Komgo

ING was one of 15 banks, commodity houses and trading companies to launch Komgo in 2018. The launch followed a number of successful experiments, including two blockchain-based proof of concepts tested on INGs Easy Trading Connect platform in energy and soft commodities trading (Easy Trading Connect 1 and Easy Trading Connect 2), and Vakt, announced in 2017 a blockchain-based platform that manages physical energy transactions from trade entry to final settlement. One of Komgos products, Konsole, is available to ING clients in Europe and Asia, with plans to expand the service to US clients. Konsole allows banks and corporates to manage all their trade finance exchanges in one platform. ING is currently transacting with around 50 commodity trade clients on the platform. Besides Konsole, ING is validating other Komgo services, such as Market and Trakk, with the intention to make them available to its clients.