Trade finance has been a continued industry reluctant when it comes to adapt to any changes. Portrayed by disorganized and bulky legacy measures, this particular industry has stayed stagnant while other sectors are favorably getting ahead by adopting digitization. But, the global pandemic has triggered the change for the trade finance industry that was required for many years, and initiatives towards technological improvements have been noticed, especially across the Asia Pacific. These innovative progressions are assisting the process of revolutionizing the trade finance industry and hopefully, inviting a coordinated, worldwide approach to ensure more efficient trade.
The list of the difficulties being faced by the trade finance industry, highlighting an industry dependency on paper, wrong documentation, and KYC, non-interoperable systems, and manual corrections could all be coped up with suitable technological efforts. These difficulties are now finally being resolved by several advanced digital solutions. For example, earlier, as an initiative, the technology group Wärtsilä took part in paperless trade finance to automate trade finance processes.
Read more: https://www.emeriobanque.com/news/paving-ways-for-the-new-era-of-efficiency-in-trade-finance
