Most African economies have so far succeeded in navigating a year beset with economic challenges. Writing in TXF, Nabil Frik, Managing Director for Africa and the Middle East at British Arab Commercial Bank, discusses why Francophone Africa has beaten expectations.
Francophone Africa – encompassing 29 countries across the continent – includes some of Africa’s fastest growing economies. As the region works towards a post-pandemic recovery, its relationship with the rest of the world is also undergoing a profound shift, with Francophone Africa replacing its long-standing economic reliance on France with a more multi-polar relationship with other regions.
Read the full article in TXF.
While global trade volumes have been down significantly in 2020, Joon Kim, the Global Head of Trade Finance Product and Portfolio Management at BNY Mellon, sees “a cautious sense of optimism and recovery” by the latter part of the fourth quarter of this year and the beginning of next, at the macro-level.
Arnon Goldstein, Head of Treasury Services for Asia Pacific at BNY Mellon, observed overall decline in payment volumes, underlining weakness in clients’ demand, but an increase in liquidity, especially in local currency and dollar liquidity as lending demand has been depressed. However, any rebound in volume will be uneven as some economies continue to grapple with the COVID-19 pandemic.
The disruption to traditional supply chains and logistics has precipitated the need to strengthen business continuity planning to increase institutions operational resiliency and ability to operate remotely. Processes have to be streamlined and enhanced to incorporate alternative digital solutions, such as e-signature and biometric-enabled authentication and authorisation, to replace traditional manual ones. The bank is pivoting to digital alternatives, such as web-based meeting, and digitising more of its internal as well as clients’ processes in order to facilitate client transactions and increase efficiency.
To watch the interview, please click here.
British Arab Commercial Bank (BACB) has announced the appointment of Eddie Norton as interim CEO, subject to regulatory approval. Eddie joins BACB following a successful career with HSBC, where he was most recently the Head of Capital Strategic Initiatives, Global Banking & Markets. Eddie has held international executive positions at HSBC while based in São Paolo, New York, Hong Kong and Malaysia.
Over the course of his career, Eddie has gained experience in supporting trade finance activities across specialist markets, as well as a wealth of governance and risk-related expertise in areas including counterparty, financial crime, regulatory, operational and conduct risk. Eddie commented: “I am excited to be joining BACB, a specialist bank with deep regional and sector expertise and an ability to keep trade flowing for its clients, while upholding the most robust compliance and governance standards.”
The news was covered in Africa Briefing, Africa Global Funds, TXF, Treasury Management International, IFR, TRF News, Trade Arabia and Global Banking and Finance Review.
Speaking to GTR, Oswald Kuyler, newly appointed Managing Director of the ICC Digital Standards Initiative, explains why he decided to take up the job, the importance of the DSI and the challenges it faces, and what is happening in Asia specifically when it comes to the scaling up of digitalisation efforts in trade.
To read the article, please click here.
The International Chamber of Commerce (ICC) Digital Standards Initiative (DSI) has announced the appointment of Oswald Kuyler as its Managing Director.
The ICC DSI – run out of ICC’s Singapore hub – will work towards the ambitious aim of establishing a globally harmonised, digitised trade environment – directly addressing disruptions experienced during the COVID-19 crisis as a result of the reliance of trade flows on paper documentation.
The news was covered by Trade Finance Global, TRF News, Ledger Insights, TXF, Financial IT, PYMNTS, Procurement Nation, Market Screener, Asia Customs and Trade, GTR, Supply and Demand Chain Executive,
The International Chamber of Commerce (ICC), the institutional representative of 45 million businesses worldwide, has announced the creation of a new Advisory Group on Trade Finance (ATF) – a cross-sectoral coalition of leaders in global trade.
The ATF – co-chaired by Victor K. Fung, Chairman of the Fung Group, and Marcus Wallenberg, Chair of SEB – will work to inform policy reforms and interventions to prime the trade credit ecosystem to power a rapid economic recovery from COVID-19.
The news was covered by CTMfile, Ledger Insights, Global Banking and Finance Review, Fintech Finance, Breaking Finance, Business Money, The Asset, Trade Finance Global, TXF News, Fintech Insight, TRF News, Finextra, Supply and Demand Chain Executive, Fintech Inshorts, Treasury Today.
Promoting the launch of the GSCFF’s latest report, Christian Hausherr (Chairman, GSCFF and Product Manager Trade Finance / Supply Chain Finance EMEA, Deutsche Bank), Stacey Facter (Senior Vice President – Trade Products, BAFT) and Peter Mulroy (Secretary General, FCI) spoke about the misuse of payables finance in the latest episode of Trade Finance Global’s Trade Finance Talks Podcast.
The report, Ensuring payables finance remains a force for good, aims to address criticisms of payables finance across three key areas: the potential adverse impact on suppliers, issues relating to financial reporting and transparency, and overall programme risk.
To listen to the episode, please click here.
Speaking with GTR, Christian Hausherr (GSCFF chair and European head of payables finance at Deutsche Bank), Peter Mulroy (FCI secretary general) and Stacey Facter (senior vice-president for trade products, BAFT) discuss the misuse of supply chain finance and the release of the GSCFF’s new report – Ensuring payables finance remains a force for good.
“If correctly implemented, it is clear that payables finance is a means for buyers and sellers to optimise their working capital and strengthen their relationships with each other. It is our goal to ensure that this is correctly implemented across all industries and geographies.”
To read the full interview, please click here (paywall).
The Global Supply Chain Finance Forum (GSCFF) – comprising BAFT (Bankers’ Association for Finance and Trade ), FCI (formerly known as Factors Chain International), the International Chamber of Commerce (ICC), the International Trade & Forfaiting Association (ITFA) and the Euro Banking Association (EBA) – has released a new paper in response to growing concerns regarding the use of supply chain finance (SCF) and, in particular, payables finance programmes. The report, Ensuring payables finance remains a force for good, aims to address criticisms across three key areas: the potential adverse impact on suppliers, issues relating to financial reporting and transparency, and overall programme risk.
To read the full report, please click here.
The news was covered by GTR, TXF, Finextra, Financial IT, The Paypers, Trade Finance Global, Fintech Finance, TRF News, Hellenic Shipping News, Fintech Insight, Sailor News, Business Money, Supply and Demand Chain Executive, Capital Finance Club, Breaking Finance, Fintek News, PYMNTS, Procurement Nation, CTMfile, The Corporate Treasurer, Supply Management, Marasi News, Supply Chain Best Practices.
Commerzbank has published the latest edition of FI.News, the bank’s newsletter for financial institutions. Featuring various in-depth articles and interviews, the biannual newsletter collects Commerzbank’s latest insights on the challenges and opportunities that lie ahead for financial services in today’s transformational times.
Financial institutions are understandably operating in challenging circumstances. Yet this edition of FI.News keeps its gaze firmly ahead – exploring the ways that the current situation could be a catalyst for change in a number of areas, including digitalisation, trade finance, African trade and sustainable finance. The newsletter also provides latest news stories and internal updates from the Commerzbank Institutionals division.
Moorgate has produced FI.News since 2013. The latest edition may be found here.