Latin American banks pioneering digitalisation of trade finance


30th January 2019

By Olivier Paul, Head of Policy at the Banking Commission
Paperless trade is the future of trade finance. At least that is one of the key takeaways from the ICC’s 10th Global Survey on Trade Finance, with results indicating that over 60% of respondents are moving towards further digitalisation of their trade finance offerings.
Encouragingly, the survey, which gathered thoughts from 251 banks in 91 countries, included its highest participation rate from Latin American banks. Some 12% of participants are based in the region, up from only 8% participation in the previous year’s report. Results from the region were particularly compelling, with a clear focus on the development of digital trade and emerging technologies, despite the new challenges this transformation presents.
Pioneering digitalisation
Emerging technologies are a strategic priority in the next three to five years for all of the Latin American respondents, far surpassing the global average of 46%. What’s more, digital trade and online trading platforms are the major focus for the next one to three years, with 58% of respondents designating the area as a “priority for development”.
Interestingly, 64% of banks in Latin America would already describe as “mature” the implementation of technology solutions into their trade finance offerings, the highest level out of the seven global regions surveyed. What’s more, only 8% of respondents in Latin America claimed not to be planning any such implementation.
Meanwhile, …

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