CHALLENGING BUSINESS: TRADE FINANCE IN DEVELOPING MARKETS - SPRING 2020 - TRADEFINANCEGLOBAL.COM - TRADE FINANCE GLOBAL
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SPRING 2020 Challenging Business: Trade Finance in Developing Markets tradefinanceglobal.com Will ESG Fix it? | Afreximbank - Accelerating the Growth of African Trade | EBRD - “Green”: The New Transition Concept
TRADE FINANCE TALKS
thANkS to
IAN SAYERS
MARK ABRAMS
IAIN MACLENNAN
DAVID BISCHOF
DANI COTTI
CARTER HOFFMAN
RUDOLF PUTZ
MARIA MOGILNAYA
MICHAEL VRONTAMITIS
BOB RONAI
LOUISE WIGGETT
EMMANUELLE GANNE
OLIVIER PAUL
SEAN EDWARDS
STACEY FACTER
38
CHARLOTTE PRIOR
BEATA JAVORCIK
IDRIS NUR
OLENA GRYNIUK olIvIER PAUl
ELITZA KAVRAKOVA ICC banking Commission
MARTINA ZIMMERL
EVGENY KRAVCHENKO
GWEN MWABA
SUSIE ALIKER
DAVID DEW
VALERIYA OVDIENKO
SHIRLEY LIU
PETER JAMESON
ASSIStANt EDItoR
PERSIANA IGNATOVA
DESIGN AND lAyoUt
JERRY DEFEO
PhotoGRAPhS AND
IllUStRAtIoNS
FREEPIK COMPANY S.L.
50
ADDRESS
2ND FLOOR
201 HAVERSTOCK HILL
BELSIZE PARK bEAtA JAvoRCIk
LONDON oxford University Economics
NW3 4QG
tElEPhoNE
+44 (0) 20 3865 3705
© Trade Finance Talks is owned and produced by TFG Publishing
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Although Trade Finance Talks has made every effort to ensure the
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cept any legal responsibility whatsoever for the consequences that GWEN MWAbA
68
may arise from any opinions or advice given. This publication is not Afreximbank
a substitute for any professional advice.
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Trade Finance Talks
Contents
1 Introduction 4
1.1 Foreword: Trade Finance Global & International Trade Center 4
1.2 TFG | What I Talk About when I Talk About “Trade Finance” 6
2 Trade and Supply Chain Finance Predictions for 2020 10
2.1 Alexa, Get me Trade Finance 11
3 Challenging Business 12
3.1 EBRD | “Green”: The New Transition Concept 14
3.2 Standard Chartered Bank | Breaking Down Sustainability Barriers in Global Supply Chains 18
3.3 Bob Ronai | Why the simple language of Incoterms® 2020 Rules Will Grow Trade in Emerging Markets 20
4 Innovation and trade finance in developing markets 22
4.1 Global Trade Solution | Can the Blockchain Revolution Address Port Congestion in Africa? 24
4.2 International Trade Center | Innovative Trade Financing and Risk Mitigation to Accelerate Sustainable 26
Development
5 Blockchain & Trade Finance 30
5.1 ICC, TFG, WTO | The Role of DLT on MSME Firms in the International Trade Industry 31
5.2 Periodic Table of DLT Projects 33
6 The unintended consequences of regulation on access to trade finance 36
6.1 ICC Banking Commission | Overcoming Challenges to Trade Finance Provision 38
6.2 ITFA | Originating and Distributing Trade Assets in the Emerging Markets 40
6.3 BAFT | An Overview of Trade Finance Compliance Issues & Challenges 43
7 Will ESG Fix it? 46
7.1 Gulf International Bank | Applying ESG to Trade Finance Assets 48
7.2 Oxford University Economics | Private firms in Emerging Markets Need to Respond to Climate Change as Well 50
8 Markets Focus 54
8.1 South America
8.1.1 Idris Nur | Renewable Energy as an Economic Development Strategy: the Chilean Sase 56
8.2 Central and Eastern Europe and Commonwealth of Independent States
8.2.1 SME Banking | Digitalization of Trade Finance Services for SMEs in the CEE Region 60
8.2.2 Raiffeisen Bank International AG | The Role of Correspondent and Multilateral Development Banks in 62
Facilitating Trade in CEE
8.2.3 Sberbank | Market overview trade finance in Russia 66
8.3 Africa
8.3.1 Afreximbank | Accelerating the Growth of African Trade 68
8.3.2 BACB | Relationship Banking Remains the Key to Expanding African Trade 70
8.4 Middle East and North Africa
8.4.1 SABB | How Asia can lead a New Era of Trade Growth for Saudi Arabia 72
8.5 Central Asia
8.5.1 Drum Risk | Inspection company perspective trade finance in emerging and developing markets 74
8.6 Asia Pacific
8.6.1 Shirley Liu | Bridging the Gap with Technology: South-East Asian Trade Finance 76
8.6.2 Bank of America | 2020 - A Challenging Year for Global Trade, an APAC Perspective 80
9 Upcoming Conferences 82
10 About Trade Finance Global 84
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Trade Finance Talks
1.1
Editor’s Note
When we decided on the theme of “Challenging Business” for this issue
back in November 2019, we didn’t realise quite how on topic it would be.
At the time, predictions focussed on a slightly calmer 2020, with an ease
of geopolitical tensions, a slowdown in trade disputes and fewer clouds on
the horizon. Then the storm clouds began to gather. Brexit happened, and
coronavirus.
China is the world’s largest exporter by a significant margin, and sits at the
centre of global value chains. There’s the old saying “when China sneezes,
the world catches a cold”. The supply disruptions caused by coronavirus
have cascaded through the market in 2020, as nearly 300 million migrant
workers struggled to return to factories after Chinese New Year. The trade
finance industry is coming to terms with just how nuanced, siloed and
complicated supply chains have become.
On the technology side, the WTO Blockchain Forum has shown us that one
or two consortia sadly cannot solve all challenges in global trade. There
are now more parties involved than ever before and more complications.
