Tag: digitization

The impact of Covid-19 on global trade finance cannot be overstated. Yet, as one of the last holdouts in the march towards a digital future, the industry still faces an uphill battle in rallying around a common digital standard. Costs remain a significant barrier, and yet Covid-19 has been a catalyst for change – some say that it has fast-tracked digitization by a decade - having exposed weaknesses in the status quo, and putting some companies out of business. It is clearer now than ever that firms that wish to survive will have to adapt to a digital future.

Inability of various technology platforms to communicate with each other securely and lack of scale are obstacles to greater digitization, say bankers.