Blockchain

TFG heard from Iain MacLennan, VP Trade & Supply Chain Finance, Finastra on how blockchain and DLT can close in the trade finance gap experienced by SMEs.

The pandemic can be an opportunity for TFTA Member States to weaponise cooperation not only for fighting against COVID-19, but also to achieve deeper integration which in the long run will boost intra-Tripartite trade.

By eliminating unnecessary paperwork, Port Community Systems contribute to sustainable transport logistics and support the ambition of meeting global carbon reduction requirements.

TFG and BAFT’s recent Tradecast. The Distributed Ledger Payment Commitment (DLPC) is a potential solution allowing for digital representations of payment commitments on a distributed ledger.

Trade digitization and electronic documents will be the new-norm as a result of the COVID19 pandemic which will accelerate the transformation process.

Tradecast announced, June, 2nd 2020: Trade Finance Transactions Go Live – BAFT’s Digital Ledger Payment Commitment (DLPC)

The utopia of a truly paperless trade finance industry will eventually happen, however one simple question remains: when?

TFG heard from Tanya and Stephen of Czarnikow discussing the impact of Covid19 on sugar supply chains considering different perspectives.

With the Covid-19 pandemic, our paper-based trade finance settlement system suddenly stopped working. It is about time businesses adopt paperless and digital workflow to safeguard trade finance operations.

Hin Leong Trading’s, founded by Singaporean oil tycoon Oon Kuin, collapse sends shockwaves through industry leading businesses to significantly embrace digital transformation.

As advocates of DLT in global trade and commerce, TFG are partnering with 101 Blockchains to promote the education of specific technologies that are currently available.

DeFi, short for Decentralized Finance and also referred to as ‘Open Finance’, is a set of DLT-based financial services and applications intended to augment or replace the currently existing financial system (comparatively referred to as ‘Centralized Finance’).

The Distributed Ledger Payment Commitment (DLPC) is a potential solution allowing for digital representations of payment commitments on a distributed ledger.

The International Chamber of Commerce (ICC), International Trade & Forfaiting Association (ITFA) and BAFT today shared some of the ad hoc practices being implemented by FIs under the COVID-19 pandemic.

As the APAC region solidifies its global trade leadership, banks gain an opportunity to serve new finance needs as long as they make needed technology and process changes.