Bring trade finance into the 21st Century with an as-a-service approach
While our increasingly digital world runs on global trade finance, trade finance is a process that has remained significantly analog. And such chasm between the two threatens global growth and limits opportunities for corporate banks and their clients. Moreover, It is projected by the Boston Consulting Group that the trade finance market will grow by more than 50 percent by 2030—“bringing the global revenue pool for the industry to $68 billion in 2030.” This means there would be an additional $23 billion in revenues in play for trade finance players compared to 2020 levels of $45 billion. However, a sizable gap in trade finance availability threatens this rosy scenario. A 2021 Asian Development Bank[1] study estimated that the trade finance availability gap reached $1.7 trillion in 2020, representing 10 percent of global trade. Time to modernize—Trade-finance-as-a-service Many factors contribute to the trade finance gap, and one import...