National Bank of Fujairah PJSC, leading bank in the Middle East joins the Marco Polo Network
September 9, 2019 (Dubai / London) – National Bank of Fujairah PJSC (NBF), one of the leading bank in the Middle East announced today that it 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 NBF. 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.”
About National Bank of Fujairah PJSC
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1/Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB+/A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 18 (of which 1 is an electronic banking service unit) across the UAE.
TradeIX, is an award-winning technology platform provider driving innovation and driving change in facilitating the flow of goods, money, and credit in the $8 trillion trade finance market. Its TradeIX Platform is delivered to banks and their corporate clients via ERP-embedded applications. The TradeIX Platform is integrated with the Marco Polo Network, the world’s fastest growing trade finance network.
Some of the smartest financial institutions and companies in the world work with TradeIX, including ING, BNP Paribas, DHL, AIG, Oracle, and many other Fortune 500 companies from various industries. TradeIX is headquartered in Dublin with offices in London, Kettering and Singapore. For more information visit: www.tradeix.com.
R3 is an enterprise blockchain software firm working with a global ecosystem of more than 300 participants across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage. R3’s global team of over 200 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its vibrant ecosystem.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. Learn more at www.r3.com and www.corda.net.
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