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“There is nothing permanent except change.”
The words of the Greek philosopher Heraclitus, written more than 1,000 years ago, ring truer today than ever.
Change can come at any time and can be catalyzed by any number of things. Commerce has not proven to be an exception to the rule. US inflation is at a 40-year high, sovereign debt is soaring around the world, and there is no end in sight to the devastation between Russia and Ukraine.
At this month’s World Trade Organization (WTO) Public Forum, we heard Director-General Dr. Ngozi Okonjo-Iweala admit that the world is headed for a global recession due to a “polycrisis collision around security, climate, energy, [and] food prices.
“The world cannot afford to do business as usual,” Okonjo-Iweala said.
However, the countercyclical nature of trade in the face of slow economic growth is creating an urgency for affordable, inclusive and resilient trade.
Once again, digitization has taken the top spot at the top of trending trading, with rumors of electronic bills of lading (eBLs), non-fungible tokens (NFTs) and legal reforms also joining the party.
It’s all pretty overwhelming.
Stepping back though, there have been pockets of success at impressive speeds around many innovations taking over the market, scale is now key. To name a few detailed in this issue; Visa B2B connect, SGTraDEX (with Veridapt), SWIFT messaging standards and African payment developments have catapulted trade, treasury and payments.
This edition of Trade Finance Talks aims to deconstruct the principles that facilitate change in the landscape. As the youngest continent in the world, with immeasurable levels of untapped wealth, the heads of industry leaders have turned to one region in particular: Africa.
Read more in the foreword to explore the changes and why time really is ticking for technology…
Editorial director, TFG
Welcome to our October edition of Trade Finance Talks by TFG: Time’s Ticking for Tech
What is inside this problem?
Prologue | A note from the editor: time is running out for technology
Cross-Border B2B Payments: Improving Efficiency, Speed and Transparency
SWIFT Thinking: How the Global Payments System Can Help Digitize Trade Finance
Digitization in the transformation of the commercial landscape
Driving sustainability in global trade with digital collaboration
Can Europe be the first carbon neutral continent?
Data standards: a key to truly sustainable trade
African trade finance enters an exciting new phase
African access to trade: SMEs, foreign exchange and sustainability
International trade, sustainability, digitization in Armenia
Banking in the Kyrgyz Republic, Optima Bank OSJC
Trade finance in Ukraine: a wake-up call for members of the industry
The largest oil and gas company in Uzbekistan in digitalization, ESG, geopolitics
Emerging Markets Roundtable: Understanding and Addressing Trade Finance Challenges for SMEs
Correspondent banking in the Caribbean: the impact of ‘derisking’ on the real economy
business credit insurance
The Changing Risk Landscape of Trade Credit Insurance
GreenStars’ Paul Wollny on the world of credit insurance
Atradius on political risk, emerging markets, digitization
Resilience, technology and risk appetite: credit insurance experts weigh in on current trends
A Different Kind of KYC: Lessons from the Sub-Saharan African Mobile Phone Market
Procure to pay in a global economy: how companies can recognize currencies in their processes
How Connected Payments Impact Africa
Interview: Why the ‘ecosystem game’ matters for digital commerce
Driving a digital agenda for trade: how the ICC is setting the standard