Trade Finance magazine’s latest issue reports on the International Chamber of Commerce (ICC) Academy’s 4th Annual Supply Chain Finance Summit, held in Singapore in March, which gathered together leading experts and practitioners from across the globe.
The Summit explored the latest trends in trade finance, the causes behind the rise in supply chain finance (SCF), as well as the resurgence in popularity of traditional trade finance instruments. In particular, the Summit examined the reasons behind the particularly notable demand for SCF in Asia, and how SCF is being exploited not only by large corporates in the region, but also small to medium-sized enterprises (SMEs).
Finally, discussions focused on the importance of standardising terminologies, in line with the launch of the Global Supply Chain Finance Forum’s “Standard Definitions for Techniques of Supply Chain Finance” – a set of commonly agreed standard market definitions for SCF and SCF-related techniques. The terminologies will bring clarity and consistency to the industry, but also help further shape the evolution of SCF itself. Alexander Malaket, Chair of the Drafting Group at ICC, commented: “this is a living document that will evolve further with market practice and requirements”.
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