TFG Trade Briefing, 22nd July 2019

Your Monday morning coffee briefing from TFG. Here are some of the last week’s updates from the trade sector. The ICC and SWIFT launched two new separate infrastructural initiatives as an attempt to digitalise and innovate the trade and payments sector. Stenn closed a $200 mn securitisation deal, expanding its capital markets programme. Mitigram raised $10 mn and are ever closer on achieving their ambition to become the Bloomberg of trade. The government has doubled the budget for trading educational programmes.

What happened last week?

Stenn and Natixis closed a $200mn Securitisation deal

Stenn, a leading provider of cross-border trade finance, closed a $200 million receivables securitisation programme with Natixis to expand its capital markets programme. This programme significantly augments previous capital programmes launched by Stenn. Read more →

Factoring and Commercial Finance shows a 7.9% YoY Growth

The Whitepaper research shows that Factoring and Commercial Finance (FCF) continues to be a very low loss given default form of funding, and indeed that performance had improved even since the first iteration of the survey in 2016. FCF has a demonstrable track record of growth with €1.7 Trillion client Turnover in 2018 – up 7.9% on 2017 and 7.4% CAGR over last 10 years. Read more →

DIT doubles down on UK’s trading future with a new education program

Recognizing this, DIT has opened the new program to people of all ages, as well as those who have no previous government experience or a degree, focusing selection instead on a passion and aptitude for trade. Read more →

Mitigram raises $10m to automate trade finance

Trade finance is the blood that runs through the veins of the global economy. It is a vast $6.5-8tn USD market in annual bank-intermediated flows yet it still runs on email. TFG spoke to Mitigram’s CEO Milena Torciano, who just raised a Series B round of financing, worth 100SEK ($10.7m USD) from Sampo, on their ambition to become the Bloomberg of trade and digitise trade flows. Read more →

International Chamber of Commerce adds the electronic supplement to UCP and URC Rules

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). Read more →

SWIFT launches Multibank gpi

SWIFT launches gpi for corporates, which allows banks to give users visibility, transparency and control of their entire payment flows. SWIFT gpi provides treasurers with full transparency over fees and FX so that they can identify the most efficient ways to send their payments around the world, and relieves corporates of the need to adapt their systems for each individual bank they work with. Read more →