Anand Pande, Senior Adviser in Banking at iGTB and founder of the Growth Paradigm Partnership has been cited in Trade & Forfaiting Review in an editor’s piece on world trade and issues around de-risking and reduced correspondent banking networks.
In a section of the article discussing widespread concerns that the world was shrinking away from globalisation and free trade, Pande thought the UK’s move away from the European Union was not in fact heralding such a trend: “It is quite usual for countries to either shelter their local economies through subsidies or protectionist policies, or enter into several bilateral free trade agreements or regional clubs such as the Trans-Pacific Partnership (TPP) or ASEAN Economic Community (AEC).”
On the topic of de-risking and reduced correspondent banking networks, Pande argued that banks looking to do due diligence on financial institutions may have to consider pooling resources to further drive down costs and improve efficiencies. “In particular, shared service centres comprised of compliance staff from multiple banks could be an answer – although the member banks must share a pre-agreed gold standard of compliance, due diligence and market checks in order to maintain the trust and confidence of their regulatory authorities,” Pande explained.
To read the full article, please go here.