The Universal Trade Network (UTN), a project initially aimed to allow for interoperability between many of the blockchain and non-blockchain consortia and networks has been renamed and adopted by the International Chamber of Commerce (ICC).
In Global Financial Integrity’s 2019 update “Illicit Financial Flows to and from 148 Developing Countries 2006 – 2015” the estimate of illicit outflows of trade related payments from developing economies for 2015 alone was counted in the hundreds of billions – greater in value in fact than the aid budgets flowing into those countries.
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.
In today’s geopolitical climate many foreign policy makers use sanctions or similar, steps such as the refusals to grant authorisations, to place economic pressure on governments, organisations and individuals.
Trade Finance Global (TFG), announces that it joins Innovate Finance, the leading UK industry body and independent membership association for FinTech.
It has finally started to happen in Trade Finance business domain when it comes to application of emerging technologies helping to create new ways of approaching the old business processes. The old way of working has created many challenges for global trade in addition to political protectionism now also generating stress to exchange goods and services internationally. The additional challenges may be listed as lack of trust and true global interoperability as well as local and regional political agendas and regulations.
The value of global trade today is around $40 trillion. Approximately 10% of this amount is commodity trade. Therefore being able to predict what is likely for the future of the trade industry to hold is essential for business growth and preparation. Some of the most influential factors on global trade today are
Today at the ICC Annual General Meeting, Trade Finance Global (TFG) announces that it has joined the ICC United Kingdom. TFG reports from the ICC AGM in London.
The Global Supply Chain Finance Forum announced the release of its new guidance document, Market Practices in Supply Chain Finance: Receivables Discounting Technique. The paper is the first in a series of industry guidance documents intended to provide clarity and consistency to the world of supply chain finance.
In preparation for TFG attending IFN Asia next week in Kuala Lumpur, we put together a brief overview of shariah law and shariah finance, outlining the key differences between riba, gharar, musharakah and sukuk.
Is protectionism good or bad? It is indeed true that in the past, protectionism as a concept has been used with a net benefit, but often it is perspective that is key.
The launch of Bitcoin in 2009 brought the world the possibility of using blockchain networks, or at least some form of distributed decentralised ledger technology to advance the world of international trade.
The Nigerian Office for Trade Negotiations, Federal Ministry of Industry, Trade and Investment of the Government of Nigeria and the Digital Trade Network today announced that the Ministry has asked… read more →
The International Chamber of Commerce’s 10th annual Global Survey – this year entitled Global Trade: Securing Future Growth – reveals that counter-terrorism and other international regulations are significantly inhibiting the… read more →
Many industries are financially regulated and governed to facilitate trade, prevent risks and standardise rules. The UCP 600 (“Uniform Customs & Practice for Documentary Credits”) is the official publication which… read more →