Deepesh Patel Meanwhile, in the background and despite all the challenges, emerging
and developing markets (EDEs) are doing great things - and that’s what
Editorial Director
we wanted to highlight in this issue - the progress, the unspoken voices
Trade Finance Global (TFG)
and the real impact of increased regulation on MSMEs in EDEs. Our other
Board Member, Emerging Leaders
Committee features include:
ITFA
Gwen Mwaba, Afreximbank, who highlights the challenges in MENA, where
only five countries have regulatory systems permitting the assignment
of assets, payables and receivables financing. It is refreshing to see
the bank’s new portfolio of tools and information sources supporting
innovative financing for SMEs (MANSA).
Sean Edwards, ITFA, and Olena Grynuk, SME Banking Club, show that
innovative financing and distributed ledger technologies (DLT) can
unlock solutions by reducing transaction costs that offset lower financing
margins.
At the same time Susie Aliker, BACB, explains where new opportunities are
opening up for smaller, more agile, specialist banks with access to low
cost capital, where deep knowledge of markets can be used to mitigate
risks.
As always, thank you to our contributors, partners and sponsors, as well as
you, our readers, and we hope you enjoy this issue of Trade Finance Talks.
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Trade Finance Talks
FOREWORD,
INTERNATIONAL TRADE CENTER
I
t is a pleasure to introduce this edition of TFG in which we look at the
challenges of serving the growing opportunities in emerging and
developing economies (EDEs) and how trade and supplying financing
should play a role in financing sustainable development.
Sustainable growth will not happen automatically. In the countries slated
to lead the world out of economic stagnation, SMEs make up more than
70% of the productive force. They face immense challenges in finding
the financing they need to grow. Working capital lending rates remain
above 20% pa, with asset collateral regulatory requirements of >100%.
Despite operational default rates < 1%, few EDE banks take on short-term
financing. Higher operating costs and a string of intermediaries keep EDE
SMEs permanently in survival mode, leaving them vulnerable and unable
to afford the sustainability standards they want, and we expect them to
adhere to.
Trade practices in EDEs have changed little in the last thirty years, locking
in suppliers to sell to international buyers, some of whom oblige regular
suppliers with advance payments. Given that there are few alternative
Ian Sayers sources of financing, this is not necessarily a bad thing, but it does limit
EDE exporter-processors’ ability to add value sustainably or diversify
Head, Access to Finance and
markets. Making available affordable trade and supply chain financing
Enterprise Sustainability
International Trade Centre facilities would rapidly expand fair employment, use of renewables,
reduction of pollution and waste. In this edition, TFG publishes news from
contributors about their efforts to address these issues.
Multi-national trade financing institutions also need to realize how trade
patterns are changing as EDE countries develop new East-West and intra-
regional trading routes. This means adjusting risk parameters, considering
new alliances and mechanisms to lower transaction costs whilst
maintaining regulatory integrity. Stronger banking measures will inevitably
let in non-bank financing providers to take a larger slice of the business.
ITC sees a new generation of highly creative and energetic young
entrepreneurs taking over the reins of enterprises. They are amazingly
keen to grow good quality, sustainable enterprises. We need to match
their creativity by adapting trade and supply chain financing to level the
competitive playing field, as they will be your producers and clients of the
future. The insights provided in this edition should stimulate your thoughts
in that direction.
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Trade Finance Talks
1.2
What I talk About When I Talk About
“Trade Finance”
W
e established Trade Meanwhile, the issue is not
Finance Global (TFG) supply. The market is flooded with
with the aim of bringing liquidity, interest rates are low
trade and receivables financing and trade finance. as an asset
structures into mid-market class, represents an excellent
companies. risk profile for funders and asset
managers.
We had experienced how
effectively trade finance could So the problem lies in:
be used by businesses to expand
overseas, and how access was a) transparency - the market is
limited to the largest corporates fragmented
and trading houses. TFG set out b) structuring - the capital is not
to address two issues in relation deployed in appropriate ways,
to mid-market companies: a) and
poor understanding of trade c) knowledge - the lack of
Mark Abrams
Director, Trade Finance finance products and b) lack understanding of what financiers
Trade Finance Global of access to appropriate trade want and what companies can
and receivables finance by access
Member
UK Strategic Trade Advisory Group businesses.
(STAG) It has become clear to many that
That was 7 years ago, and the traditional banks, in isolation,
intervening time period has given will never be able to fill the trade
us a unique insight into the global finance gap. This is usually
trade finance market. We now attributed to regulatory burdens
publish and provide ungated and stricter internal risk criteria
information and educational (the “KYC Excuse”). It’s hard to
resources to 120k+ monthly say to what extent this is true.
readers and we have mapped In reality, banks have always
the risk appetite of 270+ lenders struggled to service smaller
globally, making TFG the largest clients effectively. Now, some
trade finance platform. of the largest institutions are
Since we started, the market refusing to on-board new clients,
has changed. Participants now and are focussed on maintaining
talk openly about the $1.5tn/yr and growing existing client
trade finance gap - between the relationships (share-of-wallet)
market demand and provided as team sizes shrink. Some of
supply for trade finance. The the world’s largest trade banks
WTO estimates between 80% only have hundreds of trade
and 90% of global trade relies on finance clients in certain sectors
trade finance, and demand will - typically large corporates
continue to grow. and trading houses. The net
result is compressed yields to
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Trade Finance Talks
these clients, and therefore a structures, capital can be TFG aims to map borrower
competitive advantage versus deployed at scale. requirements and lender criteria,
the rest of the market. There has also been some to reduce friction and increase
progress in other areas. transparency. By facilitating
Other trading businesses - access to hundreds of specialist
including mid-market corporates Governments are starting to liquidity providers, we focus on
and smaller companies - are recognise the issue, in the light bridging the trade finance gap.
typically offered more vanilla of geopolitics and trade wars, By publishing data and views
debt facilities, with lower lending and reconsidering state support from thought leaders and trade
limits and fewer services. This through ECAs and incentives, as bodies, we hope to make trade
stifles competition with larger well as signposting businesses to more accessible and encourage
competitors, and limits a relevant services. discussion.
companies ability to expand its
trading operations. The knowledge gap has also We have the aim of
attracted more discussion. democratising the trade and
In order to bridge this structural It’s hard to assess how many receivables finance market.
divide, financial institutions companies are being refused Whether you are a trade expert
(including funds) and fintech/ access to trade finance, when or liquidity provider, we hope that
tradetech companies, are the products are so poorly you will join us on this journey.
working in collaboration. By understood and the lending
recognising specific market criteria are ever changing -
needs, and channeling liquidity especially in response to recent
through innovative financing trade route disruptions.
tradefinanceglobal.com
partners@tradefinanceglobal.com
7
TRADE FINANCE TALKS
SPoNSoRED
20 trade and supply chain finance
predictions, by 20 experts in trade
MACROECONOMIC AND GEOPOLITICAL
INC REA SED PROT EC T IONISM A ND G7 INT EREST RA T ES WILL
MOV ING FROM A RULES T O A REMA IN LOW
POWER BA SED SYST EM "If G7 interest rates remain close
to zero we would expect to see a
rise in receivables, payables and
DO YOU EXPEC T T RA DE T ENSIONS other forms of supply chain
financing."
