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Industry roundup: 23 July 2020

J.P. Morgan and Hazeltree partner on cash and liquidity solution

J.P. Morgan Asset Management and Hazeltree, a provider of cloud-based treasury solutions for investment managers, have partnered to deliver an integrated cash and liquidity management platform to private equity, private credit, real estate and infrastructure funds.

J.P. Morgan Asset Management clients are now able to access Hazeltree’s technology to manage multi-bank relationships across their entire fund structures and seamlessly access J.P. Morgan’s liquidity products. This enables private fund managers to quickly onboard their complex legal entities onto J.P. Morgan’s liquidity platform and operationally facilitates the increased transactions workload across various counterparties in a controlled manner.

This partnership is designed to provide clients with unlimited transparency into all cash and liquidity accounts, across all banking relationships, enabling fund managers to easily track and forecast cash balances. Additionally, clients can configure robotic automation to calculate excess, investable cash, and recommend cash investment decisions based on user-defined parameters and constraints. The newly integrated offering is now available to clients of both firms.


SMBC accelerates trade finance digitisation with two partnerships

Sumitomo Mitsui Banking Corporation (SMBC) has announced that it has engaged with two blockchain-based trade platforms. The Japanese bank has signed a letter of intent with Contour to participate in its 'Beta Network', and a membership agreement with Komgo.

Contour digitises the whole trade finance workflow and commercially launched this year, following an extensive period of testing with over 50 banks and corporates, and SMBC will be the first Japanese bank to join the Beta network. Komgo is the world's first blockchain based platform for the commodity trade ecosystem comprising 18 of the largest global banks, trading companies and oil majors as its shareholders. Both platforms aim to deliver significant efficiencies and transparency by digitising LC workflow of issuance, advise and funding.

The disruptions across the globe to normal working patterns arising from the COVID-19 pandemic have further highlighted the need for digitisation of paper-based trade processes to enable businesses to function effectively even in times of contingency.

SMBC says it is accelerating its move towards digital transformation as part of its response to COVID-19. With the successful completion of proof of concept and now in the process of launching the Marco Polo trade digitisation platform into the market, SMBC aims to take further steps partnering with Contour and Komgo to provide value-added trade services to its customers.


Total signs Mozambique LNG project financing

Energy firm Total has announced the signing of a US$14.9bn senior debt financing agreement for Mozambique LNG. This project is the country’s first onshore LNG development. It includes the development of the Golfinho and Atum natural gas fields located in Offshore Area 1 concession and the construction of a two-train liquefaction plant with a total capacity of 13.1 million tons per annum. 

Total says that the project financing of US$14.9bn is the biggest ever in Africa, and includes direct and covered loans from eight Export Credit Agencies (ECAs), 19 commercial bank facilities, and a loan from the African Development Bank. 

The ECAs participating in the financing include Export Import Bank of the United-States (US-Exim), Japan Bank for International Corporation (JBIC), Nippon Export and Investment Insurance (NEXI), UK Export Finance (UKEF), Servizi Assicurativi del Commercio Estero of Italy (SACE), Export Credit Insurance Corporation of South Africa (ECIC), Atradius Dutch State Business (Atradius), Export-Import Bank of Thailand (EXIM Thailand).

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