BNY Mellon’s Dominic Broom and Joon Kim discuss leveraging technology to fuel global trade in TFR’s sibos issue
October 10, 2017
At the end of 2016, the World Trade Organisation (WTO) predicted that, for the first time in 15 years, world trade grew slower than global GDP. Much of this slowdown is due to Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements that have made financing trade costlier and more complex, inhibiting expansion.
In a commentary article for TFR, Dominic Broom, Global Head of Trade Business Development, and Joon Kim, Head of Global Trade Product, treasury services, BNY Mellon, explain that together as a financial community, recent fintech investment and technological development can be harnessed to deliver maximum efficiency, harmonisation, and capital in respect to international trade.