In 2019, British Arab Commercial Bank (BACB) became the first British bank to start executing cross-border trade finance transactions with emerging market banks through its partnership with TradeAssets – a trade finance e-marketplace for digital origination and distribution of trade assets. In the months that followed, BACB’s collaboration with TradeAssets has enabled it to conclude multiple transactions successfully with banking counterparts in emerging markets.
Commenting on the success, Martin Broadhurst, Senior Manager, Corporate and Institutional Banking at BACB, said: “BACB, through its successful usage of the TradeAssets portal, has demonstrated that efficiency and productivity – which are integral to our operations – are a natural by-product of digital innovation.”
BACB believes that a post-pandemic world will require some traditional methods of doing business to be replaced by solutions, such as digital origination, which can create new efficiencies without compromising on risk management and compliance.
“The closing of trade finance deals online in three clicks is the way of the future. BACB, through its active usage of our e-marketplace, has demonstrated that as more banks with progressive thinking adopt such processes, it will benefit both the banks and their clients around the world”, said Dolly Huq, Managing Director, Fintech Innovations International (TradeAssets).
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