Trade finance is a Lego box: Building better blocks together

My career has developed mainly within Spanish banks with an international focus, operating on a more modest scale in trade finance than global banks. When I learnt that not many Spanish women were represented in the trade finance market, it prompted me to reflect on female visibility within our sector and examine the distinctive characteristics of the Spanish market compared to others.

It is not that Spanish banks lack talented women in trade finance, nor that they are absent from core functions. On the contrary, many hold highly specialised roles across credit risk, legal, and origination, just as in other major markets. The difference lies in the business model. Spain’s predominantly relationship-based approach offers fewer opportunities for direct interaction with investors and international distribution, with external visibility more often channelled through Financial Institutions teams. As a result, individual market exposure tends to be more limited.

My first mentor in banking was a woman, in a team with many more women than men. She believed that women often performed strongly in trade and structured finance transactions due to their attention to detail, patience, empathy, and ability to build long-term trust.

She used to say that these qualities were essential for developing an international finance career. Yet, twenty-five years on, progress has been uneven: only a handful of those talented women have reached executive positions across different financial institutions.

I particularly remember how she taught me that trade finance was a creative discipline, using a simple metaphor. She compared it to working with a box of Lego pieces, allowing you to build increasingly sophisticated structures depending on the transaction and the blocks available.

I have always valued this definition.

Throughout my career, I have had the privilege of working alongside remarkable women. However, progress has been uneven. Whilst diversity initiatives have increased awareness, structural barriers persist. As the song says, it is still a man’s world.

Much has changed over the years, yet there is still work to be done in terms of equal opportunities. True inclusion requires institutions to rethink how leadership is identified, developed, and rewarded. 

Two models, two philosophies: From relationship banking to asset class

The originate-to-distribute (OTD) model illustrates well the differences in market focus and women’s visibility.

In the UK, trade finance has long been recognised as an asset class. Banks originate transactions and distribute risk amongst funds, insurers, and institutional investors. Trade finance is conceived as both an investment activity and a client service. The UK has traditionally served as the main distribution hub for Europe, Middle East, and Africa, just as the US fulfils this role for the Americas. 

In Spain, except for a few banks participating in this market or OTD model, trade finance remains highly relationship-based and primarily positioned as a banking service and a financial institution’s product.

The ecosystem is strongly bank-centric. There are a few independent funds, and fintech participation, although growing, remains limited. Risk is largely retained on bank balance sheets. This model promotes proximity and prudent risk management. However, it also restricts scalability and access.

In the UK model, where trade finance operates as an asset class with active distribution, there is significant front-office activity. This includes structuring transactions, originating deals, building relationships with investors, attending global networking events, and managing portfolios. These roles are highly visible and strategically important. As a result, women working in these positions gain external exposure, expand their networks, and progress into leadership.

AI: A stimulant for change?

Trade finance thrives on networks. Relationships built across countries and cultures over decades, often through global industry events, form the backbone of this profession. 

Trade finance is also closely connected to global economic shifts, making it both demanding and rewarding. It is also supported by a community of professionals who have shaped legal frameworks and market practices through shared experience. 

Technology, including artificial intelligence (AI), is transforming how we work. AI plays an important role in risk analysis, regulatory processes, and data management. Yet experience remains essential. 

Years in the industry build an understanding of who is who in the market: the institutions and, crucially, the people behind them. How they operate in practice, how partnerships perform under pressure, and where trust can be placed in complex situations. This knowledge, rooted in historical transactions and mutual support during crises, represents human capital that cannot be captured in databases. Trade finance is ultimately a profession built on relationships, trust, and service. Whilst AI will continue to advance, this human dimension remains irreplaceable.

The path forward

Spain has important structural strengths that should position it as a leading trade finance hub in Southern Europe. Its exporting small and medium-sized enterprises (SMEs) are competitive and internationally oriented. The country maintains strong commercial links with Latin America and Africa and benefits from a solid banking system.

Although the fintech ecosystem and banks’ investment in artificial intelligence have grown, digital transformation in trade finance remains limited and fragmented.

Well-designed trade finance plays a critical role in closing the trade finance gap. Without these elements, capital will remain concentrated on bank balance sheets, scalability will remain constrained, and access for SMEs will continue to be uneven.

After twenty-five years in this industry, I remain convinced of its relevance. Trade finance is one of the most secure forms of financing. It is transactional and directly linked to the real economy.

The Lego metaphor still applies. Our responsibility is to improve the quality of the building blocks.

This requires investment in digital infrastructure, learning from international best practices, and fostering gender-balanced leadership, whilst preserving local strengths.

For the industry, the challenge is to make access faster and more scalable. For women in trade finance, it is to remain visible , internally and externally, to build influence and to drive change. The goal is not to ask for a seat at the table, but to design a better Lego-based table altogether.