ICC Global Survey on Trade Finance : Middle East banks move to paperlessMonday 7 January 2019
According to an article by Oliver Paul, Head of Policy at the ICC, published on the 6th of January 2019 on Trade Arabia Business News Information, the trade finance sector is gradually moving towards the digitalisation of its processes, according to the International Chamber of Commerce (ICC) 10th Global Survey on Trade Finance. Banks in the Middle East are one of the most positive about the sector’s potential, despite lingering concerns regarding ongoing technological overhaul
As the trade finance sector continues its journey towards paperless trade, banks in the Middle East are particularly optimistic about the benefits such a transformation can offer. Results from the ICC’s10th Global Survey on Trade Finance indicate that the use of digital technologies and the adoption of supply chain finance methods (SCF) – which typically involve the use of an online platform – is growing in the region, despite lingering reservations about the move.
The survey, which gathered responses from more than 250 banks across 91 countries, revealed that almost 70 per cent of respondents in the region believe the sector will grow in the next 12 months, with only 5 per cent anticipating a slowdown. What’s more, this is indicative of a wider trend for the sector, with respondents worldwide especially positive about its future development over the next 12 months –indeed, only 27 per cent are doubtful about the sector’s upward trend.