The District Export Council of San Diego and Imperial Valley (SDIDEC) has sponsored the first workspace for ICC eRules guidelines for digital trade transactions.
TFG’s Deepesh Patel spoke to ITFA’s Chairman, Sean Edwards, about the ITFA Structured Letters of Credit Working Group, and the emergence of Structured Letters of Credit as a variant of Traditional LCs.
The International Chamber of Commerce (ICC) Banking Commission recently announced a single Steering Committee for its work on trade, supply chain and export finance, comprising one Chair and 12 Vice-Chairs.
Hin Leong Trading’s, founded by Singaporean oil tycoon Oon Kuin, collapse sends shockwaves through industry leading businesses to significantly embrace digital transformation.
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).
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.
We heard from Bolero’s Jacco de Jong at the BCR Supply Chain forum in London. Bolero has a vision for trade digitisation. Bolero is about connecting parties, banks and networks… read more →
At Trade Finance Global we get asked a lot of questions around Letters of Credit, so we’ve put together a quick cheat sheet on LCs, payment times and the presentation… read more →
Top 10 questions on trade finance, covering Letters of Credit, Bills of Lading, Avalization, Documents, Reverse Factoring and Bank Guarantees. Read our Q&A.