LONDON, 12th September, 2019. Trade Finance Global (TFG), announces that it joins Innovate Finance, the leading UK industry body and independent membership association for FinTech.
Fintech and Trade Finance
FinTech has huge disruptive potential in regards to removing the barriers for trade and trade finance, and promoting inclusive and open trade for businesses. FinTech in international trade is often referred to in the industry as ‘TradeTech’.
Trade Finance Global joins the association’s 250+ members, ranging from global Fortune 500 companies to rising FinTech disruptors, all with the aim of bringing UK FinTech into the heart of financial services. Innovate Finance is supported by the City of London and Broadgate.
Trade contributed almost £1.3bn to the UK economy last year, which accounted for more than 61% of GDP. Trade finance is heavily paper-based and highly complex in nature, making it ripe for technological innovation.
Deepesh Patel, Partnerships Director at TFG said: “We’ve passed the ‘hype stage’ for FinTech capabilities within trade and receivables finance; and all players within the space are taking technology seriously. Utilising transaction data, automating KYC and on-boarding, and using AI, OCR or machine learning to process documents are just three of many ways TradeTech is helping bridge the USD $1.5trillion trade finance gap.
“Joining Innovate Finance is part of our wider strategic mission to remove barriers to access trade finance, champion SME’s trading cross-border and raise the profile of TradeTech amongst policymakers, banks and practitioners in this sector” Deepesh added.
AI and Trade Finance
TFG heard from Michael Boguslavsky, head of AI at Tradeteq, discussing AI, OCR and machne learning within trade finance. Listen here.