With just ten days to go before the 31st December deadline, talks between the UK and the EU on their future relationship continue without a breakthrough. At the same time, due to a new variant of COVID-19 which is up to 70% more transmissible, the UK government placed London and much of South East England under tier 4 restrictions, which mean closing down non-essential retail and hospitality.
HMG suspends import tariffs on Covid-19 products to fight virus
Tariffs on medical products used to help fight against coronavirus have been suspended by the Government in the fight against the pandemic, lowering costs on these critical items for organisations across the UK. Read more →
$9 Billion ADB Facility to Help Members Access and Distribute COVID-19 Vaccines
The Asian Development Bank (ADB) has launched a $9 billion vaccine initiative—the Asia Pacific Vaccine Access Facility (APVAX)—offering rapid and equitable support to its developing members as they procure and deliver effective and safe coronavirus disease (COVID-19) vaccines. Read more →
International Islamic Trade Finance Corporation Launches its Letter of Credit Confirmation Facility
The International Islamic Trade Finance Corporation, member of the Islamic Development Bank (IsDB) Group, launched its new standalone Letter of Credit (LC) Confirmation instrument as part of its strategy to expand its private sector interventions. Read more →
Contour adds HSBC as first full production member of the network
Contour, the global trade finance network has today announced that HSBC has become the first full production member of the network following Contour’s commercial launch in October this year. HSBC is the first to directly benefit from the efficiency and transparency gains Contour’s network provides. Read more →
VIDEO: Status check on trade receivables securitization – market overview
TFG heard from a panel of experts in trade receivables securitisation. We assessed the role that securitization can play in trade receivables, including the opportunities, big challenges, current, and future outlook. The session covered the current market dynamics due to the COVID-19 pandemic, the increasing trade finance gap, regulatory changes to the market, and the rise of alternative non-bank lenders. Read more →
Is a “Documentary Trade Credit” the future alternative for letters of credit for the internet?
A documentary trade credit (DTC) is a trade finance substitute for a commercial bank documentary letter of credit. A DTC is issued and negotiated under the same UCP guidelines as a documentary letter of credit; except the funds supporting the instrument are available with a third party international escrow company instead of a commercial bank. Read more →
TFG launches top 10 Christmas Countdown
As we approach Christmas, following a very unusual year for global trade, we take a step out of the 2020 rollercoaster, and will be releasing our top 10 of the very best trade highlights from 2020, one per day, until Christmas. Happy holidays from the Trade Finance Global team! Read more →