The disrupted global supply chain triggered by port congestion and shipment delays amid the Covid-19 pandemic is now putting pressure on a streamlined and optimized supply chain to deliver uninterrupted international trade transactions. While highlighting port activities and capacity requirements, trade finance could leverage functional advancements as well.
Trade finance provides short-term credit and insurance to fund a global transaction and the parties to these transactions don’t simply include importers and exporters. Rather, the transaction is also executed among each party’s bank, a cargo forwarder, the insurer, and the inspector, customs, document couriers, and the logistics carrying the ordered goods to be delivered across the sea. These parties carry out the required documentation of more than 15 pages including thousands of data field exchanges.
This is the reason why Sanjeev Chatrath, the newly hired chief revenue officer of Singapore startup dltledgers, forms an opinion that these difficult practices are required to have their own digital transformation - not just for functional enhancement but also for a more comprehensive future of global trade.
Read more: https://www.emeriobanque.com/news/dltledgers-cro-on-digitally-transforming-global-trade-finance
