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Sumitomo Mitsui Banking Corporation is using Komgo’s “Market” solution to communicate appetite for open account and documentary credit deals with corporates.

About SMBC

SMBC Group is a leading global financial institution with deep roots in trade and commodity finance. Their expert team of professionals delivers and executes trade finance deals across the world through the provision of bespoke financing structures for customers.

01/ Customer solutions range from import and export letters of credit, bonding and payment guarantees through to more structured products such as supply chain and receivables finance, various forms of commodity finance and export credit agency finance.

02/ SMBC Group is continuously creating new and innovative ways to serve its customers’ financial and sustainability goals. The bank’s investment in digital processes and platforms enables digital delivery of many products and services, including documentary credit and open account transactions performed via Komgo’s“Market” solution.

SMBC’s Needs

Innovation is key to SMBC’s objective of being one of the topCTF banks globally. Indeed, commodity trade finance is a priority segment for the bank which sees an opportunity in the newly evolving landscape.

01/ SMBC was motivated by agility, speed and efficiency.They wanted to reduce the administrative burden while improving governance and assurance.

02/ Above all, use of Komgo in general and “Market” in particular is driven by a strategic purpose for the business - to improve quality of service for existing clients and expand business reach.

“Apps have transformed the user experience in retail, they’ve helped firms increase engagement with clients.”

Nigel Scott, Managing Director, Global Head of Structured Trade and Commodity Finance
SMBC Group

Komgo’s Expert Solutions

“Market” allows credit providers to better service new and existing clients by streamlining pricing exchanges and giving visibility on lines and appetite.

01/ Manage all risk cover, discounting and treasury activities with multiple corporates; quote and book documentary credit and open account transactions, or exchange information on deposits and loans.

02/ Improve returns, monitor demand, promote credit line availability and automatically exchange information with more parties, more often.

03/ Provide an elegant and proactive service to customers, who require a constant flow of time-sensitive information about appetite, availability and pricing. Respond faster and win new business.

Feedback and Results

SMBC had a clear idea of what success would mean. The solution had to achieve scale, be accepted by and drive tangible results for users in the business, and be applicable across several entities of the group in different regions.

01/ The time to production was especially fast as SMBC scaled from its first transaction in August 2020, surpassing its100th transaction in mid-2021.

02/ Three entities have been onboarded: Brussels,Singapore and Dubai.

03/ SMBC ranks in the top three banks on “Market” in terms of both lines advertised and transactions booked.

“We’re definitely hitting or exceeding expectations with regards the number of transactions and new clients.Market compares very favourably to other platforms in the same area.”

Nigel Scott, Managing Director, Global Head of Structured Trade and Commodity Finance
SMBC Group

What’s Next for SMBC?

The successful rollout of “Market” is further strengthening the bank’s position on data, digitalisation and security.

01/ The goal now is to scale the solution to additional SMBC entities in EMEA and theAmericas.

02/ The bank also sees clear benefits in integrating, which thanks to “Market’s” open API architecture is a quick and straight-forward proposition.

03/ Integrating with the bank’s internal systems will further accelerate data and information sharing with its customers, enabling more automation and efficiency savings.

04/ In terms of new features or workflow coverage, the bank welcomes the introduction of secondary market functionality, which has the potential to further digitalise inter-bank exchanges.

“Our teams are really excited about it.We see Komgo solutions as key enablers to retain and grow market share.”

Nigel Scott, Managing Director, Global Head of Structured Trade and Commodity Finance
SMBC Group

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