• ABOUT US
    • History
    • Our Team
    • Advertising
    • Subscription
  • CONTACT US
Georgia Today
No Result
View All Result
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
No Result
View All Result
Georgia Today
No Result
View All Result

TBC Bank Joins Marco Polo Network

by Georgia Today
January 10, 2022
in Business & Economy
Reading Time: 3 mins read
TBC Bank Joins Marco Polo Network

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 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.”

About Marco Polo Network

Marco Polo Network (formerly TradeIX) is one of the largest and fastest-growing trade and supply chain finance network in the world. It provides the most forward-thinking trade finance solutions for corporations and financial institutions.

Launched in 2017, Marco Polo Network offers an open enterprise software platform for trade, payments, and working capital finance. The digital suite of configurable trade and working capital solutions is all in one place, built on the most secure and advanced technology available.

Marco Polo Network is headquartered in Ireland with registered subsidiaries in UK, US, Singapore and presence in Czech Republic, Germany, Netherlands, and Spain.

For more information visit: marcopolonetwork.com

ShareShareTweet

Related Posts

Georgia to use China’s CIPS for trade, keeps SWIFT system
Business & Economy

Georgia to use China’s CIPS for trade, keeps SWIFT system

July 18, 2025
Etihad to launch Abu Dhabi–Tbilisi flights in 2026
Business & Economy

Etihad to launch Abu Dhabi–Tbilisi flights in 2026

July 18, 2025
Border road upgrade nears completion in Marneuli
Business & Economy

Border road upgrade nears completion in Marneuli

July 18, 2025

Recommended

Putin, Xi, and allied leaders mark Russia’s Victory Day at Moscow parade

Putin, Xi, and allied leaders mark Russia’s Victory Day at Moscow parade

2 months ago
Experience Seamless Connectivity with Silknet eSIM in Georgia

Experience Seamless Connectivity with Silknet eSIM in Georgia

1 year ago
Champion Karateka Luka Khvedeliani on the Benefits of Georgian Karate for Georgia’s Youth

Georgia to Celebrate First Europe Day with European Union Candidate Status

1 year ago
Georgian Foreign Minister Holds Farewell Meeting with French Ambassador to Georgia

Georgian Foreign Minister Holds Farewell Meeting with French Ambassador to Georgia

3 years ago
Natia Mezvrishvili on Dealing with 2 Political Giants

Natia Mezvrishvili on Dealing with 2 Political Giants

3 years ago
Giorgi Gakharia: We were Told We Were Capable of Nothing – It’s All a Lie and Ukraine is a Great Example of This

Giorgi Gakharia: We were Told We Were Capable of Nothing – It’s All a Lie and Ukraine is a Great Example of This

3 years ago
GT Interview with Giorgi Badridze

GT Interview with Giorgi Badridze

3 years ago
Russo-Ukrainian War and Georgia – Analysis from security expert Kakha Kemoklidze

Russo-Ukrainian War and Georgia – Analysis from security expert Kakha Kemoklidze

3 years ago

Navigation

  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • International
  • Where.ge
  • Newspaper
  • Magazine
  • GEO
  • OP-ED
  • About Us
    • History
    • Our Team
    • Advertising
    • Subscription
  • Contact

Highlights

The German Gov’t, UNDP, and CARE Caucasus Expand Support for Small Businesses Led by Ukrainian Refugees

Ukraine Latest: Russia Escalates Drone Attacks as Ukraine Ramps Up Domestic Arms Production

Poland deports 40 Georgian and Moldovan nationals over public order concerns

Kobakhidze: Peace matters more than visa-free travel

EU Commission warns Tbilisi: Visa-free travel at risk, lists key reforms

CNN: As democracy in Georgia collapses, Russia, China and Iran see an opening

Trending

Experience Seamless Connectivity with Silknet eSIM in Georgia
Business & Economy

Experience Seamless Connectivity with Silknet eSIM in Georgia

by Georgia Today
June 26, 2024

Why Silknet's eSIM could be your top choice in Georgia  Since its introduction, eSIM technology has become...

Photo by the author

Virtuosity and Versatility: Marc-André Hamelin Opens Tbilisi Piano Festival 2024

May 30, 2024
  • Where.ge
  • Newspaper
  • GEO
  • Magazine
  • Old Website

2000-2024 © Georgia Today

No Result
View All Result
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • International
  • Where.ge
  • Newspaper
  • Magazine
  • GEO
  • OP-ED
  • About Us
    • History
    • Our Team
    • Advertising
    • Subscription
  • Contact

2000-2024 © Georgia Today