An industry spokesperson this week tells GTR that the stalled take-off of the bank payment obligation (BPO) may be due to it suffering an identity crisis, but Swift remains positive about the new instrument’s progress.
Associate at law firm Sullivan & Worcester, Hannah Fearn, tells GTR that the way the new digital payment instrument is being presented to the trade finance community is changing. “I’ve noticed a shift in the way the BPO is being described,” she says. “It’s being described as a bank assisted open account instrument, rather than as an electronic letter of credit (LC).”
Trade finance professionals at a GTR conference have revealed that only 55% of them are currently settling deals in Rmb.
Traders are keen to conduct more trade digitally and pushing banks to move away from paper-based documentation.
Finacity has hired David Viney to expand its capabilities in trade receivables financing.
Alternative financier Falcon Group has hired Mark Wyatt and Tim Esden to lead and develop its credit risk management division.
A commodities financing scandal in China has shed some light on the murky underbelly of its collateral trade, which some fear is fuelling bubbles in China’s economy. Finbarr Bermingham reports.
As the world of regulation heats up, GTR gathered its editorial board to measure the impact on the banking, legal and insurance industries.
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