Landmark achievement as Akbank, one of the leading banks in Turkey, joins the we.trade network.
DUBLIN, ISTANBUL 04 NOVEMBER 2021
Akbank becomes the first Turkish bank to join the we.trade network, a blockchain-based trade finance platform that provides exporters with receivables guarantee and financing, whilst securing payment guarantees for importers, in a safe and reliable digital environment through digital smart contracts.
Accelerating its strong trade expertise, vision, corporate banking relationships, and focus on innovation and investments in digitalisation, Akbank has joined the we.trade consortium of European banks. The platform enables exporters and importers to create smart contracts in a secure and reliable environment, whilst facilitating additional working capital and financing solutions to help grow their business.
“We are happy to welcome Akbank among the user banks of we.trade. We are convinced that we.trade, the user banks, and their corporate customers will benefit from Akbank’s arrival while extending the reach of the we.trade network.
Akbank is an important leading bank in Turkey and trade partner, with international exposure, involvement in trade finance and an appetite for innovation that propelled Akbank's decision to join we.trade. Akbank’s move is further validation of we.trade’s value proposition and business model and the relevance of its offering to trade partners.”, says Agnes Joly, Head of Innovation and Strategy - Global Transaction Banking at Société Générale, Chairperson at we.trade Innovation DAC
Digitalisation is a key enabler accelerating the pace of change we are seeing in a world struck by a global pandemic, supply chain uncertainties and climate change with seeing an increasing need of adopting new technologies like blockchain. Akbank is now part of this digital movement among other leading European banks who can pro-actively adapt and enable its customers immediately in terms of digitalisation .
“Both in the world and Turkey, most of the trade volume is based on open account terms. Therefore, it is very important to bring innovative digital banking solutions, that provide security and speed in international trade, to our customers. Apart from the traditional trade finance methods, we are aiming to provide our customers with financing products, supported by blockchain technology, that will increase their competitiveness in international markets via the we.trade platform.
We are proud of offering new products that can bring new experiences to our customers, enabling end-to-end monitoring of transactions initiated on the platform. We also believe that with the we.trade platform, which includes the leading banks of Europe, we will support the growth of exports by paving the way for exporters who have risk concerns about collections.” remarks Mehmet Tugal, Executive Vice President of Akbank Commercial Banking
Pointing out that they are continuing to provide innovative digital services to both individual and corporate customers, Burcu Civelek Yüce, Executive Vice President of Akbank Strategy, Digital Banking and Payment Systems said, “As the first Turkish bank to be included on the we.trade platform we have now launched an innovative service for our trade finance customers. In our trade finance processes, which include multiple parties and blockchain applications, we offer fast and reliable digital financing options, which reduces risk without incurring high costs. Through smart digital contracts that constitute the backbone of blockchain technology, we will allow customers to execute their trade finance transactions more safely and with less operational workload. We are very excited that this experience will add more value to the commercial activities of our trade finance customers.”
“We are excited to have Akbank and their clients as users of we.trade. This re-enforces our strategy of expanding our network’s global reach. We are delighted that Akbank has selected we.trade as an enabler and accelerator in their Trade & Trade Finance digitalisation transformation” says Mark Cudden, CTO at we.trade Innovation DAC.
For further information
Marketing Department, Alan Fitzsimons, we.trade Tel: +353 87 6666800 or [email protected]
we.trade Innovation DAC (we.trade) is a joint-venture company owned by 12 banks, technology provider IBM and CRIF, a global commercial credit and business information provider. The company was started with nine banks in January 2017 under the project name, Digital Trade Chain, and was officially renamed as we.trade in October 2017. we.trade has developed a digital trade platform based on the Linux Foundation’s Hyperledger Fabric and runs on the IBM Blockchain Platform.
The we.trade digital platform delivers reliability, simplicity and security to global trade transactions across trade finance, insurance and logistics. Clients can register for we.trade via an existing we.trade member bank.
Akbank’s core business is banking activities, consisting of corporate and investment banking, commercial banking, SME banking, consumer banking, payment systems, treasury transactions and private banking, and international banking services. The mission of the Bank is to create superior and sustainable value for all stakeholders through innovation and reliable financial services. Akbank has built itself on strong foundations of financial performance and sound governance, always leading innovative initiatives at the forefront of banking in Turkey.
For more information: https://www.akbank.com/