T O C ONT INUE IN 2020?
Yes A RENA ISSA NC E IN A FRIC A
A ND SOUT H A SIA
Stay the same
No
REGULATORY AND COMPLIANCE
ON THE AGENDA
INC REA SED
SC A MS / FRA UD
7%
DIGIT A L T RA DE POLIC Y
BA LA NC E SHEET
T REA T MENT OF
T RA DE FINA NC E
PREDICTED INCREASE
IN COMPLIANCE
INC REA SED
COSTS FOR BANKS
C OMPLIA NC E
C OST S
8
TRADE FINANCE TALKS
TRADE AND SUPPLY CHAIN FINANCE
"The industry as a whole recognises the
opportunity for alternative financiers –
namely institutional investors – to help
close the SME financing gap."
$1.5tn trade "All parts of the trade finance ecosystem
finance gap
will continue to make investments in
improvements in data accuracy and
exchange to support much needed
efficiencies and growth."
Bank and fintech
Banks
Rise of
alternative
collaboration ESG AND
tightening accelerates
finance SUSTAINABLE TRADE
IS ALSO A KEY FOCUS
GREEN BONDS
Leveraging
data to ADDRESSING THE SUSTAINABLE
service the DEVELOPMENT GOALS (SDGS)
customer
ENVIRONMENTAL, SOCIETAL AND
Trade finance as GOVERNANCE (ESG) REPORTING
an asset class
FINT EC H A ND BA NK C OLLA BORA T ION WILL A C C ELERA T E IN 2020.
T OP T RA DE T EC HNOLOGIES T O WIN IN 2020:
RUNNERS UP: WINNER:
BI
G
DA
TA
DLT CREATION OF
/ BL
O C KC
HA IN
A NETWORK OF
NETWORKS
A RTIFIC IA L INTELLIGENC E
"As business networks in the
ING
A RN different trade participating
I N E LE IC
E industries mature and become
H
MAC VO operational, the need for
D
AN standardization will become
R more obvious to many."
OC
READ NOW
OUR EXPERTS
SIMON PARIS SUKAND VINCO DAVID SEAN EDWARDS CHARLES STEVEN BECK DAVID BISSCHOF HANS HUBER JOHN OMOTI MICHAEL BICKERS
FINASTRA RAMACHANDRAN BERNE UNION ITFA BRYANT ADB ICC BANKING COMMERZBANK BANK OF CHINA BCR PUBLISHING
BCG EESPA COMMISSION
JOLYON
ANA BOATA DANI COTTI PETER JAMESON IAN SAYERS MARILYN CECILE ANDRE ENRICO MARK ABRAMS PETER MULROY
ELLWOOD-RUSSELL
EULER HERMES TRADEIX / BANK OF AMERICA INTERNATIONAL BLATTNER-HOYLE LERUSTE CAMERINELLI TRADE FINANCE FCI
SIMMONS &
MARCO POLO MERRILL LYNCH TRADE CENTRE AIG ACCENTURE AITE GROUP GLOBAL
SIMMONS
tradefinanceglobal.com
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Trade Finance Talks
Sponsored
2
Top Trade Technology
Predictions for 2020
A
s we enter into a new decade, within the trade space. To this end I
Finastra and TFG’s Carter think we’ll see significant adoption
Hoffman spoke to trade of networks that are currently in
experts to give their bets and views play, but perhaps not in line with
for 2020 in terms of trade and supply their expected interaction models.
chain finance. OCR or ML? AI or DLT? There will also be greater integration
Buzzwords and hype or reality? of multiple technologies to meet
the “customer need” whether that
To this end, TFG has sat down with is OCR, AI and ML in compliance-
3 key leaders in the trade finance checking (i.e. Conpend, Traydstream
space to uncover the biggest or others) or another combination
predictions for technology in trade of technologies around network of
finance for the coming year. networks and combining multiple
previous isolated flows; it’s going to
Iain MacLennan, Head of Trade & be exciting.
Supply Chain Finance, Finastra
Carter Hoffman DB: We expect major changes
Journalist David Bischof, Deputy Director, throughout 2020 as the digitalisation
Trade Finance Global
Finance for Development at the ICC of the trade finance industry
continues to develop exponentially.
Dani Cotti, Managing Director, The evolution of blockchain will
Centre of Excellence, Banking & Trade especially be something to look
at TradeIX & Marco Polo out for as projects and initiatives
move beyond the pilot phase.
Carter Hoffman, ICC is currently developing a
Journalist, Trade Finance Global Digital Trade Standards Initiative
(DSI) to promote cross-industry
CH: Over the last few years we have digital trade standards to drive
seen tremendous innovation across technical interoperability among
many technologies including DLT the numerous blockchain-based
and AI. When it comes to technology networks and technology platforms
and innovation, what are your top that have entered the trade and
predictions for trade, supply chain, trade finance space over the past
and receivables in 2020? two years.
