ANZ, Banco Santander, BNP Paribas, Citi, Deutsche Bank, HSBC and Standard Chartered have announced a joint initiative to build a digital “Trade Information Network” by the end of 2018. The founding banks have signed a corresponding Memorandum of Understanding (MoU) and have agreed to work toward piloting the Network. They will introduce the Network at the SIBOS conference in Sydney, Australia, on 22 October 2018. Once operational, it will become the first inclusive global multi-bank, multi-corporate network in trade finance.
“Effectively managing and financing global supply chains is essential for sustainable growth. This initiative is focused on providing end-to-end visibility of financial supply chains across banks. This enhanced visibility enables banks to provide more pre and post shipment finance to the currently underserved supplier segment.”
