Finance Industry News | Business & Financial Updates

At a time where the European lenders are stepping back from commodity trade finance, Deutsche Bank AG is all set to boost its business in the respective sector, to help enhance its regional businesses, according to Daniel Schmand, the bank's global head of trade finance and lending.

Singapore-based multinational banking entity DBS and Standard Chartered are about to change the way banking is done. These two entities have completed proof of concept for their blockchain trade finance platform and have named it as the ‘Trade Finance Registry.’ Read more.. https://www.emeriobanque.com/news/dbs-and-sc-bank-to-launch-blockchain-platform-to-curb-trade-finance-fraud

The UK has struck a historic deal with Japan and came to terms for a free trade agreement (FTA), marking the first ever deal of its kind. The deal was arranged to be the first big thing post-Brexit trade deal, expected to increase the trade by £15bn a year.

UK’s International Trade Secretary Liz Truss exclaimed her excitement over the deal and also called it a "historic moment". Moreover, she also seemed confident about bringing "new wins" for the British businesses in the field of manufacturing, food and drink, and tech industries. The critics also call the deal to be of symbolic importance which is expected to boost the UK’s GDP by 0.07%, adding to a fraction of the trade that could be lost with the EU.. . Read more

The trade transaction volumes in Asia have shown a recovery in their performance with the creation of a V-shaped post-pandemic recovery. It is for the first time since the beginning of the year that the volumes present underpinning of 2019 levels, when monitored from the past couple of months, according to HSBC.

On the other hand, the proprietary data recovered from the global trade bank resemble a rise in demand for core trade products (import documentary credits, trade volumes, and export bills), as noted by GTR. The markets show a positive sign of recovery and growth across some major players in the market (Hong Kong, Singapore, China, and Malaysia). Read more

The recent turn of events had led to collateral damage to world economies. The turn of events has let to collateral damage across businesses over every level. Now, as the trade and businesses make their way back at the dawn of Corona virus, the trading policies are being revised to focus more on kick-starting economies from triage.

In a recent event, the International Monetary Fund estimated that South-east Asia might see a fall in its average as its five largest economies will experience a fall by 2 per cent in the current year. However, as per the Monetary Fund, it was on a better side when compared to the global average of minus 5 percent. Read more.....

Following the changes of rules around gathering amidst the breakdown of the Novel Coronavirus, the Global Trade Review (GTR) 2020 was held in a virtual format recently. The event which was held from September 8-11 laid emphasis on the global trade flows which now shows signs of settling in the aftermath of the pandemic.

The new initiative was considered to be a product of live-streamed and pre-recorded content that was supported by strong networking via GTR’s virtual event platform. The virtual event hosted a commendable presence of 1,600 participants where the participants of the meeting were the local and international banks, some renewed multinational corporations, and even SMEs. Some other range of attendees involved independent financiers, commodity brokers, and ECAs among several other multilaterals who joined the discussion. Read more...

Accounting to over 3% (over 3 Trillion) of the Global Trade, the sectors providing Trade Finance had faced a severe blow in the current financial year. However, in the wake of the current pandemic, the trade finance market presents a positive image. Expected to grow by USD 11.25 billion during 2020-2024, the current CAGR of the industry is around 4%. Read more......

As per the report of Allied Market Research, the market of Letter of Credit Confirmation yielded $4.30 billion in 2019 and is expected to reach the mark of $4.99 billion in 2027. This growth will register the growth at 3.18% each year from 2020 to 2027. Moreover, the report gives detailed data regarding the business performance, market dynamics, analysis and competitive scenario of LCC.

The main reasons for the remarkable market growth of Letter of Credit Confirmation are increasing risks of non-payment, the imposition of strict conditions and terms of global business, and elevating demand for flexible trade services. However, frequent cyber attacks and fraudulent actions affect regular market growth. Nevertheless, the dedicated potential from emerging countries can easily give way to new alternatives in the future. Read more...

Union Systems Limited, a top-ranking company that deals with finance technology has announced the launch of Optimus, a multi-bank portal for global trade finance. It is developed to help corporates to start, manage and maintain global transactions from a single platform. Optimus works totally on cloud computing.

Optimus can provide the corporates with the convenience of working from a remote workstation. They can observe and analyse business value-chain. The mobile responsive UI of Optimus eases the access for the corporates through laptops, tablets and mobiles. Read more

Bank of Nova Scotia (BNS.TO) and Bank of Montreal (BMO.TO) have posted over C$2.18 billion ($1.65 billion) and C$1.05 billion ($0.75 billion) respectively, as their provision of losses for the third quarter. The losses are said to ‘decline substantially’ in the coming months.

With Bank of Nova Scotia’s most recent provisions mainly in its international unit, the blame’s on Corona pandemic for Canada’s third-biggest bank. Previously, their adjusted net income saw a steep fall from C$1.88 a year back to C$1.04 per share for three months through July in the Latin America-focused international division. Read more....

The Trade Finance Report is a comprehensive outcome of a professional and in-depth research on major regional markets around the world. It includes information about the effects of the COVID-19 pandemic on the market and the effective strategies that can normalize the situations in the coming years.

The Trade Finance Market Research Report contains several facts that describe the size of global market, share and growth, influence by leading players, the market landscape and sales analysis. The report also includes VCO (Value Chain Optimization), market expansion and overall invitations. Read more...

