Hopes raised as first African bank joins trade finance fintech platform

BY SANNE WASS South Africa’s Standard Bank has become the first African bank to join CCRManager’s digital trade finance platform, a global project to ease trade and supply chain finance distribution. CCRManager (CCRM), a fintech firm backed by the Monetary Authority of Singapore, launched its platform earlier in the year, as previously reported by GTR. Thirteen banks…

Hong Kong, Singapore to link up trade finance blockchain platforms

Elzio Barreto HONG KONG (Reuters) – Hong Kong and Singapore’s de facto central banks unveiled plans on Wednesday to link trade finance platforms they are developing with blockchain technology, to reduce potential fraud and errors in the multi-trillion-dollar funding of international trade. The Hong Kong Monetary Authority (HKMA) together with banks including HSBC Holdings PLC…

Conditions notified for availing export package

Mubarak Zeb Khan ISLAMABAD: The Ministry of Commerce on Thursday notified conditions for availing Prime Minister’s Export Enhancement Package for the year 2017-18. In this regard, the Commerce Division issued a notification SRO1062 for non-textile products. A similar notification for textile products will be issued by the Textile Division shortly. The notification is part of…

Unconditional bank guarantees: ‘like cash in the bank’. But not always …

Cooper Grace Ward It is common in construction and commercial leasing transactions for a party to provide an unconditional bank guarantee to secure the performance of their contractual obligations. An unconditional bank guarantee is widely regarded as being ‘like cash’. Courts are reluctant to restrain the calling for and making of payment under an unconditional…

Blockchain and the rise of FinTech: Taking Over the World Economy?

The FinTech revolution is well and truly underway and is showing no signs of slowing down anytime soon. FinTech refers to new technological innovations which compete with conventional financial techniques in the delivery of financial services. Arguably the most cited example of FinTech is the use of smartphones for mobile banking. In recent weeks there has been a great…

Blockchain: a world of possibilities

Written by Heather McKenzie Amid the hype around distributed ledger technology and blockchain it can seem they are technologies looking for solutions. In the heavily paper-based business of trade finance, such technology looks promising and progress is being made elsewhere. The milestones in applying digital ledger technology (DLT) to trade finance are coming thick and fast. In July this…

CGI work with banks to integrates blockchain with conventional trade finance platform

BY SANNE WASS CGI has together with Bank of Montreal, Royal Bank of Canada and MUFG completed what they claim is a “first-ever” proof of concept to enable banks to easily integrate blockchain capabilities with their existing trade finance platforms. The PoC specifically tested the interoperability between CGI’s Trade360, a trade finance platform used by 19…

Trade Finance in Africa: Overcoming Challenges by AfDB

The African Development Bank (AfDB) has released its second Trade Finance in Africa Survey Report tiled; “Trade Finance in Africa: Overcoming Challenges”. Building on the findings of the maiden 2013 survey, this new report, covering the period 2013–2014, goes further to gauge other aspects of bank-intermediated trade finance such as the challenges encountered by SMEs…

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