Several of Wall Street’s largest banks, including Citigroup, BNP Paribas, and Natixis, found themselves entangled in the collapse of London-based firm Stenn, once heralded as a $1 billion trade-finance Fintech. The implosion, which unfolded rapidly, exposed critical oversights in due diligence and raised questions about… Read More
Surecomp announced the acquisition of ELCY Ltd, a UK-based digital trade finance solution provider. This move reinforces Surecomp’s commitment to “driving digital trade finance transformation through innovation and collaboration.” The ELCY multi-bank solution, elcyMBP, will reportedly become “a module on Surecomp’s RIVO platform, creating a… Read More
BillMart Fintech and Eqaro Guarantees have teamed up to provide offer guarantee solutions intended to build more trust between lenders and businesses in the Indian trade finance sector. With this latest collab, Eqaro’s guarantee products will now be integrated into BillMart’s Fintech platform, the firms… Read More
Surecomp announced that, together with BNP Paribas and Vanderlande, it has reportedly piloted a new corporate-to-bank connectivity standard designed by Swift and the International Chamber of Commerce (ICC). The Application Programming Interface (API)-based communication channel enabled Dutch logistics company Vanderlande – a key player focused on … Read More
Lloyds Bank has teamed up with Cleareye.ai, an artificial intelligence platform, leveraging AI to enhance the processing and compliance checking of trade finance documentation to enable efficiencies for customers. The innovative tech will use optical character recognition, machine learning and natural language processing algorithms in… Read More
XDC Network, the “enterprise-ready” blockchain for global trade finance and RWAs, is pleased to announce its collaboration with Deutsche Telekom MMS. Deutsche Telekom MMS is a subsidiary of Deutsche Telekom, which is said to be “one of the world’s leading integrated telecommunications companies.” The collaboration… Read More
Real-World Asset Tokenization: A Game Changer for Global Trade, a new paper released by Standard Chartered and Synpulse, predicts that demand for overall tokenized assets could reach USD 30.1 trillion by 2034, and that trade finance assets “could become one of the top three tokenized… Read More
Tint Finance Services, a UK-based Fintech that aims to help SMEs simplify supply chains, said it has topped $20 million (£15m) in trade finance just six months after. Tint was founded in 2023 by a group of banking and trade professionals. The mission of the… Read More
Finastra, a global provider of financial software applications and marketplaces, is partnering with ELCY, a specialist in e-commerce solutions for the processing of international trade finance, to provide a trade finance solution for corporates. The Corporate Trade Finance Portal from Finastra and ELCY will “enable… Read More
We recently sat down with Monica Eaton from Chargebacks911 to gain more insights regarding the partnership between Finastra and Microsoft and how it addresses the requirements of corporate clients. Eaton, founder and CEO at Chargebacks911, also commented on how the collaboration addresses the challenges banks face… Read More
Traydstream, a fintech company at the nexus of digitizing and automating the trade finance industry, announced the successful completion of its $21 Million Series B financing round. Led by Pivot Investment Partners, a U.S.-based fintech investment firm, and e& capital, the investment arm of e&,… Read More
As part of a multi-year effort to transform trade finance, Bank of America (NYSE: BAC) is launching CashPro Supply Chain Solutions, a platform that will offer participants in a supply chain the benefits of digitization with improved process efficiency and working capital optimization. CashPro is… Read More
Ebury, a global financial solutions provider, is pleased to announce its partnership with 360tf, one of the pioneers of trade finance facilities in the UAE region. This collaboration will aim to improve how 360tf’s clients “access international trade solutions, providing seamless and direct access to… Read More
In a notable demonstration of faith in Central Asia’s growth potential, the International Finance Corporation (IFC), a member of the World Bank Group, has invested and mobilized a staggering $1.6 billion in the region during fiscal year 2023 (FY23). This investment, the highest ever for… Read More
The global trade finance gap soared to an unprecedented $2.5 trillion in 2022, escalating from $1.7 trillion two years prior, reveals the 2023 Trade Finance Gaps, Growth and Jobs Survey presented by the Asian Development Bank (ADB) today. This gap represents the discrepancy between requests… Read More
Emirates NBD has announced it invested in Komgo, a software development and technology services company transforming the trade finance industry. The equity investment was “made by Emirates NBD‘s Innovation Fund, the bank’s corporate venture fund.” Emirates NBD’s corporate venture capital arm will “enable the Group… Read More
Finverity, the trade and supply chain finance digital ecosystem, announces the repositioning of its brand and product offering, together with the appointment of Adam Ryan as Chief Marketing Officer (CMO). Since its foundation in 2017, Finverity has focused “on fixing the $1.7tn+ global trade finance… Read More
Contour, the digital trade finance network, announced that the Singapore office of MUFG Bank, which claims to be Japan’s premier bank is joining its growing digital network. MUFG has a global presence “spanning around 50 markets, while its parent Mitsubishi UFJ Financial Group (MUFG) is… Read More
Commerzbank is reportedly the first German bank to have completed a blockchain-based Letter of Credit (LC) transaction for its client, Ascentex Exim LLP, a Singapore-based textile trader, on Contour, a digital trade finance platform. The LC was issued for “a shipment of rubber threads from… Read More
Cleareye.ai, Inc., which claims to be the provider of a “category-leading” digital trade finance solution ClearTrade, for digital automation of trade compliance and operations, today announced it has secured a strategic investment from J.P. Morgan. The ClearTrade Platform, “built to revolutionize trade finance, is a… Read More
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