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Updated by Emerio Banque on Jul 27, 2021
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Finance Industry News | Business & Financial Updates

Stay updated with the latest news related to global finance, banking, trade finance, letter of credit, investment, business landings, business deals, financial collaboration, tech finance, corporate services and much more.

HSBC Issued First 'green' Trade Finance Facility For UAE's Lamprell

Even the trade finance industry is experiencing a “green touch”.

Recently the British multinational investment bank HSBC has announced a $48 million green trade finance facility to the Middle East and North Africa (MENA) region for the UAE based project services company Lamprell. The aforesaid raised finance will provide aid to Lamprell in the execution and implementation of its fabrication work on the Seagreen Offshore Wind Farm project off the coast of Scotland.

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Supply Chain Trade Finance: An Industry View

The trade finance industry has been experiencing a difficult time due to the lockdown and global pandemic of COVID-19. It is a tough situation for both importers and exporters. There is no credit available for the buyers in the international market while suppliers are struggling with big complexities.

According to Tim Nicolle, CEO, PrimaDollar, “Asian suppliers are facing difficulties in three ways. In the first quarter, there were cancellations of orders along with the buyers even when the goods were ready to ship. The factories are running out of cash with the availability of goods. Secondly, it was due to lockdown. The third hit is buyers are asking for credit.”

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Asian Trade Finance Demand Rises As Recovery Takes Hold

Regardless of the effect of global threat of COVID-19 pandemic on the worldwide economy, the trade transaction measurements in Asia completed 2020 ahead of 2019 levels as per told by HSBC. According to the proprietary information collected from the global trade bank, it is indicated that the number of bank guarantees, trade and receivable finance instruments availed on a monthly basis in 2020 left 2019 levels behind in September and dominated last year-levels throughout the fourth quarter.

Ajay Sharma, regional head of global trade and receivables finance, Asia Pacific, at HSBC says, “The task of anticipating what type of recovery would be there was quite difficult. At a specific time, we checked our data and it was flattering. In the data of July, we witnessed that working capital cycles were extended, past dues were big and there was a complexity in the banking system. Currently, it has returned back to normal. I do not consider any of us could have anticipated this quickened bounce back. ” He further added that in terms of transaction abstract, the fourth quarter of the past year was good in the past eight. “This simply addresses the strength of the recovery that we are experiencing.” He explained.

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Non-Bank Global Trade Finance Market Research Report and Forecast To 2027 | Coface, Trade Finance Global, Clear Treasury

A research report on the non-trade bank finance market has been published by the Global Market that covers the accumulated information on the latest industry trends, market influencers, development opportunities, and limitations with capabilities to change the market factors of the report. It also offers a glimpse of the thorough analysis of the market fragments including products, implications, and end-user applications.

This report also consists of a detailed analysis of industry leaders that their most recent turns of developments, product portfolio, price structure, mergers & acquisitions, as well as collaborations. Additionally, it contains complex strategies aiding them to grow their market share. The Non-Bank Trade Finance Market research report is established by applying strong research tricks and Porter’s Five Forces analysis to highlight the tricky grid of the market.

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Factors That Bank Keep In Mind Before Lending Money

Are you seeking a personal loan to expand your business? Do you need finance for buying more equipment for your business? Well, applying for a personal loan can help you solve all your financial problems but how you convince a bank or a lending institution to give you a personal loan is totally up to your awareness of the essential criteria.

Lending services can be a quick and effective way to cater to your every type of business needs whether it is for starting a new venture or consolidating debt. But getting personal finance from a bank involves a complex procedure with the significant steps of customer verification which conclude your overall result.

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HSBC Collaborates With HKTVmall To Get Digital Trade Finance To Merchants

Recently, with an agenda to facilitate trade finance services to e-commerce merchants’, HSBC has joined forces with HKTVmall, a Hong Kong-based online shopping and entertainment platform.

The initiated collaboration by HSBC will allow HKTVmall’s merchants who are engaged in the operations of selling electronic appliances, fashion & consumer goods to get instant finance without any requirements of submitting collateral or financial documents to the lenders.

For this purpose, HSBC will conduct a thorough check of the vendor’s data from HKTVmall so that it could examine and predict their credit performance. It includes turnover and refund records of several types of goods etc.

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Corporate Banking In 2021

Various financial institutions are looking at their development opportunities into the profitable commercial sector struggling with their set of complexities and difficulties as guidelines and cost regulations become the dominant focal point. In the 2021 year, the banks ought to be prepared to resolve the various general difficulties in the journey for SME business. The implanted extensive computerized capabilities also hold an important place to help in cost reductions and proficiency gains.