A definitive agreement has been signed by Wipro to buy Chennai-based firm Encore Theme Technologies Pvt Ltd, a SaaS and cloud solution provider in financial services for a value of Rs 95 crore. The cash deal is expected to be finalized during the quarter ending December 31, 2020, as per the company’s regulatory filing on Wednesday.

Today, the Bank for International Settlements Innovation Hub (BISIH) center in Hong Kong SAR and the Hong Kong Monetary Authority (HKMA) has disclosed the name of the TechChallenge winners - Digitising Trade Finance Initiative that was launched in August to highlight the scope for new technologies to digitalize the mechanism of trade finance. Read More....

Now the ICICI Bank customers can create their fixed deposits, pay utility bills as well as can access a number of trade finance details instantly on Whatsapp numbers. On Thursday, ICICI Bank announced a number of services that customers can access through the Whatsapp messaging app. By launching these services, ICICI Bank becomes the first one in the industry to provide these services on Whatsapp numbers. Now ICICI bank offers over 25 services on Whatsapp that customers can avail by just simply messaging “Hi” to the bank’s verified profile number from their registered mobile number and start using services instantly. Read More...

Russian Financial Institution (FI) Alfa-Bank - one of the largest private commercial banks in Russia has become the first Russian bank to join Contour International Network of Trade Finance according to an official announcement on Nov. 3. Read More....https://www.emeriobanque.com/news/russia-alfa-bank-joins-contour-trade-finance-network

Since the COVID-19 has attacked the worldwide economy, several banks have noticed a disturbance in supply chains during the initial two-quarters of the COVID-19 outbreak. Due to this scenario, the worldwide banks are now considering shifting their paper-based trade finance transactions to the digital platform. Amid COVID-19, Axis Bank, HDFC Bank, and State Bank of India were some of those banks that came forward to help their clients reducing the effects of the global pandemic as per the survey by Greenwich Associates, the analytics arm of rating firm Crisil. https://www.emeriobanque.com/news/trade-finance-is-on-its-way-to-get-more-digitized-post-covid

To boost the efficiency and reliability of B2B payments, a corporate trade finance platform has been introduced by Barclays while B2B data capabilities by Adobe on its real-time Customer Data Platform. In addition to this, Zact has also brought an expense management solution, Monit introduced the latest small business Banking-as-a-Service features while Jack Henry & Plaid are teamed-up.

The banking stocks of India have delivered a splendid performance in the broad market along with the regional peers in November. Last week, this is expected to be sustained with an appreciative gross domestic product print.

It seems that the possibilities of shrinking in the Indian economy in the Financial Year 2021 have appeared as a relief to the nation’s banks given the favorable implications of the asset quality.
Read more:- https://www.emeriobanque.com/news/indian-banks-attract-investors-but-peer-comparison-is-unpleasant

The concept of trade financing is simply associated with financing for trade, doesn’t matter if it is domestic or international trade transactions, to receive and send goods or services, both buyers & sellers are required while various intermediaries like banks and financial institutions facilitate these transactions by financing the trade. Read more... https://www.emeriobanque.com/news/trade-finance-global-market-key-players-2020-citigroup-bnp-icbc-exim-bank

Singapore’s financial regulators have come up with a new age medium and taken an advanced step to move away from paper-based trade transactions regarding reducing fraud. The suggested step is a strong move taken against the rising amount of frauds, going on across the globe over the years. The decisions taken by the regulators are said to be heavily influenced by the consequences leading to a series of high-profile scandals that had taken place in the state’s commodities sector. Read more.. https://www.emeriobanque.com/news/singapore-authorities-eliminating-paper-based-transactions-to-stop-trade-finance-fraud

As per the latest news around the world of banking, the leading member of the World Bank Group IFC has come into an agreement with Union Bank to come up with a finance guarantee facility, as per their latest announcements. The expected partnership between these two banking union’s will prove to be an effective boost for Nigeria and will provide them with access to finance for local business, as a move to increase international trade from the country. Read more.. https://www.emeriobanque.com/news/union-bank-secures-40m-ifc-facility-to-boost-trade-finance-in-nigeria

We are all familiar with the impact that Covid has led to our global trade platform. The change of events have let an extreme set back in the global economies, forcing businesses to shut down and workers going on lockdowns. The past few months have been very devastating for global trade as it reached the lowest levels, affecting businesses at every level on the supply chain. Read more.. https://www.emeriobanque.com/news/exports-rise-in-september-by-5-27-trade-deficit-narrows-to-2-91-bn

The initiator of paperless trading, essDOCS has now come in terms with Temenos’ MarketPlace. The current digitized solution is all set to offer integration of essDOCS’ CargoDocs solution to Temenos Transact. This new system will give way to an improved and next generation of core banking software that will give a push to the digitisation of global trade. Read more.. https://www.emeriobanque.com/news/temenos-partner-with-essdocs-to-digitize-trade-finance-processes

International Trade has been a major key towards increasing the GDP of a given country besides improving the flow of cash inside it. The global supply chain plays an important role in the running of business around the world. However, not every business in the supply chain has the required monetary resources to run its operations seamlessly, making them opt for some sort of financial aid. Read more.. https://www.emeriobanque.com/news/trade-finance-as-a-growing-asset-class

Since the coronavirus outbreak has attacked the world economy, it keeps bounding people to work from home instead of offices and therefore many companies worldwide are now considering decentralized ledger technology to reduce its global effects and stay operational. Read more.. https://www.emeriobanque.com/news/trade-finance-industry-to-consider-dlt-adoption-amid-covid-19