IM: We will see much more The presence of fintechs in the trade
collaboration with regards to open finance industry is also shaping
APIs and selecting services from client preferences, and collaboration
an end-to-end trade servicing with traditional trade finance
perspective. In addition, we will providers is expected to continue
see new applications of services growing. We have recognised this
already available in other sectors trend with the first ever Fintech
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10TRADE FINANCE TALKS
IAIN MAClENNAN DAvID bISChoF DANI CottI
Head of Trade & Supply Chain Finance, Deputy Director, Finance for Development Managing Director, Centre of Excellence,
Finastra ICC Banking & Trade
tradeIX & the Marco Polo Network
Showcase set to take place at the form of information. Talking to a DLT could also help improve
Banking Commission Annual Meeting number of banks, there is a belief sustainability tracing in trade finance
in April. that the networks will be selected transactions.
by the corporates and banks will
DC: 2020 will offer exciting new integrate into these. This is a great DC: It’ll have to be DLT, which is also
tech solutions for Supply Chain and opportunity for Finastra that we are the foundation of the Marco Polo
Receivables Finance Program users actively pursuing with a number of Network and powers the distributed
as a lot of providers will master our clients. network enabling real-time, peer-
and leverage the new technologies to-peer exchange of data and value.
that will deal with and address the One other technology which With more than 30 banks and some
limitations of current programs and actually links quite strongly into the of their corporates on board, we are
solutions. The distributed networks network of networks is the Internet excited about the continual growth
built on blockchain technology will of Things, again providing a level of both in the number of members and
undoubtedly have a big impact information that we have never had the innovative trade solutions that
as they are radically changing to date. will be available in 2020.
the engagement, onboarding of
participants and the deployment Db: Distributed ledger technology AlEXA, GEt ME tRADE FINANCE
of trade finance solutions. AI (DLT) does have vast potential – and
technology will also have a big we can expect further progress next Ch: Trade finance is changing and
impact with new solutions being year. Indeed, in the ICC 2018 Global technology is making it happen.
introduced as a result of intensive Survey, DLT was highlighted as a 2020 will be a year of continued
data management, with data being priority area of development over technological innovation and
the new oil for all supply chains. the following three to five years for advancement. AI, DLT, OCR, IoT, NLP,
banks. API, and other assorted acronyms
Ch: you have all mentioned several will slowly etch away at the old
different technologies that will play And in November 2019, ICC partnered face of trade finance unveiling a
a role in the year ahead. If you had with Perlin, DBS Bank, Trafigura, fresh new digital look. Increased
to pick one technology that you Infocomm Media Development levels of digitization in trade are
think will truly kick off or have the Authority and Enterprise Singapore fundamentally changing the
most success in 2020 which would to pilot ICC TradeFlow, a blockchain customer journey. In the coming
it be? platform aimed at simplifying the months and years we may see
trade documentation process this disrupted even further as
IM: Yes it is hard to predict but for all parties, enabling them to large brands like Amazon seek to
I like the “Network of Networks” visually map out trade flows, issue expand their portfolio and offerings
concept, and I think it truly has a instructions to partners, and analyse to include trade finance. Amidst
chance to “kick off” or “kick on” in trade actions in real time. an uncertain environment there is
2020. This could give customers one thing that can be said for sure:
a user experience that they have Automation through DLT will help the trade landscape is changing
never had previously, incorporating enable wider market access to SMEs, and technology will play a role in
multiple levels of information into often locked out of the trade finance determining in which direction the
a seamless view, irrespective of its market due to the high-cost, paper- industry will go.
documentation, logistical or another heavy processes and requirements.
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11Trade Finance Talks
3
Challenging
Business
No T
o
Trad Dodgy
e De
als
Pou TA
Clim r Le T P & CE
at S T
top
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Clearcut the U R I DAD
SEG
WTO
Defend Our
Forests
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13Trade Finance Talks
3.1
“Green”: The EBRD’s New
Transition Concept
T
he European Bank for as an integral quality of
Reconstruction and transition within a sustainable
Development (EBRD) was market economy, making
established to help build a new, plain that economic decisions
post-Cold War era in Central should reflect the full value of
and Eastern Europe. It has since resources to present and future
played a historic role and gained generations.
unique expertise in fostering
change in the region - and This recognition is in line with the
beyond -, investing more than aspirations of the international
€130 billion in a total of over community, expressed last year
5,200 projects. Such experience in the seminal United Nations
has stood the EBRD in good Sustainable Development Goals
stead when it has expanded its and the Paris Accord on climate
original region of operations into change.
new countries such as Mongolia
Rudolf Putz
Head Trade Facilitation Programme (2006), Turkey (2009), Jordan, It is also very timely as 170
(TFP) Tunisia, Morocco, Egypt and countries agreed to phase out
EBRD
Kosovo (in 2012), Cyprus (2014), hydrofluorocarbons (HFC gases
Greece (2015) and Lebanon are thousands of times more
(2017). It is currently active destructive to the climate than
in nearly 40 countries from carbon dioxide).
central Europe to central Asia
and the southern and eastern The ”green” quality of transition
Mediterranean, plus the West provides an enhanced context
Bank and Gaza. within which the EBRD can pursue
the ambitious objectives set out
At its foundation, the EBRD in its Green Economy Transition
integrated the environmental (GET) approach, including that
dimension into its core GET financing account for 40 per
constitutive document. The cent of total EBRD financing by
Agreement Establishing the 2020.
EBRD stipulated that “the Bank
is committed to promoting This will be achieved by
environmentally sound and scaling up existing activities
sustainable development in the (from industrial and municipal
full range of its investment and infrastructure energy efficiency
technical cooperation activities.” to renewable energy and Green
Economy Financing Facilities, or
The 2016 review of the transition GEFFs) and through innovation
concept finally explicitly in environmental financing and
recognises the “green” dimension policy products.
of environmental sustainability
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14Trade Finance Talks
The EBRD has a strong base from banks (confirming banks) international commercial banks
which to pursue these objectives, thereby covering the political covering risks of transactions
with cumulative environmental and commercial payment risk undertaken by participating
financing since the launch of the of transactions undertaken banks in EBRD’s countries of
Sustainable Energy Initiative in by issuing banks in the EBRD’s operations. The Green TFP
2006 reaching close to €21 billion countries of operations. At provides a range of facilities to
in over 1,170 projects. present there are over 100 participant banks:
issuing banks in 26 countries
The formal recognition of a participating in the TFP, working
“green” transition quality provides with over 800 confirming banks Cover for a broad
a still stronger basis for achieving and their subsidiaries throughout range of trade finance
our Green Economy Transition the world. Issuing banks in the
instruments
objectives, with benefits to the region participate in the TFP with
Irrevocable guarantees
countries where we work and total limits in excess of €1.5 billion.
beyond. for up to 100 per cent of
The Green Trade Facilitation the face value, payable
EBRD’s Green Trade Programme (Green TFP) on first written demand
Facilitation Programme stimulates the supply of high Uncommitted trade
(Green TFP) performance technologies finance lines and
and services. By combining
transaction approval on
The EBRD’s Trade Facilitation short-term trade finance
a case-by-case basis
Programme (TFP) was developed instruments supported by the
to promote and facilitate TFP with medium- to long-term Fast and simple approval
international trade to, from investment finance through procedure to issue
and within central and Eastern GEFFs, the partner banks can guarantees
Europe, the Commonwealth finance exports, imports and Short-term loans to
of Independent States (CIS) local distribution of imported selected local banks
and the southern and eastern energy efficiency, renewable
for on-lending to local
Mediterranean region. Under the energy and climate technologies
exporters and importers.