Bridging The Trade Finance Gap

The global pandemic of COVID-19 has caused an unprecedented global economic dislocation which could take many years to recover from. It had adverse effects on the supply chain across the world and short-circuited business activities. But these are not the only ones. The disruptions can also be seen through various industries and after joining them with the moving client interest, it caused cash flow complexities for SMEs around the world. Many businesses are struggling to recover from these unpredictable effects of the economic crises caused by the global pandemic, many other factors are blocking the chances of success.

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Wärtsilä Participates In Paperless Trade Finance Experiment

Recently, with an agenda to digitalize the process of Export Letter of Credit which is presently being taken care of manually and by email utilizing paper records and PDF documents, the technology group Wärtsilä has taken part in the innovative co-creation project. With the aforesaid co-operation, it can be clearly stated that these manual documents can be easily replaced with the safe, secure, and regulated data sets that allow automated processing. This is viewed as an advancement accomplishment. Earlier, Tradeteq signed a deal with Microsoft to automate trade finance.

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Emerio Banque Is Digitizing The Global Trade Finance Solutions For Improved User Experience

Emerio Banque - A globally recognized financial institution facilitating international trade transactions with its trade finance service and other offshore banking services like Letter of credit/Bank Guarantee etc has now taken a revolutionary step towards making the trade finance process more digitized.

Today, more and more corporate clients are seeking to organize their transactional process on a single, centralized, and synchronized digital platform to reduce global trade transaction time and cost as well as to minimize the fraud risk. Emerio Banque initiates to provide an enhanced digital banking experience with smooth, safe, quicker, and uninterrupted trade transactions to all its corporate clients by implementing the latest digital data flow platforms and emerging technologies.

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Modifi Acquires PrimaDollar's Export Trade Finance Business

Recently, PrimaDollar has made a prudent decision to focus only on its category ie. a leading supply chain trade finance technology platform as it has sold all its existing export customers who are SMEs, to Modifi. Modifi is an SME-focused startup that provides necessary aid to businesses in development as well as guides them in maintaining strong relationships on an international level and taking advantage of local economies. Both the companies are mutually agreed on executing the transaction for only future businesses. PrimaDollar is likely to keep its existing outstanding trade finance book.

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DZ Bank Chose Surecomp For Digitizing Trade Finance

Today, it has been announced by Surecomp, a leading supplier of global trade finance solutions for banks and corporates that DZ Bank, as a component of its excursion towards digitized trade finance activities has selected DOKA-NG to be its cutting through digital trade finance platform.

DZ Bank is the second-largest bank in Germany with headquarters in Frankfurt that provides central bank facilities for almost 850 co-operative banks across the nation. The trade finance department provides services on behalf of both direct customers and member banks, considered as the trade finance hub to function a plethora of transactions. The team at DZ bank also handles international trade finance processing requests from the Hong Kong branch of the bank. By keeping the requirements of multiple corporate clients of varying sizes in mind as well as increasing transaction quantities, DZ bank forms an opinion to transition its activities to the next level of digitization. The task of implementing DOKA-NG is the initial step by the bank. It is an API-enabled digital.

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Arab Bank Received the Middle East’s Best Trade Finance Provider 2021 Award

Recently, Arab Bank was honored with the “Best Trade Finance Provider 2021 in the Middle East” award by Global Finance, a New York-based international publication at the Bankers’ Association for Finance and Trade (BAFT) and the International Financial Services Association (IFSA) global annual meeting in London.

This honor is considered as the acceptance of the bank’s influential position in the area along with its excellent capabilities in facilitating up-to-date banking solutions and trade finance instruments that cater to the clients’ emerging requirements across different sectors.

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Trade Finance Platform Envoy Brings Envoy Green Solution And New Partnerships To Seek Environmental Transparency

Recently, to bring environmental transparency, Envoy, a Defi solution for updating trade finance and providing essential capital to global traders through emerging markets, has committed to providing transparent and sustainable trade by introducing Envoy Green.

This aforesaid agreement has been initiated between Envoy Green and Pole Star, a maritime tech solutions company. Its PurpleTRAC platform, a solitary point provides screening solutions, as well as scans and reports on the movements and ownership of vessels. Along with this, it also provides a bill of lading verification. Pole Star has recently joined hands with CarbonChain who has initiated emission figures on over 76,000 vessels to facilitate an organized regulatory and discharge screening report in seconds. Additionally, CarbonChain also provides environmental performance evaluations to individual vessels or particular fleets.

