Participants from banks and fintech attended the APFF’s Trade and SCF workshop in SingaporeThursday 25 April 2019
The Asia Pacific Finance Forum (APFF)’s Trade and supply chain finance workshop was held on 22 April in Singapore. APFF is a platform for public-private collaboration to accelerate the development of robust integrated financial markets in APEC. APFF is one of the three policy initiatives under the APEC Finance Minister’s process. FCI is honoured to be one of the supporting organisations of the workshop.
This year workshop seeks to start raising the awareness of how digital trade and supply chain finance can be progressed for custom clearance. The workshop aim to develop a Strategy for the digitilisation of Trade and Supply Chain Finance covering three areas:
1. Legal and policy reform
2. Standardisation and interoperability
3. Development of APEC Digital Trade Lab.
About 50 participants mainly from banks and fintech attended the workshop. FCI’s regional director for South and South East Asia , Lee Kheng Leong was on the Panel on “ What are the legal and market practice changes needed?”
He shared the experience of FCI where we have close to 400 members in over 90 countries. Our members comes from diverse countries ranging from developed to emerging countries with different laws and regulations on digital transaction.
However, although FCI has two electronic/digital platform, the edifactoring.com for international factoring and Demica system for FCIreverse we do not face any problems on digital transfer of receivable as we have interfactor agreement and FCIreverse agreement among the members under which members are required to accept the electronic transaction and they are required to ensure that their respective law. Furthermore should members have any dispute between one another, they can use the FCI arbitration. Thus far, none of the arbitration concern electronic transaction.
Nonetheless, FCI welcomes the initiatives taken by ABFF to harmonisation the digital laws as this will help our international factoring and FCIreverse. One of the wish lists by the panel, we have suggested is the harmonisation of the law of assignment digitally.