The only way to make Trade Finance standardisation and harmonisation opportunity to realise is to make the needed standards coordination and development resources openly available for the business process and systems developers.
The ICC’s Survey on Trade Finance reveals the industry-wide challenges and disruption as a result of the COVID-19 pandemic push trade and trade finance into a state of global uncertainty.
TFG heard from BAFT’s President & Chief Executive Officer, Tod Burwell, on some of the latest updates from the association for 2020, what new initiatives have been launched, and what members can expect for the remainder of 2020.
Many new fintechs are fielding trade transaction cloud platforms that combine video technology with non-bank trade finance that is going to fill the vacuum created by the banking industry.
EIPP in combination with blockchain can help banks avoid duplicate Invoice Financing and perform dedupe effectively.
With competitive digital economy, Colombia will be able to plan for post-pandemic recovery and strengthen regional economies to adopt smart solutions linked to the Internet of Things that allow them to compete in global value chains.
TFG heard from Alan Ball of Texel Group about how synthetic securitization is done when working with the insurance industry.
DeFi has unleashed a wave of innovation, offering exciting opportunities and the potential to create a truly open, transparent, and immutable financial infrastructure.
SMEs need to re-think their innovation strategy including digitalisation as the pandemic has accelerated the shift to digital technology in trade.
Only through collaboration and interoperability with other key technologies like AI, RPA, and the IoT will the path of consortia be effective in making trade finance truly digital.
If regulators and established FIs are to place their faith – and their capital – in Blockchain, it must have a financial crime control framework to match efficiency of the solutions blockchain offers.
TFG heard from World Economic Forum’s Ziyang Fan on bringing policymakers, innovators and technologists together to work hand in hand to solve some of the global challenges.
Considering the stakes involved in managing the AML/KYC compliances are high, banks/ FI should carefully assess the options available with them and look holistically to mitigate the risk.
By leveraging technology for insights, a banker can make well-informed decisions, in compliance with audit and ethics, which are in the best interest of the bank.
TFG heard from IFC’s Qamar Saleem on the impact of Supply Chain Finance on domestic banks (and in turn, MSMEs,) in emerging and developing markets.