Global trade is experiencing significant change, and economic and political uncertainty is impacting key trading relationships in Asia. Despite these turbulent times, recent figures indicate that growth in ASEAN, for instance, has been relatively unfazed by headwinds in 2016. That said, another particularly important trend has emerged that hampers the ability for many local companies to capitalise on the opportunities emerging across the region: the trade finance gap.
Writing for The Asian Banker, BNY Mellon’s Michelle Hui, Head of Trade Business Development, Asia Pacific, Treasury Services, BNY Mellon, considers the role banks have to play in ensuring the continued flow of trade despite challenges. She writes on the importance of collaboration to help close the trade finance gap and reinvigorate the global trade landscape: “through collaboration and innovation, we can capitalise on this new environment, and provide local businesses with the tools to harness the region’s opportunities and drive business growth.”
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