TFG heard from BACB’s Jeff Fallon, arguing that deeper Africa-Europe integration will be challenging in the new environment – here’s why.
With the Covid-19 pandemic, our paper-based trade finance settlement system suddenly stopped working. It is about time businesses adopt paperless and digital workflow to safeguard trade finance operations.
In a bid to continue to promote and expand access to finance for small and medium sized businesses, TFG is delighted to announce an exciting industry partnership with the SME Finance Forum, an International Finance Corporation (IFC) managed project.
As advocates of DLT in global trade and commerce, TFG are partnering with 101 Blockchains to promote the education of specific technologies that are currently available.
TFG heard from Noviland’s Francois Jaffres on the real challenges of COVID-19 on purchasing PPE from Chinese suppliers and the impacts on payment terms such as LCs
The Letters of Credit (LC) process is perhaps one of the more recognisable elements of trade finance that needs innovation. TFG spoke to Carl Wegner, CEO of Contour to find out more
With Vision 2030, Saudi Arabia has embarked on the boldest model of economic and social reform anywhere in the world. TFG spoke to SABB about this transformation in raising the Kingdom’s non-oil trade from 16% to 50% of GDP.
There is a common miss-conception that four or five multiple banks must be involved to manage letter of credit transactions. These multiple banks include credit issuing banks, advising banks, negotiating banks, confirming banks, and reimbursing banks. What is less understood is that these “banks” are functions, not necessarily physical banks. The trade finance functions these banks perform in a transaction can be done by separate banking institutions or by one bank under UCP 600 guidelines (Uniform Customs and Practice for Documentary Credits, ICC Publication 600).
We heard from ICC United Kingdom’s Chris Southworth, Professor Charles Debattista and David Lowe from the ICC Incoterms® 2020 Steering Committee. We hear about the importance of Incoterms® in international trade, why they are changing in 2020, and what businesses should be thinking about in order to prepare for these changes.
Letters of Credit are an involved subject. Bankers spend lots of time studying the various types and rules and regulations. “But hold on” I hear you say. I thought this article was entitled ‘Demystified.’ Well, for the typical importer or exporter dealing in individual transactions, they can be quite straightforward.
The International Chamber of Commerce (ICC) announced that it has accelerated attempts to digitalise of trade finance by releasing two new sets of enhanced rules, Uniform Customs and Practise for Documentary Credits (eUCP) and Uniform Rules for Collections (eURC 522).
We heard about the global state of the SCF market. Collaborators: Dr Rebecca Harding, Mark Abrams and Simon Kleine
Anti-money laundering is the process of financial institutions and other business entities using in-house (sometimes assisted by external parties – more on this to come) methods to address the risks posed by Trade-Based Money Laundering.