How are the rights and obligations of the parties to a credit affected on account of missed deadlines caused by these force majeure events?
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.
Trade finance has been a very slowly moving space when it comes to embracing digital innovations. However, the coin is now flipping: new data sharing technologies and ambitious plans from major trade originators provide much hope for a new trade finance landscape to emerge in the foreseeable future. Will the new trade consortia succeed to scale, and by when?