Whilst still early days for tech adoption in the $10 trillion commodities sector, the pace is quickening. From blockchain to cloud technologies, they are seen as having potential to transform commodities value chains, cutting costs, providing seamless automated tracking and execution of trades.
related to seafood fraud, when built up well, it brings the transparency of any product to a whole new level.”
It was during his days as a trader that Manav saw the deficiencies in traditional trading and risk management software. And, realizing and eyeing the market opportunity, and combining this with his passion for technology, he established Eka with venture capital funding. Today, a number of leading commodity businesses run on Eka’s Commodity Management Platform including Cargill and Rio Tinto amongst others.
Last September, energy groups including Royal Dutch Shell, Mercuria and Gunvor along with financial institutions such as ABN Amor, Citigroup, ING and Société Générale , were poised by the end of 2018 to- Kongo and VAKT - for reconciliation and physical documentation of trades. Komgo, scheduled at the time to launch in around November 2018 alongside second platform, VAKT, which will concentrate on the actual raw material transaction, putting information and paperwork required for deals to be processed through the platform.
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