Distributed Ledger Technology (DLT) has been around for several years and has its roots in the world of cryptocurrencies, often referred to as Blockchain. Having brought some very interesting opportunities to the Banking market, attention was sparked in other industries such as Insurance, Healthcare, Shipping, Supply Chains, Manufacturing and Trade Finance.
Over the past 2-3 decades there have been many attempts to digitise parts of the trade and trade finance process, but it’s the complexity of trade that remains the challenge. Most successful attempts at digitisation have had to bite off a small piece of the problem and this has led to silos or what I call a ‘digital island’ phenomena.
This short note explores the potential second order effect of Blockchain and other new technologies on the Trade Finance ecosystem.
Despite today’s climate of rising trade tariffs and falling trade volumes, UniCredit’s Global Head of Global Transaction Banking, Luca Corsini, claims we have reason to remain optimistic for trade finance revenues in the coming months, pointing to the rising need for security in trade transactions, the rise of digital platforms to simplify and expand service provision, and continued infrastructure development stemming from Asia
The mobile phone revolution was ignited by Apple, but democratized by Google and enabled by an implementation of an open-source operating system, now called Android.
In 2012, Asian Development Bank’s Trade Finance Program (TFP) commissioned a unique study, the first of its kind, to understand and quantify the unmet demand for trade finance, known as the global trade finance gap. Over the years, TFP has updated this study to quantify and inform policymakers and market participants about the main drivers for this persistent trade finance gap.
Your Monday morning coffee briefing from TFG. Here are some of the last week’s updates from the trade sector. 16th September 2019.
Digital disruptors have forever changed the financial services industry by offering customers friction-free, easy-to-use, mobile-accessible environments and a previously unimaginable range of goods and services. And institutions are taking action.
All global industries require standards. Remember what a huge step forward it was when the carrier industry agreed on the design for a shipping container. The same is true for electronic trade documents and their supporting systems.
TFG heard from Accenture’s Cecile Andre Leruste, on the major digitisation initiatives within the commodiy finance space. Commodity finance is in a phase of major transition, driven by multiple megatrends
