Services

AGTB: New kid on the block. TFG heard from Daniel Gould, Deputy CEO of Anglo-Gulf Trade Bank, and its new digital offering for trade finance in the UAE and MENA region. Building a trade bank from scratch without relying on legacy technologies has enabled AGTB to reimagine trade finance, building a competitive product for the corporate banking space.

TFG spoke to Mishal Ruparel, General Manager at Banking Circle, about the new applications of technology in banking to help better serve the underbanked SMEs. Using AI-driven credit scoring and new approaches to analyse credit card transaction data, Banking Circle’s proposition is game-changing the world of SME finance.

TFG spoke to the author of ‘Digital Ecosystems within Trade Finance’, a BCG, SWIFT and ICC report on the state of networks and consortia, the key problem points within trade and trade finance, as well as the current barriers in terms of digitalisation both from a corporate and bank perspective. Deepesh spoke to Sukand Ramachandran at BCG about how global trade is changing and the role of digital ecosystems within this.

In Europe, small and mid-sized companies make up an astonishing 99% of all businesses – and over the last five years they generated 85% of all new jobs in the region. at a time of accelerating economic uncertainty and technological change, it would be irresponsible for those of us with the power to act not to do what we can to give the drivers of Europe’s economy the tools they need to succeed.

TFG heard from Alexander Goulandris the co-CEO of essDOCS about the different solutions for paperless trade. He exclusively announced the launch of a new product called CargoDocs Match, which will enable trade finance banks to continue to provide BPO-related solutions to their customers after SWIFT discontinues support for the Trade Services Utility (TSU) in 2020.

WOA is delighted to announce that the well-known Receivables Finance Industry expert John Brehcist (roundwindow consultancy services) will be working with Erik Timmermans and his colleagues to support the World of Open Account.

TFG spoke to Emmanuelle Ganne, Senior Analyst and Blockchain Lead at the World Trade Organization on the state of digitisation within trade and trade finance. With the rise of numerous DLT and non-DLT consortia, what role should multilateral bodies play, and how can we create paperless trade together? The interview was held at ExCred Commodities in London.

Anders la Cour, Co-founder and Chief Executive Officer of Banking Circle looks at the challenges and opportunities ahead for financial institutions serving SMEs.

One of the global trends is that the net-positive gains from financial integration is quite uneven. Like many parts of the world, ASEAN is facing multiple global challenges under a “VUCA” environment; being volatile, uncertain, complex, and ambiguous.

Singapore-based Finaxar, announces the partnership with Global eTrade Services (GeTs), a global trade platform company. Finaxar provides its unique Lending-as-a-Service to financial institutions, trade and e-commerce platforms using data-driven methods to provide the fast, tailored financing solutions for SMEs.

In Global Financial Integrity’s 2019 update “Illicit Financial Flows to and from 148 Developing Countries 2006 – 2015” the estimate of illicit outflows of trade related payments from developing economies for 2015 alone was counted in the hundreds of billions – greater in value in fact than the aid budgets flowing into those countries.

Over the past few weeks, trade spats have shaken global markets. Worldwide, trade conflicts are being borne of political rather than economic woes — is this the new normal?

There is, so far as I am aware, little or no precedent for what the UK is attempting to do: seeking to reduce unfettered access to its closest and most important market – which also happens to be one of the world’s two largest. In 2018, 46% of the UK’s exports went to the EU, and 54% of UK imports came from it. Almost all countries in the world try to make trade deals, not dismantle them.

Access to affordable trade finance is a condition of success in international trade, to the same extent as rapid clearance of customs and efficient transportation. For decades, successful companies in developed countries have benefitted from the existence of mature financial industries distributing high volumes of finance and guarantees at low rates. Trade finance is normally a high volume and low-cost source of finance, because the risk of default is small, with a global average of 0.2%, and little difference across countries.

International companies are facing the dual challenge of uncertainty and transformation in how they source, produce, transport, sell and trade their goods and services. The question is how can they get ahead of the curve and thrive in this changing environment.