To really move global trade to the next sustainable, transparent, fair, free and efficient stage that younger generations rightly expect to see, we need to find effective ways to replace age-old ways of doing business with a modern standards framework and modern technology.
We spoke to the Finastra’s CEO Simon Paris about the future of trade and challenges of capitalism, during the World Trade Symposium at New York. We discussed key themes around bilateralism and multilateralism in global trade and why we need to turn our eyes to plurilateralism. A typical SME trade finance transaction is $25,000, but the average cost to trade finance instruments is $4,000 and this is not particularly helpful in addressing the trade finance gap. Is the technology the remedy here?