Digitalisation in trade finance and its impact on regional trade
To a large extent, global trade still very much relies on paper-based processes throughout the chain, from the exporter to the importer. As their main facilitators, financial institutions sit at the centre of these transactions, bear the associated financial risks and are responsible in the eyes of the regulators.
Even before 2020 and the impact of Covid-19, the industry was already looking at leveraging technology to digitalise these exchanges and answer multiple growing challenges such as fraud, trade-based money laundering, customer experience and operational efficiency.
The disruption experienced last year only reinforced the need for a strong push on Trade Finance digitalisation. In ASEAN itself, several countries saw their import & export flows suddenly reduced by up to 90% due to the impossibility to open offices and exchange paper-based trade documentation between parties.
A survey by the International Chamber of Commerce (ICC) reveals that 77% of the 346 responding banks were considering transitioning to digital as a way to reinvent their trade finance business, allowing them to significantly reduce their costs and better serve their customers.
Eurocham’s Regional Trade Committee and Financial Services Committee are co-organising a Webinar to update the community on the latest changes on the front of the Digitalisation of Trade Finance, its impact on regional trade and the challenges still faced by industry players. This session will bring together representatives from banks, corporates and technology providers to discuss the challenges, solutions and opportunities associated with this major industry trend.
8:45 am Webinar Waiting Room Opens
9:00 am Opening remark by Domenico Ferrari, Regional Trade Committee Chair
9:05 am Presentation by Louise TAYLOR-DIGBY, Head of Trade Strategy, SWIFT
9:25 am Presentation by Johan EGNELL, Head of Asia, Mitigram
9:45 am Panel Discussion + Q&A moderated by Greg Huguet, Financial Services Committee Chair
- Louise TAYLOR-DIGBY, Head of Trade Strategy, SWIFT
- Johan EGNELL, Head of Asia, Mitigram
- Antonio U. De Lorenzo, Head of ING Labs Singapore, ING Bank
- Timothy COSULICH, CEO, Fratelli Cosulich Group of Companies
10:20 am Conclusions and Closing Remarks by Greg Huguet, Financial Services Committee Chair
Louise Taylor-Digby - Head of Trade Strategy at SWIFT
Johan Egnell - Head of Asia at Mitigram
Mr Antonio U. De Lorenzo - Head of ING Labs Singapore at ING Bank
Timothy Cosulich - CEO at Fratelli Cosulich Group of Companies
Gregoire Huguet - Commercial Director, Data and Analytics at SWIFT
To know more and registr for the event, please visit EuroCham website here