Transitioning from documents to pixels, from cash to virtual payment gateways, and from local markets to international ones, the sweeping transformation of global trade into the digital world is redesigning the trade finance ecosystem. The alliance between ClearEye and J.P. Morgan represents the metamorphosis of the future of trade finance digitisation.
With the passing of the UK’s Electronic Trade Documents Act (ETDA), the digital trade world is changing. While this is welcomed news for the entire industry, it also means that new partnerships and innovations need to come to fruition.
For ages, correspondent banking has played a vital role in the global payments system. Through correspondent banking relationships, banks gain access to a diverse range of financial products across various jurisdictions enabling them to offer cross-border payment solutions and services to their customers.
International Lawyers and Economists for Development (ILaED) is a non-government organisation focusing on the economic development of women and girls. By encouraging entrepreneurial skills, it helps them engage in both local and international markets.
A judge in a Canadian court case has ruled that a thumbs-up emoji constituted a legally binding acceptance of a contract, ordering the defendant, who failed to fulfill their end of the deal, to pay more than $82,000 in damages.
This week, the World Trade Organization (WTO) published the World Trade Statistical Review 2023, providing an in-depth analysis of the global trade landscape in the midst of worldwide turbulence.
Just about six months ago, Trade Finance Global reached out to a variety of trade finance experts to help answer some questions we had about the industry. Like always, our friends across the industry came through and provided us with some detailed thoughts on the ins and outs of the trade finance world.
The potential impact of the UK’s incoming Electronic Trade Documents Bill goes far beyond a boost to the country’s trade prospects. By enshrining in law that a digital document is equivalent to physical paper, the reform means that counterparties can issue and process documents electronically by default, – and with UK law acting as the basis for trade transactions across much of the world, the opportunity for transformation is unprecedented.
One of the difficulties related to international trade is the large volume of paper documents that make up much of the information flow between the different parties, including various documents such as invoices, bills of lading, certificates of origin, and customs declarations.
Future of UK customs digitalisation – CDS, Single Trade Window and customs compliance considerations
As part of trade facilitation, the UK government introduced the Electronic Trade Documents Bill, which is currently undergoing legal stages before being fully enforced. It’s a great step forward, however, industries need more than that.
2022 was a year of seismic and rapid changes for international trade and trade finance. War in Europe, COVID-19, and inflation created unimaginable disruptions in the industry. This dynamic phase is creating opportunities and gives way for new entrants in the ecosystem.
I remember reading a quote which has stuck in my mind ever since – “Sharing among an entire ecosystem of innovative partners is a crucial step for modernisation.”
The central theme at this year’s Sibos conference in Amsterdam, the blue-chip gathering of the world’s top executives in banking and finance organised by SWIFT, focuses on how to best embrace digital transformation while mitigating risk and elevating sustainability.
On April 12, 2022, the World Trade Organization (WTO) and the World Economic Forum (WEF) formally launched their latest joint publication The Promise of TradeTech: Policy approaches to harness trade digitalization.
Twenty years ago Asia had a 12% share of the global factoring market. Today that share is 25%.
In this article, FCI’s Lin Hui looks at factoring’s two decades of steady growth in Asia, and where the industry goes from here…