Digitalising trade finance has been a rather tough climb, with the joy of reaching the summit some way off. International Trade and Forfaiting Association Chair Sean Edwards explains how the United Nations, with the Model Law on Electronic Transferable Records, gives cause for optimism
This is a short article about a very big solution. It is also an article about hope and vision and those things that don’t help bankers create budgets in the short run, but do change the world in the long run for them and their customers − if only someone would invest in that.
The powerful solutions offered by fintech have the capacity to completely change the way we do banking business. We have been told this often enough by the tech pioneers and messiahs. From the author’s own experiences, finding a technological alternative to almost anything we do is rarely the problem. To the tech companies’ intense frustration, we start to run into the awkward little problems created by that alternative to the virtual world, namely the real one. In banking, this demon takes many forms: legacy systems, budgetary constraints, lack of customer interest, lethargy, vested interests and, to cut the list short and get to the point of this piece, legal validity – or certainty.
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