The financial services industry is constantly changing, and the pace of change is accelerating rapidly, especially for the payments sector. The industry has witnessed many shifts: from the barter system to cash, from cheques to cards, and from cards to digital banking and payments.
The United States Dollar has been the de facto global currency for the better part of the past century. While rhetoric questioning its longevity in this role has been around for decades, the past year has seen more leaders of rapidly emerging economies beginning to question why it still needs to be this way.
The resilience of Ukrainian businesses deserves special attention. Entrepreneurs have not only survived the beginning of the war, but continue to develop their businesses. According to a survey, as of March 2022, only 13% of enterprises were operating as they were prior to the war, 48% were operating at partial efficiency, and 35% suspended operations and were waiting for better times.
Persistent structural gaps within and between the world’s economies will decisively influence trade in the years ahead. This was one of the key findings in the latest Future of Trade report.
Australia is a very attractive destination in this sense, as the Australian government has a very open policy towards foreign investors.
DLT offers the financial services industry a new piece of infrastructure to push the boundaries of Open Banking. But it doesn’t come without its challenges. TFG heard from tradetech expert André Casterman on future use cases for blockchain in assets, trade and transaction banking.
Your Monday morning coffee briefing from TFG: UK Freeports: catalysts for regional economic development and recovery
This article was originally published on December 19 2022 by Watson Farley & Williams LLP. TFG would like to thank Kimarie Cheang and Chengxi Tan for their contribution.
There is little doubt that 2022 has been an unprecedented year and for better or for worse, there has been a lot that has happened in the trade, treasury, payments and supply chain spaces.
At the IIBLP’s Dubai Trade Law & Compliance Conference held in Dubai on 15 March 2022, one of the panellists referred to the Solo Industries fraud in a panel discussion addressing the recent Singapore case, Credit Agricole Corporate & Investment Bank (CACIB), Singapore branch v. PPT Energy Trading Co.
Your Monday morning coffee briefing from TFG: VIDEO | Updated digital trade rules: ITFA, URTEPO, and streamlining payment obligations