Each day, mountains of trade finance data are delivered to banks, requiring urgent processing to support the flow of goods around the world.
BAFT is the leading financial services association for international transaction banking. In his new role, Stevenson will lead BAFT’s trade-focused policy, practices, and education initiatives, and support its trade-related councils and committees.
MSMEs around the globe struggle to obtain financing. Why do these MSME financing constraints exist and is a digital future providing new hope for all those firms that are struggling to stay afloat?
As MSMEs are weaned off fiscal support, a radical new attitude to how they access working capital will be needed more than ever.
The age old problem of document digitization in trade has probably been around since goods were traded using stone tablets in the Mesopotamian era. So who’s making a dent using blockchain / distributed ledger technology? From the updated WTO / TFG periodic table of projects in trade, we reveal 12 projects tackling this head on.
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.
If regulators and established FIs are to place their faith – and their capital – in Blockchain, it must have a financial crime control framework to match efficiency of the solutions blockchain offers.
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.
TFG’s Editor Deepesh Patel spoke to Stacey Facter, BAFT’s Senior Vice President for Trade Products, during BAFT’s Global Annual Meeting, held in Frankfurt from January 13-15, 2020. Anti-money laundering (AML) and sanctions were key compliance themes at the meeting, so TFG caught up to discuss how these could be tackled moving forward, and what’s in stock for 2020.
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.
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.
Sullivan’s Geoffrey Wynne highlights the key legal and regulatory themes to pay attention to in 2019.
Rebecca Harding discusses the elusive hidden trade and how it relates to anti-money laundering initiatives and the challenges they bring for banks.
ADB’s Steven Beck explores the challenges, risks, and implications of fighting financial crime and how such precautions are impacting market gaps.
What does China’s continued growth and autocracy mean for Chinese businesses and financing the supply chain? TFG heard from Simon Kleine, Director at East & Partners Europe