Posts

ING announces shake-up of Swiss commodity finance offering

Image
  ING’s Swiss unit has announced a reshuffle of its trade and commodity finance (TCF) business, dividing its portfolio between global trading house clients and those requiring specialised lending.   The bank’s Geneva-based branch will serve larger commodity finance clients through its Swiss global merchants groups unit, headed by Patrick Arnaud. The unit will focus on traders with a multi-location and multi-product strategy.   The other unit, called transactional commodity finance, is led by François Broussard and targets clients where relationships are rooted in specialised lending, including product and technical sector expertise.   Trade heads Arnaud and Broussard report to Maarten Koning, global head of trade and commodity finance, and both also join the management committee of ING in Switzerland.    Arnaud joined ING in 2007, and has been a director in its TCF energy and metals team since 2016. He was most recently in charge of its large trader desk.    Broussard joined the bank i
Post a Comment
Read more

Kenya-EU Economic Partnership Agreement: A Milestone in Bilateral Trade

Image
  In a landmark move, Kenya and the European Union inked a historic trade deal aimed at fostering economic collaboration between the two regions. The Economic Partnership Agreement, signed in Nairobi, signifies a strategic effort by Brussels to strengthen ties with African nations. Boost for Kenyan Exports: Duty-Free Access to EU Markets The agreement grants Kenya duty-free and quota-free access to the EU, its largest export market. Simultaneously, European goods will experience progressive tariff reductions, enhancing trade relations and market accessibility. A Pioneering Pact: EU's First Comprehensive Trade Deal with Africa Since 2016 This marks the EU's first extensive trade agreement with an African nation since 2016. The development follows significant investments by China in Africa, particularly in expansive infrastructure projects. Inaugurating a Transformative Partnership During the ceremony attended by European Commission Chief Ursula von der Leyen, Kenyan President Wi
Post a Comment
Read more

Absa CIB Joins Contour Trade Finance Network

Image
Absa CIB is positioning itself at the forefront of digital developments by being a part of Contour’s digital trade finance network. Many of Africa’s trade transactions are manual and paper-based, which slows down trade growth and creates another layer of complexity and costs. Absa CIB’s clients will now have access to Contour’s digital Letter of Credit (LC), which reduces the process of presenting documents from an average of 5-10 days to under 24 hours. Digital developments are a big part of addressing challenges and creating access to new markets. In Africa, digitisation is critical to the success of the African Continental Free Trade Area (AfCFTA), a flagship project that aims to boost intraAfrica trade by 52.3 percent and expand the size of the continent’s economy to US$29 trillion by 2050. With a presence in 15 countries from Botswana to Zambia, the Johannesburgbased diversified financial services group is banking on innovation to drive sustainable growth. Digital developments can
Post a Comment
Read more

Hsbc Continues Push Into E Commerce Trade Finance With Dowsure Tie Up

Image
HSBC has partnered with Dowsure Technologies, a China-based cross-border e-commerce API platform, to facilitate the flow of trade finance to online suppliers by leveraging transaction data instead of collateral or financial documents. Launched in 2016, Shenzhen-based Dowsure – an Amazon Seller Lending Programme partner – has built a proprietary assessment model for online marketplace store owners that uses information such as inventory, sales and refund records. By connecting this data to financial institutions, Dowsure enables cross-border merchants to access credit that they might otherwise struggle to obtain. Under the terms of the partnership, Dowsure will provide a streamlined credit assessment process for Amazon merchants seeking to apply for trade finance from HSBC. In addition, the bank’s venture capital arm, HSBC Ventures, has made a strategic investment into the company. The size of the investment was not disclosed. “HSBC’s enhanced support for small and medium-sized e-commer
Post a Comment
Read more

Eezyimport Partners With Drip Capital, Streamlines Access To Simplified Trade Financing

Image
Eezyimport, a leading global import management platform, has announced a partnership with Drip Capital, a global fintech company, to provide integrated, streamlined trade finance solutions for U.S. importers. This collaboration will enable small and medium-sized businesses (SMBs) to quickly access collateral-free trade financing online while simplifying import processes and reducing documentation. Eezyimport's innovative self-service platform provides a seamless experience for U.S. importers, helping them navigate the complexities of global trade. With its user-friendly interface, Eezyimport allows businesses to manage their import process, from initial order placement to shipment tracking, customs clearance, and now trade financing in collaboration with Drip Capital. Drip Capital provides working capital solutions to SMBs globally. In the US, the company offers payables financing, which gives buyers additional time to pay for all their purchases with minimal documentation and no c
Post a Comment
Read more

