TFG heard from ICC Austria’s Trade Finance Week, in an update around Letters of Credit and Incoterms, the problems, challenges and opportunities. Featuring Bob Ronai and Hugo Verschoren
TFG heard from Arnaud Doly, CEO & Founder, Nabu, on how blockchain and AI can play a key role in helping reduce unmet demands in trade finance and completing the work that humans do to provide better trade finance services.
ICC has taken the lead to keep trade moving during the Covid-19 pandemic by publishing the eUCP and eURC eRules guidelines for faster and efficient trade transactions.
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 Andreas Tesch of Atradius on the status of credit insurance market in Asia and the key initiatives taken in response to Covid-19’s impact on Asian trade.
Wirecard is suspected of misleading investors through aggressive accounting practices including inflating sales and revenue in order to appear to be performing better than it is actually doing.
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.
The Local Currency System – SML – resurfaces as an alternative to recover trade flows not only in the Mercosur but also in other regions of the world which can implement it.
With this global pandemic, it is recommended to encourage the use of guarantees and counter-guarantee subject to URDG 758 as it provides a balance between the interests of all the parties involved.
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.
SMEs need to explore innovative financing options like trade credit insurance as they plan and prepare for the “new normal”.
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 BACB’s Jeff Fallon, arguing that deeper Africa-Europe integration will be challenging in the new environment – here’s why.