In a recent article for GTNews, David Bischof, Senior Policy Manager at the International Chamber of Commerce (ICC) Banking Commission, explains why trade finance must move towards digitisation in the industry. Indeed, according to ICC’s latest Global Survey on Trade Finance, there has been a slow uptake of digitisation, in part due to the size and complexity of digitising trade finance.
But there are numerous benefits of digitisation and the automation of processes – reducing operational costs and improving working capital management, for instance. Bischof discusses the next steps for the industry, such as the importance of harmonising processes of digitisation.
To read the full article, please click here.