Organizations are using several tools & technologies across the world to further accelerate & improve their supply chain processes, ranging from producing, distributing to marketing their services at an uninterrupted pace. But since the global pandemic of Covid-19 hit the world economy, organizations have understood the importance of deploying the latest & most effective techniques available throughout the processes to remain in the competition. As more & more manual processes are being transformed with automation, it has forced industries around the world to think about how they can best utilize technologies to operate their business without any disruptions. While some industries are already on their way to going paperless, for example, Wärtsilä participates in paperless trade finance experiments , mitigating documentation, and cutting back processing times, others are still looking forward to it. One sector that is required to to speed up its conventional & rigid activities is Trade Financing.
Just like any other financial service industry (FSI), trade finance is also associated with a bunch of compliance and regulatory requirements that need to be done before they adopt any technology. However, unlike FinTech which is being appreciated by most FSIs, trade finance is an umbrella term when it comes to services.
According to the Asian Development Bank (ADB)’s Trade Finance Program (TFP), there were 8,950 transactions assessed at around $8.3 billion ($4.7 billion of which was co-financed) since 1 April 2020. However, in its September 2019 Trade Finance Gap, development and job evaluation, the global trade finance gap amounting to USD 1.5 trillion has become a tremendous global challenge that roadblocks economic development and disturbs efforts to mitigate poverty globally.
Read more: https://www.emeriobanque.com/news/easing-trade-finance-for-small-businesses
What scares me is the speed of production automation. And it seems clear that everything is developing with great speed and automation is an inevitable reality. But I did not expect that everything would be so fast. It appears that it was only recently discussed that it's possible, and now automation is being actively implemented in developed countries. It makes me a little bit uncomfortable to think how many people lose their jobs because of it. My husband and I began to create a financial safety cushion, and we decided that we would go into trading. So far, my husband is more into it. He is freelancing and does swing trading with the donchian channel in his spare time. He's already quite good at it, and we're building up some savings little by little.
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