TFP, guarantees are provided and services. Under the Green
to international commercial TFP, guarantees are provided to
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15Trade Finance Talks
Case study:
Greek bank supports renewable
energy generation with German
technology
A Greek bank provided its German manufacturer against
financial support for importing its counter-guarantee. The bank
solar modules from a German from Germany needed additional
manufacturer to Greece. The high security from the Greek bank. The
wattage makes the modules the Greek bank requested the EBRD to
ideal solution for industrial scale issue a guarantee in favour of the
equipment from the open-field German bank within the TFP. Such
facilities, through the tracking guarantee enabled the German
system, to the roof-mounted bank to accept the payment
installation. The usage of such risk. As a result, the exporter
highly efficient solar modules minimised risks of non-payment
could not only lower electricity for the solar modules, and the
bills, but also reduce greenhouse importer did not need to make an
gas emissions. advance payment to receive the
ordered goods.
At the request of the importer,
the Greek bank requested
a German bank to issue a
guarantee in favour of the
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16Trade Finance Talks
Case study:
Serbian engineering company
imports LED lighting solutions
A Serbian company dealing with The foreign supplier received
design and execution of electrical timely payment for the delivery
works in the construction industry and the Serbian buyer received
decided to import LED lighting, the goods and the needed short-
due to the efficiency of LEDs (they term financing. The end-users of
use about 85% less electricity the imported technologies (the
than incandescent bulbs and clients of the Serbian company)
50% less than fluorescents, hence, could also save costs, contribute
save energy and costs). to the positive environmental
impact and reduce the amount
In order to pay for the delivery of of waste in landfills.
the LED lighting, the buyer needed
a short-term loan from its local Such investment projects could
bank. The bank of the buyer be also combined with medium-
applied to the EBRD with a request to long-term loan financing from
to receive a short-term cash the EBRD’s GEFFs. GEFFs support
advance within the framework of energy efficiency and renewable
its TFP. After receiving the funds energy projects with free
from the EBRD, the Serbian bank advisory services and investment
granted a loan to the buyer by incentives. The receivers of GEFF
paying for the delivered goods to loans benefit from the improved
the foreign supplier. financial indicators of their
investment projects.
Green TFP - Achievements so far
Since its start in 2016 the Green TFP has supported
more than 900 foreign trade transactions with a
total value of more than €675 million, resulting in
energy savings of 1,513,200 MWh, water savings
of 1,681,399 m3 and emission savings of 605,376
tonnes CO2.
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17Trade Finance Talks
3.2
Breaking Down Sustainability
Barriers in Global Supply Chains
S
ustainability is no longer an Nations Sustainable Development
adjunct to good business, Goals, a key theme of this year’s
but pivotal to it. In August World Economic Forum. Global
2019, the United States Business supply chains extend into many
Roundtable, an association of the regions and communities
comprising CEOs of leading that are most vulnerable to
US corporations that together negative environmental and
employ 15 million people and social impacts that can result
generate $7 trillion in annual from every stage of the supply
revenues, globally committed chain (figure 1) so reducing
to placing sustainability and these effects is critical to
fair, ethical engagement with building sustainable and secure
suppliers at the heart of business environments, communities
practice. The difficulty for many and supply chains. Stakeholder
multinational corporations scrutiny is also growing
Michael Vrontamitis (MNCs), is how to deliver on this amongst investors, employees
Head of Trade, Europe and Americas objective in practice. and customers, increasing the
Standard Chartered Bank pressure on businesses globally
Large multinational corporations to demonstrate sustainable
(MNCs) play a vital role in business practices.
achieving the 2030 United
Figure 1. Environmental, social and economic impacts exist through every stage of
supply chains
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18Trade Finance Talks
One challenge for MNCs is delayed, the greater the credentials creates further cost.
in developing sustainable disruption will be.” Although unintended, the result
supply chains is how to define is that it ultimately becomes
‘sustainable’. Complying with There are ‘green shoots’ with more profitable to work with
the United Nations’ seventeen large corporations making bold unsustainable suppliers.
Sustainable Development Goals, commitments to reducing or
together with the UN Global removing their environmental There has been a number of early
Compact’s ten principles for footprint. In January 2020, experiments and partnerships,
sustainable supply chains, Microsoft’s President Brad Smith such as Project Trado, to increase
means that corporations need commits, transparency and sustainability
to measure a large number of across supply chains. Although
metrics. Realistically, they need to “By 2030 Microsoft will be encouraging, a more extensive
prioritise, at least initially, and are carbon negative, and by and far-reaching approach
most likely to focus on measures 2050 Microsoft will remove will be required to build the
where regulations exist, such as from the environment all sustainable supply chains of the
anti-slavery rules, and issues on the carbon the company future. The incentives for doing
which their stakeholders are most has emitted either so are significant. As Standard
engaged. directly or by electrical Chartered’s recent Opportunity
consumption since it was 2030 report illustrates, there
Responding to the founded in 1975.” are investment opportunities of
climate challenge almost USD10 trillion (USD9.668
This commitment relies not only trillion) across emerging
Climate change, for example, on Microsoft’s internal efforts, markets to help achieve the
has become one of the but also wider initiatives across UN’s Sustainable Development
biggest investor and consumer its supply chain. The company Goals (SDGs).These markets are
concerns, and is at the heart is launching initiatives to help increasingly important to global
of sustainability ambitions at a customers and suppliers reduce supply chains but have the least
global, national and local level. their carbon footprints, and a ability to invest in tackling climate
Eighty five percent of Britons new $1 billion carbon innovation change and other sustainability
are concerned about climate fund. From 2021, carbon reduction objectives. In the coming months,
change, with the majority (52 will be an explicit aspect of its we see a growing demand
percent) very concerned. In supplier procurement processes. and opportunity for innovative
Singapore, this figure is over 90 solutions that deliver sustainable
percent. Almost half of Europeans A sustainability finance at a lower cost with better
identified climate change as a stalemate? returns, therefore incentivising
greater threat to their lives above all supply chain participants,
unemployment, large scale Building sustainable supply including financiers, to help
migration and terrorism. chains is not easy in practice, break through the sustainability
however, and arguably, obstacles that we all face.
