BUSINESS REPORTER
OQ Trading (OQT), the trading arm of OQ Group – the integrated energy group of the Sultanate of Oman, has become one of the first corporates to nominate Komgo as Digital Agent on their flagship borrowing base managed by ING, following renewal of the facility in mid-June 2021.
Following successful deployment of Komgo’s ‘Konsole’ and ‘Trakk’ solutions, OQT has invested in further data activation via Komgo’s professional services team, to enable more automated and intelligent functionality at scale across their trading business.
The first implementation will automatically generate and send to ING the relevant Notice of Assignment (NOA) based on data embedded in sales invoices, without any human intervention. This application will be scaled to 80 per cent of the trade portfolio by mid-2022, for an estimated 8 man hours saved per week. A similar setup is deployed for the generation of utilisation requests on the purchase side, said OT Trading in a press statement.
“Our objective is to lead the industry in terms of efficiency and sustainable value. For many of our banks and partners, this value comes through increased security and reliability of data, the ability to automate tasks and report on demand. Komgo’s Digital Agent is gathering verified data from across their trusted network to provide highly contextualised reporting and supplementing existing data flowing from our internal systems,” said Sam Naylor, CFO, OQ Trading.
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