience can be deployed in Trade Finance and Treasury Services to better serve our corporate clients’ ever-changing needs. As a dedicated financial partner, we will continue to leverage forward-thinking platforms that respond to our clients’ needs, enhance their customer experience and add value to their businesses.”
The Corda blockchain was developed by R3, an enterprise software firm, in collaboration with over 200 technology and industry partners. Today, Corda is backed by a vibrant community of developers and is used by Marco Polo enabling all parties to share information across the network securely and in real time.
David E. Rutter, CEO of R3, said: “As digitization of trade finance gains traction, blockchain has grown in adoption to rapidly become the technology of choice. Marco Polo’s holistic approach marks an important turning point in helping global businesses build a better-connected and more efficient future for trade finance. By joining the Marco Polo Network, the National Bank of Fujairah will be able to leverage Corda’s unique features to improve their customers’ experience with this growing market.”
“The accelerating growth and the widening footprint of the Marco Polo Network reflect the increasing recognition of an ecosystem-based approach to advancing blockchain technology and the latest trade finance solutions through the leading financial institutions and their corporate clients”, said Daniel Cotti, MD for Banking and Trade at TradeIX. “We are pleased to welcome NBF to the Marco Polo Network expanding our membership in the Middle East. Adding NBF to Marco Polo is critical to the success of our network and brings us one step closer to ensuring a more efficient, secured and smarter trade finance market.”