Zurich – UBS is becoming a shareholder in we.trade, a blockchain-based trade financing platform whose existing shareholders include major European banks. With UBS’s involvement, Swiss companies will now be able to carry out transactions on we.trade.

Blockchain technology holds great potential for cross-border trade. With its blockchain platform, the we.trade consortium seeks to transformation international trade finance. Nine major European banks are already shareholders: Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit. 

As we.trade announced, the Zurich big bank UBS, Austria’s Erste Group and Spain’s CaixaBank are now joining as shareholders. The three banks were previously involved in the competitor platform Batavia, which was also developing a digital trading platform. As Beat Banwart, who is responsible for the project at UBS, told Finanz und Wirtschaft, the two projects will now be merged.

“We’re convinced that corporates in Switzerland will benefit from this innovative offering in their international trading activities and in supporting business growth with counterparties abroad” said Andy Kollegger, Head CIC Products & Services at UBS.

In addition to Switzerland, companies from Austria, Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain and the UK can use the we.trade platform.

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