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Sameer Sehgal, until recently Citi’s head of trade for Europe, Middle East and Africa, has left the bank to become the CEO of Traydstream, a new fintech company that aims to digitise and automate trade finance.
Sehgal brings over 22 years of experience in trade, having held a range of senior roles at Citi and Bank of America. Most recently he headed Citi’s trade, export agency and commodities business in Emea, a position he has held since 2009. During his time there, he helped the bank build new capabilities, including the expansion into supply chain finance, export and agency finance, shipping and commodities finance.
Based in London, Traydstream is a new fintech player in the trade finance space. It has recently launched a solution that digitalises trade documents and automates regulatory compliance screening using artificial intelligence (AI) and optical character recognition (OCR) technology.
Sehgal will lead Traydstream through a crucial period for the company, which has pilots scheduled over Q2/3. It has already started its first pilot with a bank in Asia, and will soon start testing with a European corporate. The company says it is also in advanced discussions with three other banks in Europe and one in Africa.
Traydstream co-founder and COO, Uzair Bawany, says the appointment of Sehgal is “invaluable to us in charting a course for the exciting future for our business”.
The firm’s other co-founder and global sales head, Achille D’Antoni, adds: “Sameer is a true industry expert. Uzair and I are delighted that he has joined us and he genuinely shares in our vision to re-shape trade finance. We are very excited with the next phase in our business as we move to pilot phase with leading banks and I cannot think of a better person to have at our helm.”
Commenting on his move from Citi to Traydstream, Sehgal says: “Digitisation and automation in trade is long overdue and Traydstream’s solution is refreshingly creative. The technical tools at hand today promise to redefine international trade and commerce. It’s a fascinating time to be in the industry and working on these game-changing innovations.”
The hire of Sehgal follows those of three senior staff members to lead the firm’s technology, product development and agent relations teams.
Traydstream’s solution consists of three key modules: an OCR engine, which uses AI to read, scan and instantly structure and store paper-based information digitally; a rule-checking function; and a compliance engine that utilises machine learning algorithms to verify and scrutinise for compliance with international trading rules and regulations.
The post Citi’s Sehgal joins new fintech firm Traydstream appeared first on Global Trade Review (GTR).