ICC announces executive appointment to lead Digital Standards Initiative, covered by the specialist press

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,

ICC launches high-level advisory group to prime trade finance to power COVID-19 recovery, covered by the specialist press

 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.

GSCFF features in Trade Finance Global’s Trade Finance Talks Podcast

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.

GSCFF members discuss supplier bullying and new report in GTR interview

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).

GSCFF releases new report, Ensuring payables finance remains a force for good, covered by the specialist press

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  GTRTXFFinextra, Financial IT, The Paypers, Trade Finance GlobalFintech 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.

ICC warns major interventions needed to backstop trade recovery, covered by the specialist press

The International Chamber of Commerce (ICC) estimates a possible US$ 5 trillion of trade credit will be needed to enable a rapid recovery from the COVID-19 crisis.  In turn,  ICC warns in a new paper that proactive government interventions will be needed to ensure the market can power an economic rebound in the wake of the COVID-19 crisis.

The news was covered by TRF News, Trade Finance Global, Fintech Finance, Trade Arabia, Gulf Industry News, GTR, TXF, Hellenic Shipping News.

ICC Trade Register reflects on the impact of COVID-19 on global trade, covered by the specialist press

The International Chamber of Commerce (ICC) has released its 2019 Trade Register Report, revealing COVID-19’s potential to disrupt global trade, while also highlighting the low-risk nature of trade finance.

The 2019 report captures a full decade of trade finance-related data – containing nearly US$ 16 trillion of exposures from 32 million transactions across six products and 25 banks worldwide. Results indicate that default rates for trade finance products from 2008-2018 are low across all products and regions.

The report also features a number of topical contributions and commentary on global trade from leading experts – including a comprehensive analysis of COVID-19’s impact on global trade.

Read the full report here.

The news was covered by GTR, TXF, Trade Finance Global, Finextra, Business Money, TRF News, Trade Arabia, The Asian Banker, Hellenic Shipping News, Fintech Inshorts, Fintech Insight.

Industry advocacy required to enable trade finance market access and growth, explains ICC’s Olivier Paul in Global Trade Magazine article

Writing for Global Trade Magazine, Olivier Paul – Director, Finance for Development at the International Chamber of Commerce – explains how, in the wake of the financial crisis of 2007, regulation and compliance requirements have had the unintended consequence of negatively impacting trade finance provision.

While significant work has already been done to promote the fair treatment of trade finance within banking regulations, regulations will not adapt unless all stakeholders voice their concerns.

Read the full article here.

International Chamber of Commerce’s Olivier Paul explains how to overcome challenges to trade finance provision in article for Trade Finance Global

Writing for Trade Finance Global, Olivier Paul, Director, Finance for Development at the International Chamber of Commerce, explains how many challenges to the adoption of trade finance products still remain – such as the unintended impact of regulation and the growing cost of compliance – despite the growth in global trade flows to a new peak of US$18.5 trillion in 2018.

Market participants must work together, Paul argues, to help alleviate any unintended obstacles to the provision trade finance, especially to smaller businesses and those in emerging markets most likely to be affected by the existing US$1.5 trillion trade finance gap.

Read the full article here.

ICC’s Olivier Paul discusses how to ensure a successful and accessible trade finance market in Banker Middle East article

Writing for Banker Middle East, Olivier Paul, Director, Finance for Development, ICC, outlines how industry-led advocacy is necessary for the fair regulatory treatment of trade finance, both in the Middle East and globally.

Paul explains that, “achieving fair treatment of  trade finance across regulatory frameworks will, in turn, allow for increased access to trade finance for MSMEs”.

Read the full article here, in the November 2019 issue of Banker Middle East, on p60-63.