Blockchain, ESG, and data standards driving changes in the trade finance banking sector

Sibos 2022, Amsterdam, raised some important conversations for the trade finance industry, not least the future of trade digitisation. 

It is clear that this new digital age will bring in new innovation for the market, but to what extent? 

Trade Finance Global (TFG) spoke with Hari Janakiraman head of industry and innovation, transaction banking, from Australia and New Zealand Banking Group (ANZ) about the changing market conditions throughout the Asia-Pacific market and the advancements of digital technology in trade. 

Changing markets

There have been some clear shifts in the Asia-Pacific market in a post-COVID world.

The pandemic-induced shutdowns and related disruptions have highlighted the risks that hyper-optimised yet non-diversified supply chains can have when a major challenges occur. The conflict in Ukraine is also prompting a reexamination of supply chains and logistics routes.

As a result, many firms are now looking to establish relationships with alternative suppliers to mitigate against these shocks in the future.

There has also been a growing trend of manufacturers moving out of China into other countries like Vietnam, Thailand, the Philippines, and India––where Apple has announced that it will be moving the production of the new iPhone.  

Another major shift in supply chain management has to do with the accessibility of inexpensive capital. 

“The era of cheap cash is seemingly over,” Janakiraman…