Despite growing public some current initiatives may
awareness and concern, and have the opposite effect. For
Source: BSR, cited in UN Global Compact’s
the EU declaring a climate example, some leading MNCs
Supply Chain Sustainability: A Practical Guide to
emergency in November 2019, and their banking partners are Continuous Improvement, second edition
businesses are not yet doing incentivising suppliers to adhere https://www.unglobalcompact.org/docs/
issues_doc/supply_chain/SupplyChainRep_
enough. Mark Carney, outgoing to sustainable principles by
spread.pdf
governor of the Bank of England offering preferential supplier
and newly appointed UN Special financing rates. This approach is
Envoy for Climate Action and unsustainable, however, as the
Finance described the situation cost of financing a sustainable
as “the catastrophic business vs. unsustainable supplier is the
as usual scenario”. He warned, same, ultimately eroding margins
“Those that fail to adapt will which will reduce the incentive for
cease to exist. The longer banks to offer financing. The onus
that meaningful adjustment on banks to validate a supplier’s
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19Trade Finance Talks
3.3
Why the Simple Language of
Incoterms® 2020 Rules will Grow
Trade in Emerging Markets
T
he new Incoterms® 2020 and air shipments, plus in large
rules are now written in landmasses road and rail
plain English so that readers shipments. These are FCA (Free
do not need a law degree Carrier), CPT (Carriage Paid To),
to understand them, and to CIP (Carriage and Insurance
facilitate translation into other Paid To), DAP (Delivered at Place)
languages. and DPU (Delivered at Place
Unloaded).
Trade in much of the emerging
and developing world, notably HOW TO USE THE RULES
to, from and within Asia, has
increased dramatically in the HOW TO USE THE RULES
past two decades to the point The way to correctly use any
where the volume carried on of these rules in a contract is
container ships far exceeds to work out what terms and
that transported by truck in the conditions the seller and buyer
Bob Ronai Europe-Central Asia landmass. agree on, then find the most
Member of the Drafting Committee of
Therefore the need for Incoterms appropriate rule that best reflects
Incoterms® 2020
Import-Export Services Pty Ltd rules when the seller and buyer the agreement. The matters that
are not related and do not have need to be dealt with are:
a history of trading together has
never been more important. Who will pay the freight? If the
buyer then FCA, if the seller
There are eleven rules but then the C or D rules.
two of them, the bookends to Who will bear the transit risk?
the collection, EXW and DDP, If the buyer then FCA, CPT or
carry strong warnings about CIP. If the seller then DAP or
their use and appropriateness. DPU.
Four of the rules, FAS, FOB, CFR If the buyer bears the risk but
and CIF are strongly flagged the seller agrees to insure for
as not being appropriate for it, then CIP.
container shipments, only being In FCA, CPT and CIP the
appropriate when the seller can seller delivers when it hands
itself put the goods on board the goods to the carrier at
the ship such as in break-bulk origin, in DAP and DPU the
(loose cargo) or bulk shipments seller delivers at the named
often involving chartered vessels. destination place.
That leaves the seller and buyer In all these cases the seller
with five rules to suit almost all must carry out export
possibilities for containerised formalities and the buyer
(FCL and LCL) sea shipments must carry out import
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20Trade Finance Talks
formalities. buyer and deliver them. margin to everything it pays
DAP requires the buyer to DPU is similar to DAP with for, with the end result that the
unload the delivering vehicle, the added complication as buyer might be paying more
DPU is complicated as the the seller must arrange for than if it arranged things itself.
seller has to unload the goods the goods to be unloaded A good freight forwarder is
into the buyer’s premises, (typically from the container) vital in international trade.
meaning arranging labour at the destination.
and equipment on the There is an increasing level The Incoterms® 2020 rules
other side of the world. The of obligation and risk for the do not deal with a number of
destination place could be seller as we move from FCA matters including, among others,
a container terminal or air through to DPU. payment terms and method,
terminal so delivery occurs On the other hand, there is a transfer of title to the goods,
before the buyer import decreasing level of control by governing law of the contract and
clears. If the destination is the buyer. dispute resolution, remedies for
the buyer’s premises then It sometimes seems easier for breach of contract.
that adds another layer of a buyer in a smaller country It is vital for anyone engaged
complexity as the seller needs to let the seller in a larger in international trade to have a
to have his carrier take hold country arrange everything, copy of the Incoterms® 2020 book
of the goods again once they but in doing so the seller is on their desk for quick
are import cleared by the highly likely to add a profit reference.
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21TRADE FINANCE TALKS
Innovation and
trade Finance in
4 the Developing
Markets
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4.1
Can the Blockchain Revolution
Address Port Congestion in
Africa?
