TRENDING
TECH PROVIDERS , BANKS AND GOVERNMENTS URGED TO COLLABORATE IN CLOSING THE GLOBAL TRADE FINANCE GAP
Report by the Asian Development Bank ( ADB ) recognizes the increasing importance of Digital Transformation in managing supply chains .
Tech providers , banks and governments are urged to collaborate in scaling up the use of supply chain finance and other innovative financing solutions to close the global trade finance gap .
A new report by the Asian Development Bank ( ADB ) has found that the global trade finance gap has widened to the highest on record – topping $ 2.5 trillion in 2022 . ADB says this gap highlights the unapproved demand for finance to facilitate international commerce .
Tech-enabled solutions , partnered with traditional banks and lenders , combined with deep financial services expertise , are seen offering hope for the future .
Supply chain finance – and specifically payables finance – is a type of financing that provides companies with access to early payment for the goods or services they sell , using financial institutions to fund these confirmed payment obligations from their customers . Payables Finance has grown rapidly into an industry
Tech-enabled solutions , partnered with traditional banks and lenders , combined with deep financial services expertise , are seen offering hope for the future .
with estimated outstandings of more than $ 500B globally , growing in excess of 25 % per annum .
Titled the 2023 Trade Finance Gaps , Growth , and Jobs Survey – the ADB report emphasizes digital technology as reflecting the increasing importance of Digital Transformation in enhancing visibility and efficiency in managing supply chains .
The majority of surveyed firms ( 73 %) recognize significant productivity and efficiency gains that can be
www . intelligentcio . com INTELLIGENTCIO NORTH AMERICA 23