Trade finance

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Japan’s TIS Intec Group invests in digital trade finance network Contour

TIS INTEC Group, one of Japan’s leading IT services providers, has invested in Contour, the digital trade finance network.

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Icici Bank introduces online platform for Indian exporters and importers

ICICI Bank today announced the launch of an online platform, ‘Trade Emerge’), to offer comprehensive digital banking as well as value-added services to exporters and importers across India.

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MAS signals breakthrough in cross-border trade finance

Singapore’s Infocomm Media Development Authority (IMDA), the Monetary Authority of Singapore (MAS) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), in collaboration with commercial partners DBS Bank, Emirates NBD and Standard Chartered, have successfully concluded the world’s first cross-border digital trade financing pilot of its kind.

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Commerzbank implements Tradeteq Connect

Tradeteq, the leading technology provider for bank asset distribution, together with Commerzbank AG (Commerzbank), AKA Ausfuhrkredit-Gesellschaft mbH (AKA), and Texel Finance Limited (the Texel Group) have announced that following a successful proof of concept phase, Tradeteq Connect, an expansion of the firm’s existing platform to support distributing bank risk resulting from trade products such as letters of credit (LCs) and guarantees, has been implemented by Commerzbank AG, AKA, and the Texel Group and shall become the new technology standard for trade asset distribution.

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Drip Capital raises $175m

Drip Capital, Inc. (Drip Capital), a leading digital cross-border trade finance platform for small and medium businesses (SMBs), announces that it has raised $175 million in fresh capital to power its next phase of growth.

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Contour teams with Gleif to enable LEI usage on digital trade finance network

Contour, the digital trade finance network, has partnered with the Global Legal Entity Identifier Foundation (GLEIF) to enable the use of Legal Entity Identifiers (LEIs) within its network and to financially support its members in obtaining their own LEI.

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Bolero relocates company co-founder Paul Mallon to Singapore

Bolero International, the leading provider of cloud-based trade finance digitisation solutions, announce the relocation of company co-founder Paul Mallon to Singapore in a strategic move.

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BNY Mellon joins trade finance blockchain network Marco Polo

BNY Mellon has joined a consortium working to introduce blockchain technology into international trade finance and digitize how working capital is provided to both suppliers and buyers across the globe.

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VTB Bank investigate use of blockchain for shipment of steel products

VTB Bank and PJSC Severstal have developed a new scenario for the unified industry register of quality certificates for metal products. The initiative will make it possible to speed up the shipment of metal products, as well as to carry it out without reference to banking days, including weekends and holidays.

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Bank of China, DBS and HSBC join trade finance advisory group

Global Shipping Business Network (GSBN), an independent, not-for-profit technology consortium to build a blockchain-enabled operating system designed to redefine global trade, welcomes Bank of China (“BOC”), DBS Bank (“DBS”) and The Hongkong and Shanghai Banking Corporation Limited (“HSBC”), to form the consortium’s Trade Finance Advisory Group.

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SME trade finance platform Modifi secures $24 million in new funding

Global fintech MODIFI today announced $24M in funding, which brings its valuation to more than $120M.

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Swift to run proof-of-concept trials of trade finance fraud tech from MonetaGo

MonetaGo, a financial technology solutions provider, today announced a new platform to combat financing fraud in trade finance on a global level.

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BIC Bred (Suisse) licenses Mitech trade finance system

As part of its continuous growth in Trade Commodity Finance demonstrated in the past years, BIC BRED (Suisse) SA has opted to license CREDOC 5G, the latest generation Trade Finance software released by MIT MAKE INTUITIVE TECH SA, better known as MITECH.

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Finastra secures Swift Compatible Application label for Trade Finance

Finastra today announced that it is the first technology provider to secure the SWIFT Compatible Application label 2021 for Trade Finance.

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International Chamber of Commerce and Finastra bring trade funding marketplace pilot to Ecuador

The International Chamber of Commerce (ICC) and Finastra have announced Ecuador as the first market in which they will run the pilot for their trade funding marketplace (announced earlier this year).

/Trade finance

Blockchain trade finance platform Factorin raises investment from MTS

The Venture building arm of the international investment firm Digital Horizon announces the sale of a controlling stake in a blockchain platform Factorin to Mobile TeleSystems PJSC, Russia’s largest mobile operator and a leading provider of media and digital services. Factorin, the two year old blockchain-based trade finance platform, was valued at $23 million.

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CBA readies clients for Swift 2021 release

Norwegian software vendor Commercial Banking Applications (CBA), today announced that it has shipped the latest annual release of its IBAS GBF - Global Banking Factory software to all customers over three months ahead of schedule, allowing additional time for testing in advance of the upcoming cutover to SWIFT Release 2021 in November this year.

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Mauritius Commercial Bank selects Mitech for collateral management

The Mauritius Commercial Bank Ltd (MCB) (www.MCB.mu) is adopting MITECH's system TRAC (Trade Risk Active Control) to support a continuous and significant growth in its Commodity Trade Finance (CTF) business.

/regulation

IHS Markit allies with Complidata for trade finance venture

IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, and Complidata, a data driven AML innovation company, have announced a partnership to offer customers in the trade finance space a series of risk and compliance datasets that will enhance financial crime due diligence frameworks and assist in the digitisation of the overall trade compliance workflow.

/markets

SIX targets SMEs with latest equity segment

Subject to regulatory approval, the Swiss stock exchange will launch its new Sparks equity segment dedicated to Small & Medium Enterprises (SMEs).

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