Trade finance digitalisation stalls as banks retreat from ambitious platforms
By
Jacob Atkins
Summary
The article examines the slow pace of digitalisation in trade finance, contrasting it with the rapid adoption of AI in other banking sectors. Despite promising bank-led initiatives and momentum toward electronic trade documents in the late 2010s, progress has stalled due to startup failures, cautious client adoption, and banks retreating to a more conservative approach. The piece explores the structural and cultural barriers keeping trade finance paper-bound.
Source
bskyTrade finance digitalisation stalls as banks retreat from ambitious platformsgtreview.comKey quotes
· 3 pulledWhile artificial intelligence is poised to rapidly reshape banking, the paper-wedded world of trade finance remains stuck taking baby steps towards digitalisation.
Banks, scarred by startup shut-downs and lukewarm client appetite, are now taking a much more cautious approach.
At the end of the last decade, the hottest conversation in trade finance was the bank-led initiatives that promised to usher the sector into the digital era.
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