Your Monday morning coffee briefing from TFG. The worst of the global supply chain crisis is over, says a new World Trade Organization (WTO) report.
On the eve of COP26 – the biggest climate summit of the year – the world is more focused than ever on reducing carbon emissions, and on the role that individual companies can play in tackling climate change.
Merchants would go on voyages for several weeks, if not months, in a caravel, carrack or clipper to the Far East, or elsewhere, to buy cotton, wool, tea, spices or other commodities. They would be equipped with a Letter of Credit in their trunk, often handwritten by the clerk of their high street banks.
A new ICC report, released yesterday, estimates that if G7 countries can deliver on legal reform, standardisation, and adoption of digital records, then trade between them could rise by about 43% above its 2019 value by 2026.
Our editor, Deepesh Patel sat down with Geoff Brady and Madhav Goparaju from Bank of America and Chris Doroszczyk from IBM to discuss the impact of COVID-19, access to finance and technology.
A session by Loh Sin Yong from Infocomm Media Development Authority (IMDA) at TXF’s Global Trade Virtual 2021, explored one potential solution to the now highly paper-reliant trade.
TFG spoke to CargoX about their Blockchain Documentary Transfer (BDT) programme, Advanced Cargo Information and Single Windows
Trade and trade finance remains siloed, age-old and complex. Many are using DLT and blockchain to progress towards their goals of a digitized industry. TFG & WTO recently published their periodic table of DLT projects in trade, and here are 9 marketplaces and other initiatives addressing various opportunities in truly digital trade.
The OECD predicted that globally, immigration will fall 46% this year due to COVID-19 restrictions and economic weakness.
With electronic document rules in place, it is now the role of key players and regulators to go ahead and enable trade finance to take advantage of digital innovation.
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.
By eliminating unnecessary paperwork, Port Community Systems contribute to sustainable transport logistics and support the ambition of meeting global carbon reduction requirements.
To advance trade finance’s digital transformation, financial institutions and technology providers alike are ramping up efforts to cooperate through a number of consortiums. But, to ensure these various initiatives do not create a cluster of “digital islands”, a more joined-up approach is required.
Over the past 2-3 decades there have been many attempts to digitise parts of the trade and trade finance process, but it’s the complexity of trade that remains the challenge. Most successful attempts at digitisation have had to bite off a small piece of the problem and this has led to silos or what I call a ‘digital island’ phenomena.