S
outh Africa is situated during 2019 were some of the
on one of the busiest worst in recent history.
international sea routes, What makes matters worse
critical to international maritime is that everyone is blaming
transportation. More importantly everyone else: there is no
it is the lifeline of the South African reliable information available
import and export industries, and the current centralised
with the numerous industries port community systems and
that are totally dependent on approach are not functioning
the combination of road and sea optimally.
transportation to get their goods
into and out of South Africa and This poses a serious challenge to
the broader African continent. a variety of industry role players
and Global Trade Solution (GTS)
Port accessibility and the last decided to look into the problem
Louise Wiggett mile delivery is however not only to see if there is not a simplified
Founder critical to South Africa, but the way to make information more
Global Trade Solutions whole of the African continent, readily available and to ensure
where logistical costs and that this information is reliable
timeframes are some of the and accurate. The approach
highest in the world. taken was to keep it simple and
come up with a technology
Port congestion is one of based solution that could
the “elephants in the room” address the information problem.
frustrating traders, logistical Once the information can be
service providers, shipping lines trusted and are consistently
as well as the road transport available, the focus could move
industry alike. From the road to addressing the real problems
industry perspective, it affects instead of guessing where
productivity, has major financial the problem exists and who is
implications as well as health responsible.
and safety concerns for the road
industry participants. Delays of GTS have found a way to
hours and even days have been alleviate and potentially solve
reported when collecting or the information problem through
delivering containers into and out the use of Mobile and Blockchain
of the ports in South Africa and technology and to create a
Africa in general. Despite years digitized data flow that will
of promises things just do not benefit all industry role players
seem to be getting better and in involved in the movement of
fact the congestion experienced goods in and out of the ports and
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24TRADE FINANCE TALKS
to create last mile transparency. solution is very simple and easy available to the Tradelens
to use. The application can be Blockchain solution where it
According to Louise Wiggett, MD loaded onto each truck driver’s is disseminated to the wider
of Global Trade Solutions, the smartphone (routinely issued community that forms part of the
company’s eDriver application by companies anyhow) and the approved parties in the process
timely and accurate records driver logs into the app. flow.
critical information and creates The driver receives the
the ability to identify problems information of which container to ‘‘Apart from the low cost and
or delays in advance and makes collect and it’s location and the ease of adoption, eDriver makes
this information available to the geo tracking process starts once the driver feel more in control
relevant authorised parties in real the driver departs from the depot. and removes the burden from
time. This is a huge step towards The eDriver application geo-tags the driver to provide updates
solving port congestion problems when the driver arrives at the to all the parties”, comments
and creating visibility of where port gate, when the container is Wiggett. The bottom line is
the actual problems exists. hooked up and loaded and when that through the combination
the truck exits the port gate. This of the blockchain and mobile
Working in partnership with IBM enables the depot manager to applications all the information
TradeLens, an open industry track and manage the process in becomes available to all parties
standard Blockchain technology real time. in near real time.
platform that promotes the
exchange of information across In addition, the driver takes A pilot project was successfully
the global shipping industry, the photographs as proof of evidence completed during the November
combination of the blockchain when uploading and off-loading and December 2019 period with a
technology and the digitization the container, as well as any group of interested road hauliers
of the last mile activities will supporting documentation that in Cape Town, South Africa
become an industry leader in the might be required. When taking and eDriver is now ready to be
future. an empty container back, the deployed throughout the African
reverse process takes place. continent.
Wiggett says the eDriver digitised This information is then made
Inland Customs / Government Ocean Customs / Government FFW / CHB / Inland
BCO / NVO FFW / CHB / 3PL Ports / Terminals Ports / Terminals BCO / NVO
Transportation Authorities Carriers Authorities 3PL Transportation
SHIPPING MILESTONES AND SHIPMENT DATA
ATA empty container at depot
Start container tracking
Empty container picked up
ETA empty container at
ATA Empty container at
Container stuffing completed
ATD Packed container from
Estimated gate in for packed
container at terminal export
Gate in full at terminal export
ETD packed container from
ATD packed container from
ETA packed container at
Temperature update
Estimated discharge time for
ATA packed container at
Packed container discharged
Estimated gate out of packed
Packed container stripped at
Empty container ready for
from depot
stuffing site
stuffing site
at inland location
VGM submitted
Container sealed
stuffing site
export terminal
Packed container loaded
Export documentation
Container ready to load
cleared
export terminal
import terminal
packed container at import
Import documentation
Container selected for
terminal
cleared
inspection
import terminal
at import terminal
container from terminal
Gate out packed container
from terminal import
ETA packed container at
ATA packed container at
Empty container picked up
import
stripping location
stripping location
Seal removed
from stripping location
Container tracking ended
inland location
pick-up
Not exhaustive list of milestones tracked by platform
STRUCTURED AND UNSTRUCTURED DOCUMENTS
Packing Export Pre-Paid Shipping Geography Cargo Specific Commercial
List Documentation Invoice Instructions Specific Certificate Customs Invoice Import
Bill of Advance Certificate of ISF Dangerous Goods
Certificate Clearance Documentatio
Landing Declaration Origin Declaration
n
Not exhaustive list of documents tracked by platform
TRADELENS BLOCKCHAIN BUSINESS NETWORK
TRADELENS PLATFORM
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25Trade Finance Talks
4.2
Innovative Trade Financing and
Risk Mitigation to Accelerate
Sustainable Development
E
nterprises in emerging and middle-class population will
developing economies be in Asia. Most of their needs
(EDEs) face enormous will be supplied from Africa and
financing challenges to other low or middle-income
respond to new export market Asian countries. The World Bank
opportunities and grow their forecasts growth in trade around
businesses sustainably. Medium the greater Caribbean region
and long-term investment to top 5.6% in 2020. Increasing
financing for capital equipment income from value-added trade
and projects is constrained by is a priority to reduce economic
poor fundamentals and lengthy vulnerability for highly indebted
due diligence for SMEs. producer countries. In each of
these regions, SMEs provide >70%
Innovative trade financing of productive capacity yet have
trials combining de-risking limited access to affordable
Ian Sayers products, technology and in- financing for expansion.