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African Development Bank Honored With Best Multilateral Financial Institution 2021

Recently, The African Development Bank registered its remarkable presence in the 22nd edition of the Global Finance Best Investment Bank Awards where the reputed and esteemed U.S. magazine expert in the review & evaluation of the financial markets finds out tremendous investment banking capacities operating in the global market.

The main highlight of this event took place when the African Development Bank was given by the name of the “best multilateral financial institution in the world for 2021” by Global Finance. Additionally, a few days back, Arab Bank was also honored with the Best Trade Finance Provider 2021 Award for the Middle East region.

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Almastone Made Double Appointment For Origination Expansion

Recently, AlmaStone has added two new hires to grow and extend its origination abilities in Africa and Latin America. AlmaStone is an elective trade and supply chain finance provider with tremendous activities in the soft commodities sector.

Last week, Sam West joined as the head of origination for Africa and has been assigned the task of developing the current portfolio of the firm in the region with an emphasis on corporate individuals in the agri-business and soft commodities space.

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US Treasury Chief Janet Yellen Discussed Global Economic Outlook With FM Nirmala Sitharaman

On Monday, Finance Minister Nirmala Sitharaman debated the worldwide economic viewpoints and traded notes on the complexities of mutual interest with US Treasury Secretary Janet Yellen.

According to the finance ministry in a series of tweets, both Sitharaman and Yellen have given their mutual consent on operating closely through common economic and planned collaboration in different multilateral fora, including the G20.

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UNCTAD Raised Global Economy Forecast By 4.7% For 2021

According to a report by the UN conference on Trade and Development (UNCTAD) released on Tuesday, the worldwide economy is set to develop by 4.7% this year followed by an unexpected, strong recovery made by the United States. The earlier forecast was 4.3%. This latest, updated modification from its previous forecast which took place last September demonstrates a solid boost in the U.S. The report further added, consumers who are relying on the progress aid are giving out COVID-19 vaccines and a gamut of encouragement package.

The report highlights the fact, “The worldwide economic recovery that started in the third quarter of last year is likely to be continued through this year, though with a good arrangement of inconsistency and uncertainty, demonstrating epidemiological, strategy and coordination uncertainty” Recently, the OECD additionally modified higher its development forecast for the current year from 4.2% to 5.6%.

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Alan Turner Assigned Role of Head of Commercial Banking By HSBC Bank Canada

Today, Mr. Alan Turner has joined HSBC Bank Canada as the Head of Commercial Banking following Linda Seymour who handled the role of President and Chief Executive Officer of HSBC Bank Canada in September 2020. Being on the post, Mr. Turner will be tackling the responsibilities for HSBC’s huge corporates and Small and Medium Enterprise banking areas along with popular & leading Global Trade and Receivables Finance as well as worldwide liquidity & fund management facilities in Canada.

Linda Seymour, President, and Chief Executive Officer, HSBC Canada tweeted, “I am glad to invite Alan to our commercial bank in Canada. His solid expertise in the sector, as well as globally combined with HSBC’s organization covering 90% of the worldwide trade flows, will aid in speeding up our advancement in quality supporting customers in their global expansion plan.”

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Contour Is In Association With ThoughtWorks To DigitizeTrade Finance In China

On March 24, 2021, the global trade finance network Contour joined hands with ThoughtWorks, an international software consultancy in China to further accelerate its development & growth in the region via digitizing the process of international trade. Earlier, Wärtsilä participated in paperless trade finance to digitize the process of export letter of credit.

The aforesaid association with ThoughtWorks will enable Contour to avail benefits of consultancy’s expertise, and knowledge in the software industry, and familiarity with the organization’s solutions prevailing in China to facilitate its regional customers seamless & smooth integration with the Contour network.

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Commercial Bank Is Honoured With 'Best Bank In Qatar 2021' Award By Global Finance

On March 30, 2021, Global Finance’s editorial board has chosen Commercial Bank for the “Best Bank in Qatar 2021” award for the second time in four years.

The aforesaid selection was conducted based on considerable discussion with bankers, experts, and industry says Commercial Bank on Monday.

In earlier years, winning institutions were credited in an awarding event organized during the World Bank/IMF Annual Meetings. Additionally, a few days back, Global Finance also named Arab Bank the “Best Trade Finance Provider 2021 in the Middle East.” in the BAFT and IFSA global annual meeting in London.

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Asia-pacific Region Is Considering K-shaped Economic Recovery: UN Report

According to a United Nations (UNESCAP) report released on 31st march 2021, the Asia-pacific region including India gazing up to its eyes on a “K-shaped” recovery of worldwide economy with the COVID-19 pandemic dealing with persistent growth error plans, and unprotected groups getting additionally degraded in the post-pandemic period.

