Your Monday morning coffee briefing from TFG.
FCI reports a drop in global factoring statistics in 2020, linked to a drop in trade volumes due to the pandemic.

FCI reports 6.6% drop in global factoring statistics in 2020

FCI has published estimates for global factoring volumes in 2020. The global figure gives a significant indication that the industry had a very challenging year, largely due to the COVID-19. Global factoring volumes for 2020 are estimated at 2,724 billion euro, compared with the previous year’s 2,917 billion euro. Read more →

ITFA publishes guide to Structured Letters of Credit for emerging market trade

ITFA, a leading trade finance industry body, has released an in-depth guide to Structured Letters of Credit. These are instruments which provide substantial funding to trade in emerging markets, but have often attracted controversy because of a lack of understanding of what they are and what they are seeking to achieve. Read more →

UKEF doubles support for sustainable projects to £2.4 billion in 2020

UK Export Finance has doubled its support for sustainable projects to £2.4bn in 2020. An independent assessment of national export credit agencies released by Trade and Export Finance Limited (TXF) revealed that the UK provided the second most export credit support for sustainable projects last year. Read more →

EU and India plan global infrastructure deal

The EU and India are in discussions to build infrastructure projects around the world to counter the influence of China’s Belt and Road project. The plan, described as a “connectivity” partnership in sectors including energy, digital and transport, would aim to offer better legal safeguards and less onerous debt terms than those offered by Beijing, diplomats said. Read more →

Government “desperately needs” strategic framework for trade, parliamentarians and ICC warn

The government must urgently set out a UK strategy for trade as we move from simple roll-over agreements to the tough work of negotiating with experienced trading nations like Australia, New Zealand, and the US, warns a new report. The All-Party Parliamentary Group for Trade & Export Promotion, which is backed by the ICC, has concluded that a single strategic document is needed to clarify the UK’s trade objectives. Read more →

HSBC and Tata Steel successfully execute a blockchain-enabled, paperless trade transaction

HSBC India and HSBC UAE have successfully executed a blockchain enabled, live trade finance transaction between Tata Steel (India) and Universal Tube & Plastic Industries (UAE). This is a global first for the steel industry and validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation. Read more →

CargoX authorized by the Egyptian government as Blockchain Provider for ACI Declaration

Misr Technology Services (MTS), which operates Egypt’s National Single Window for Foreign Trade platform (Nafeza), has authorized CargoX to act as the blockchain document transfer gateway for the Advance Cargo Information (ACI) System. Beginning 1 July 2021, all cargo inbound to Egypt will require ACI declarations according to the newly minted Egyptian Customs law #207. Read more →