A TFG / SME Finance Forum exclusive B20-Business at OECD joint interview on reducing barriers that SMEs in particular encounter in their quest to participate in Global Value Chains (GVCs).
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.
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 Buyer’s Request for Quotation (RFQ) and the responding Seller’s Quotation (QTO) need not be a kabuki dance event that only creates the appearance of engaging in a transaction.
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.
There is immense synergy to be unlocked between SMEs and trade finance funds by working closely together and developing relationships that allow for a level of comfort on both sides of the coin to be developed over time.
With competitive digital economy, Colombia will be able to plan for post-pandemic recovery and strengthen regional economies to adopt smart solutions linked to the Internet of Things that allow them to compete in global value chains.
DeFi has unleashed a wave of innovation, offering exciting opportunities and the potential to create a truly open, transparent, and immutable financial infrastructure.
SMEs need to re-think their innovation strategy including digitalisation as the pandemic has accelerated the shift to digital technology in trade.
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.
TFG heard from World Economic Forum’s Ziyang Fan on bringing policymakers, innovators and technologists together to work hand in hand to solve some of the global challenges.
Considering the stakes involved in managing the AML/KYC compliances are high, banks/ FI should carefully assess the options available with them and look holistically to mitigate the risk.