The report named Economic and Social Survey of Asia and the Pacific 2021: Towards post-covid 19 resilient economies, the Economic and Social Commission for Asia and the Pacific (ESCAP) issued a statement saying that several factors can extend the pandemic-instigated dangers across and within the nations.

As per the report, the unbalanced spread out of the vaccines, the inordinate impact of the pandemic on poor and exposed groups, as well as the restricted fiscal response of the developing nations are likely to extend the pandemic threat. In case of a K-shaped recovery, various areas and funding groups of an economy recover at various paces, along with the highly-exposed sections which experienced different impacts, taking more time to come out from the sudden shock of the pandemic-prompted recession.

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World Economy Risks Are Acutely Departing Even As Growth Boosts

The worldwide economy is on its way to demonstrate faster improvement & development in over a half-century this year. Although the difference and drawbacks can be a possible roadblock from achieving its pre-pandemic goals any time soon.

The US is holding the charge into the semi-annual online meeting of the International Monetary Fund happened in the initial week of April 2021, giving out trillions of dollars for budgetary control and estimating its effective role in protecting the worldwide economy following President Joe Biden's defeat of "America First" President Donald Trump. On April 2, 2021, the news came out as the biggest of this month for employing since August. China is also performing its duties, expanding on its achievement in countering the COVID-19 last year event as it begins to withdraw some of its economic help. Additionally, Asia-pacific regions including India are gazing upon its eyes on K-shaped economic recovery.

However, unlike the calculation of the 2008 economic crisis, the recovery seems unbalanced, in part due to the spread out of vaccines and financial help differ across nations. Among the stragglers are most developing markets and the eurozone, here France and Italy have stretched out limitations on action to contain the infection.

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Trying To Get Rid Of A Fractured Digital Global Economy

Thanks to the sudden outbreak of the Covid-19 pandemic that has been a global threat across the world for half of a year now, has given birth to a digitally accelerated economy as the new normal for society. With the wave of social distancing and rapid transformation in several sectors ranging from healthcare to education and service delivery, the digitized economy has started outstretched its approach, supporting product development, improvement and profitability worldwide. In this regard, the US administered a semi-annual online meeting of the IMF in the initial week of April 2021, offered financial assistance for budgetary control to avoid world economy risks. Sources of advancements and technology developments are increasingly scattered with the growing world whereas China is emerging as the most essential source of new technology. But a worldwide administration deficit and geopolitics are supporting a digitally divided global economy.

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Asian Markets Rise Amid Cautious Outlook For Global Economy

Japan’s benchmark Nikkei 225 NIK, -2.13% bounced and fell 0.1% to 29,642.79, the first market reaction followed by a summit by Prime Minister Yoshihide Suga with President Joe Biden throughout the end of the weekend. Suga also communicated with the Pfizer chief executive, requesting to ensure an accelerated and continued stock of the organization’s coronavirus vaccine. Japan has slacked different countries in an immunization spread, with scarcely 1% of its populace vaccinated up until now.

The government initiatives against Covid-19 contaminations effectively functioning in some urban regions, including Tokyo, are being extended to more parts of Japan, starting April 20, 2021, but the urban areas of Tokyo and Osaka are thinking about reinforcing them to a “state of emergency”. There was never a lockdown situation in Japan, and its governing rules would need to be altered for such activity.

Australia's S&P/ASX 200 XJO, - 0.68 % acquired 0.2%, while South Korea’s Kospi 180721, 0.43% gained 0.4%. Hong Kong’s Hang Seng HSI, 0.15% acquired 1.2%, and the Shanghai Composite SHCOMP, 0.34% flooded 1.3%. Stocks acquired in Singapore STI, -0.40% and Taiwan Y9999, 0.08% but plunged in Indonesia JAKIDX, -0.84%.

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Global Economy To Stage Vigorous Recovery; Jobs Growth To Lag: Reuters Poll

As per Reuters surveys of more than 500 financial analysts, the worldwide economy is expected to recuperate this year from its global Covid-19 downturn at a rate unnoticed since the 1970s as the powerful momentum builds in most influential economies.

All credit goes to the great extent brought by the broadly expected immunization-driven recovery, enormous liquidity injections, phenomenal financial aid- essentially by the United States, with more on the way- and continued proceedings with the economic activities to cope with the stifled mobility.

Since many nations are still struggling to recover from the pandemic, when asked about the probability of the renewed increment in the covid-19 cases hurting the worldwide economy this year, the financial analysts seemed separated in the Reuters survey conducted over the past month.

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