How banks are going digital to manage COVID-19

A collection of rapid response measures by trade finance banks to keep trade finance and trade flowing in the face of COVID-19.

24 April 2020

Collating data from ICC, the International Trade and Forfaiting Association (ITFA) and the Bankers Association for Finance and Trade (BAFT), this practical reference guide, developed by ICC’s Digitalisation Working Group, outlines ad hoc practices being implemented by financial institutions in response to the COVID-19 pandemic.

Responding institutions span Asia, Europe, the Americas, the Middle East and Africa and include the top 10 global trade banks as well as other banks actively engaged in trade and trade finance globally.

“In this exceptional time of crisis, ICC efforts to expedite the shift from analogue to digital in the trading world are crucial to help maintain the flow of trade and trade finance, and safeguard lives and livelihoods worldwide. As a trusted partner for business and governments everywhere, ICC is shining a light on some ad hoc solutions that have been enacted by financial institutions, with a view to better understand how they are adopting digital solutions in the face of the pandemic.”

ICC Secretary General John W.H Denton AO

Approximate read time 25 minutes

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