Charting the global economy: BOE's surprise and global trade may be improving

Image
The Bank of England stepped up efforts to beat back the worst inflation since the 1980s by boosting interest rates half a percentage point to the highest level in 15 years. The move surprised investors who had priced in a 40% chance of a hike of that magnitude. BOE policymakers also reiterated earlier guidance pointing to even higher rates, similar to the message Federal Reserve Chair Jerome Powell conveyed to US lawmakers this week. Central bankers in Norway joined the BOE in accelerating their rate increases, while Switzerland dialed back its pace of hiking. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy: World ​In addition to the UK, Norway raised its benchmark rate a half point to 3.75%, while central banks in Indonesia, the Philippines, Mexico and Brazil left borrowing costs unchanged. The Swiss National Bank delivered its smallest hike since policy tightening began a year ago, while saying more action is likely. R
Post a Comment
Read more

DBS to set up base in GIFT City

Image
The Development Bank of Singapore (DBS), a Singaporean multinational banking and financial services corporation, has been given approval by the International Financial Services Centre Authority (IFSCA) to set up an international banking unit (IBU) at GIFT City. GIFT City officials believe more financial companies from Singapore will enter GIFT City after the arrival of SGX Nifty. DBS will offer financial services like trade finance, external credit borrowing (ECB), treasury operations and derivatives at its GIFT City IBU. According to sources, the IBU will make DBS bank's offering on foreign currency loans and trade finance business competitive. Dipesh Shah, Executive Director, IFSCA at GIFT City, said, "IFSC at GIFT City is fast emerging as the most preferred jurisdiction for international financial services. A large number of transactions for Indian corporates, which were earlier structured from centres outside India, are now navigating to IFSC. The objective of the governme
Post a Comment
Read more

Bank Btpn In Indonesia Streamlines Trade Finance Processing

Image
Surecomp, a leading provider of global trade finance solutions, has announced that PT. Bank BTPN Tbk (BTPN), one of the leading privately-owned banks in Indonesia and part of the SMBC Group, has gone live with its DOKA solution. This solution is aimed at streamlining BTPN’s back-office trade finance processing automation, replacing the bank’s previous trade finance application. According to a recent report by the International Chamber of Commerce, Asia is the world’s largest region for trade finance, with a total of $1.98 trillion in trade finance issued in 2020. Indonesia is one of the key players in this region, with trade finance playing a crucial role in the country’s economic growth. The DOKA solution, which is hosted in Jakarta, has been fully deployed and supported by Surecomp’s local teams in Asia. Read more: https://ngulminthang.weebly.com/news/bank-btpn-in-indonesia-streamlines-trade-finance-processing
Post a Comment
Read more

Democratising The Trade Finance Process Through Digitalisation

Image
The World Trade Organisation (WTO) estimates that 80–90% of world trade relies on trade finance. It is a mechanism that not only ensures security between importers and exporters but can also extend a line of credit to companies desperately needing cashflow to get their operations moving. Pandemic disruptions, political upheaval and currency fluctuations have made companies more nervous to trade internationally. “With every crisis, trust among the participants goes down and that’s when you reconsider the risk that is involved in open account transactions,” says Enno-Burghard Weitzel, senior vice president of Strategy, Digitalisation and Business Development at Surecomp. “The more insecure these financial flows to physical supply chains are, the more you want to secure them with a guarantee” from trusted financial intermediaries. Unfortunately, trade finance has not always been a straightforward solution due to an excessively manual process, and a lack of access to smaller corporates who
Post a Comment
Read more

South Korea restores Japan on trade 'white list'

Image
SEOUL: South Korea formally restored Japan to its list of countries it gives preferential treatment in trade on Monday, three years after the neighbors downgraded each other's trade status amid a diplomatic row fueled by historical grievances. In announcing the move through a government gazette, South Korea's Ministry of Trade, Industry and Energy also said Seoul will further restrict technology and industrial exports to Russia and its ally Belarus to support the US-led pressure campaign against Moscow over the war in Ukraine. After years of friction, Seoul and Tokyo are working to repair relations as they tighten their three-way security cooperation with Washington to counter the threat posed by North Korea. Pyongyang has used the distractions caused by the war to accelerate the testing of nuclear-capable missiles. South Korean officials expect Tokyo to restore Seoul as a favored trade partner too but expect that step to take more time based on the procedures to revise Japan&#
Post a Comment
Read more