TBC BANK, the largest financial institution in Georgia and Commerzbank, one of the leading trade banks globally, have – for the first time in the region – successfully executed the necessary data transfers to complete two commercial transactions via blockchain-based trade finance network Marco Polo Network.
As part of the collaboration, two commercial transactions between Tegeta Group (leader in the automotive industry in Georgia), and MAN Truck and Bus (one of Europe’s leading commercial vehicle manufacturers and providers of transport solutions), were mapped using blockchain technology. Transactions involved the delivery of trucks from Germany to Georgia.
TBC BANK is the first bank in the region involved in blockchain technology projects.
Marco Polo Network provides next-generation trade and working capital finance solutions to its members, powered by blockchain technology on an interoperable network. It enables end-to-end, real-time, seamless connectivity between trade participants, eliminating data silos, which prevent the free flow of information causing inefficiencies and discrepancies.
„By cooperating with all large-scale international banks and financial institutions, we enable our partners to successfully complete their international transactions. We, the TBC trade financing team, take an individual approach to each customer and their transaction and help them in defining the most effective and less risky structure. With Marco Polo Network, we would be able to offer more innovative and technological solutions to our clients and prepare customers for future technologies. This network enables us to ease our partners’ lives and make trade financing-related processes simpler, more flexible, and effective,“ noted Tamar Khizanishvili, Head of Trade Finance and Factoring Department.
„Marco Polo Network was born with the vision to facilitate interactions and create value for all its participants including financial institutions, their corporate clients, and the broader trade ecosystem. With this in mind, we are delighted to have TBC collaborated successfully on Marco Polo Network. We look forward to many more future projects together,“ said Authari Megele, Director – Sales and Account Management at Marco Polo Network.
„In line with our clients’ expectations, we focus on innovative supply chain management solutions and seek to further automate and digitize our processes. The successful cooperation with Marco Polo Network allows us to tap into the tremendous potential of blockchain applications. Since Trade Finance is in the DNA of both TBC Bank and Commerzbank, it was a natural match to do this pilot transaction together,“ underlines Hans Krohn, Regional Head CIS, Commerzbank.
„Tegeta Group is the leader of vehicle industry in the region. International transactions are the most important part of our activities and in this regard, TBC has been a reliable partner of Tegeta Group for multiple years. We are pleased to be the first to use the innovative technology of blockchain, as using simple and effective ways for conducting international transactions makes company business processes more flexible and modern,“ noted Tinatin Labartkava, Investor Relations Manager, TEGETA group.
MAN Truck and Bus: „MAN Truck and Bus SE is very interested in adopting new technological solutions in Trade Finance for optimizing processing. We are following the digitalization trend and consider such solutions as a support in our aim to simplify our trade finance business.”Leave a comment