Qatar's Commercial Bank completes trial of Blockchain Marco Polo Platform

Commercial Bank, Qatar’s first award-winning private bank announced that it has participated in the first Blockchain Open Account Trade Finance Trial on the Marco Polo Platform, the biggest trial to date on the R3 Corda Network.

 

Together with some of the world’s leading financial institutions, TradeIX and R3 have developed for Marco Polo a solution for Open Account trade financing powered by TradeIX’s TIX platform and R3’s Corda Blockchain technology. The Marco Polo Network offers its members access to innovative risk mitigations solutions such as receivables discounting, and aims at making trade finance more transparent, smarter and better connected and is championed by new technology providers TradeIX and R3. Marco Polo enables end-to-end, real-time, seamless connectivity between trade participants.

 

“Facilitating open account trade is an important part of our Award Winning Trade Finance Services.  Commercial Bank has been working closely with customers in their domestic and international trade in a secure, safe and cost effective manner”, said Raju Budhiraju, EGM and Head Wholesale Banking.  

 

Dr. Leonie Lethbridge Group  Chief Operating Officer at Commercial Bank Qatar stated: “We at Commercial Bank are always looking for innovative ways to serve our customers and to bring them latest technologies. Our participation in Marco Polo’s global trial comes to second our commitment towards innovation and customer service.”

 

In 2017 Commercial Bank Qatar also piloted a Blockchain money transfer platform with Infosys. It was also one of the 50 banks that participated in R3 Voltron trial in 2019