Tradetech

We spoke to the Finastra’s CEO Simon Paris about the future of trade and challenges of capitalism, during the World Trade Symposium at New York. We discussed key themes around bilateralism and multilateralism in global trade and why we need to turn our eyes to plurilateralism. A typical SME trade finance transaction is $25,000, but the average cost to trade finance instruments is $4,000 and this is not particularly helpful in addressing the trade finance gap. Is the technology the remedy here?

We spoke to Anabel Gonzalez during the World Trade Symposium in New York. We discussed whether the current US-China trade war had a positive impact on Latin American trade flows. Geopolitical uncertainty continues to threaten foreign investment and economic growth, particularly in emerging markets. Policymakers around the world are fretting about trade uncertainty and its impact on access to business finance, meanwhile, innovation and competition remain critical for economic growth.

TFG heard from the inspirational CEO of CBI, Liliana Fratini Passi. CBI is an innovation society leading the way for PSPs and the transaction banking industry in Italy. Liliana spoke to TFG about the latest changes, and what this means for bank, in terms of ISO 20022, UN/CEFACT and PSD2.

With the outcome of Brexit negotiations still shrouded in uncertainty, a priority for the UK remains to establish lasting, meaningful trading relationships with key partner states. As Joshua Allsopp of Leumi UK explains, Israel has become an important partner for the UK in several industries.

With the development of more interconnected alternative finance options for businesses and the emergence of open banking in the marketplace, the option of Peer-to-Peer (P2P) lending is seeing a great increase in popularity over the years among its SME audience.

With trade and economic sanctions becoming an ever more popular tool of foreign policy in today’s uncertain geopolitical climate, AML, screening and anti-fraud obligations are increasing in scope and complexity. At the same time, the growth in international cross-border trade to around $16 trillion per annum creates an environment that’s ripe for abuse for those wanting to launder money or finance terrorism or criminal activities through the guise of legitimate trade.

It seems nowadays unicorn businesses are emerging in the venture capital scene with accelerating frequency. With an increasingly mobile and technologically capable world, fin-tech companies and eCommerce startups are dominating most of the visible market now. Is startup growth really as proliferate and fast-paced as it may seem? The answer is an unsurprising, billion-dollar “yes”.

Open Account financing is going through a period of rapid change, thanks to digital innovation and competition. Recognised as a safe and flexible way for financing the real economy, we caught up with Erik Timmermans, founder of WOA, and John Brehcist, at their annual convention, to discuss the hottest topics in receivables finance.

Trade and supply chain finance is at the forefront of innovation as there are currently many pain points for corporate clients and banks. As the industry moves towards a platform model, we heard from Accenture’s Cecile Leruste on thee major transition and megatrends going on in commodity finance.

TFG caught up with Iain MacLennan, Head of Trade & Supply Chain Finance at Finastra, on the key trends in trade and supply chain finance in an era of uncertainty and geopolitics, in preparation for the World Trade Symposium which will be held in New York on the 6th and 7th November.

Banks are often slow to adopt the latest technology, and in many cases that is warranted. As highly regulated institutions tasked with protecting valuable data, banks understandably want to avoid “running with scissors.” By starting slow with simply implementing APIs in a few areas, they can begin to modernize and ultimately provide streamlined payments solutions, like RTPs, to their largest pool of customers.

Anglo-Gulf Trade Bank (AGTB), the world’s first digital trade bank, announced today that, starting in November 2019, it will be offering qualified businesses registering in Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, a fast-track process for opening a starter corporate account.

We caught up with the President of the Bankers Association for Finance and Trade (BAFT). We talked about the balance of human capital and technology in the international transaction banking, about the amendments of the funded master risk participation agreement and how trade-based money laundering can be eradicated.

We interviewed Geoff Brady, Head of Global Trade & Supply Chain Finance (GTS) at Bank of America Merrill Lynch. We talked about the physical and financial aspects of the supply chain management, about the importance of Blockchain Consortia in the trade finance space and the BAML’s agenda for the rest of the year.

TFG heard Judd Holroyde, Head of Global Product Management, Wells Fargo. We talked about the changing payments landscape, about SWIFT and SWIFT Gpi and how the FinTech creativity can be used as a customer value proposition messenger.