Head, Access to Finance & Enterprise country support have tested risk
Stability
mitigation measures and yielded Supply chains are already
International Trade Centre
positive results for business vulnerable to climate events and
expansion and supply chain poor labour conditions so, if we
sustainability. In this article, we are to learn from past mistakes,
examine the challenges and this new expansion of trade must
how financing opportunities have a lower environmental
could be scaled for widespread impact and be more inclusive.
application. Responsible international buyers
and consumers are demanding
The business opportunity that the Banks involved also
demonstrate their contribution to
Whilst European countries sustainability.
economies are in the doldrums,
other parts of the world see Two key questions need
growth opportunities. The answering:
African Continental Free Trade
Agreement, or AfCFTA, will be What role short-term
formally launched on 30 May trade financing can play
2020. As cross border friction alongside investment financing in
recedes, AfCFTA is expected this scenario?
to generate $4Tn in new trade How can trade financing
between its 54 member countries improve sustainability and be
over the next ten years. By 2030, commercially viable?
according to the Brookings
Institution, 2/3 of the global
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26Trade Finance Talks
What is holding back buyers and suppliers use every chains generally face short-
sustainable development day play a role in improving term working-capital financing
financing? sustainability? If the higher rates well beyond 20%, limiting
perceived risks associated with their ability to increase factors
At the September 26th meeting advance payments in EDEs could of production to expand sales. A
of the UN High-level Dialogue be offset, then low interest rate different set up will be required
on Financing for Development, international money advances if lower cost trade financing is to
participants noted that “despite from buyers could open access be fully extended to producers
massive pledges of funds for to lower cost financing for SME and suppliers to accelerate
achieving the sustainable suppliers. This financing would improvements in sustainability
Development Goals, capital liberate cash flows, which, when and inclusiveness.
was not yet getting to where it guided by local advice and
was needed” and “… progress, monitoring, would allow even the New approaches
particularly on environmental smallest enterprise or community test multi-level
impact and climate change, is a to use for more sustainable collaborations,
long way behind schedule”. growth. risk mitigation
and sustainability
Realising that overseas Traditional trade improvements
development aid capacity financing structures
would be inadequate to meet will need to be re- Trials of potential new structures
the 2030 SDGs, many leading thought and implementation partnerships
aid donors and development between 2018 and 2019 involved
finance institutions (DFIs) in 2016 The majority of all international multi-national retail importers,
turned to “Blended financing trade financing is now concluded major trade finance banks,
arrangements”. These provide through “Open Account” under academic institutions, financial
de-risking guarantees through various forms of payables technology providers, in-
fund managers to attract private and factoring arrangements country NGOs and de-risking
sector investment. Whilst de- with international buyers collateral guarantee providers.
risking guarantees can shore-up rather than through bank- Distributed ledger technologies
bank returns and reduce retained arranged documentary credits. (DLT) where used to reduce the
capital, financial structuring on Traditionally, payments to time and cost of digital identity
its own cannot compensate for producers in low and middle- on-boarding, monitoring and
the shortcomings in country income producer countries pass outcome verifications. The
business development support, through exporters’ national Tier trials applied reduced trade
weak enterprise management 1 banks, “international” local financing rates and advances
skills, poor governance and agents and financing providers to improve supplier cash flows
unsustainable business models. before getting to recipients. Whilst and incentivise sustainability.
buyers and importers in their own Participants have been quick
Climate change is accelerating countries may access rates at to point out that these multiple
and time is not on our side. InitialTrade Finance Talks
were reduced by up to 50% concessionary trade financing a massive volume of traded
and advances increased. Bank linked to time & purpose- goods if supply-side enterprise
collateral guarantees allowed specific collateral de-risking operational and delivery risks can
RoA to be preserved, despite guarantees and sustainability be managed. Implementation
reduced interest rate income actions; challenges may be country
and higher risks from moving Donors: To fund parallel specific, but strong collaborations
the locus of concessionary rates projects with development with experienced development
up the supply chain closer to agencies for recipient agencies like the International
producers. country preparation and Trade Centre (ITC) can help to
reinforcement of sustainable move pilot trials to scale.
Practical technical advice was business development
provided by local services, whilst services; ITC’s own projects prepare
monitoring and validation using Technology providers and in- support services and 1,000s
DLT was prepared by NGOs or country financing institutions: of exporting enterprises and
development agencies. The To build applications for producer communities each
results showed that short-term recipient country enterprise year to expand their businesses,
cash advances in frequent, payment tracking, transaction reduce risk ratings, meet
smaller amounts were more records and sustainability international standards, upgrade
easily assimilated and applied verifications; production and financial
by MSMEs than large cash Experienced development management. By forming closer
injections from investors. This agencies: To advise alliances with organisations like
led to continuous incremental financing providers and ITC in donor-funded projects,
upgrading of supply chain regulators, strengthen in- responsible trade buyers and
sustainability practices. Reports country MSME development trade financing banks can
from the 2018-2019 trials show and sustainability support internalise development agency
four key elements need to be capabilities, outcomes experience and move from
brought together: verification, supply, processer pilot to commercial viability
and shipment risks mitigation more rapidly. Examples of ITCs
Responsible trade buyers, experience can be found in its
trade financing banks Globally, such approaches Annual Reports.
and development finance have the potential to stimulate
institutions: To provide sustainability practices across
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28TRADE FINANCE TALKS
WhAt Do PotENtIAl tARGEt IMPRovEMENtS IN
SUStAINAbIlIty look lIkE?
Examples of where concessionary sustainability, inclusion and
trade finance could stimulate employment in large and small
a true multiplier impact on scale exporting enterprises:
Saffron and dried foods: herat, Afghanistan
1,000s of saffron farmers and 20 dried foods processers follow
organic methods that are being upgraded and certified with
support from a 4-year EU-funded project. They require Shari’a
compliant trade financing to cover the cost of sustainable inputs,
market compliance, community welfare, health and education
with an estimated increase in exports by 2021 of US$ 4 Mn pa.
Smallholder tea producers: Malawi
Under the TradO pilot project hundreds of smallholder tea farmers
in Malawi benefited from savings in trade financing costs that, with
the help of local NGOS, were used to improve working practices,
reduce environmental footprints and pollution. New technologies
supported traceability and transparency along supply chains.
Shared data from smallholders improved performance and lead
to earlier, pre-shipment financing, long-term benefits for suppliers
and buyers, with net zero impact on production costs.
hoW to MovE AhEAD At SCAlE
The donor community is motivate MSMEs and producer will go a long way to bringing
recognising the necessity to communities to change climate change resilience into the
support projects that combine practices, reduce inequalities heart of every trading decision”.
traditional capability building and find new, sustainable higher-
and access to innovative value markets for their products. The views expressed here are
financing. Both are vital to those of the author and do not
address structural deficiencies Building mechanisms at a necessarily reflect the position of
and establish the eco-systems global scale that fill the gaps the International Trade Centre
and frameworks required to in trade and capital financing
effectively support sustainable will enable them both to play a
trade development. In this way, role in improving sustainability
affordable advisory services, that will dramatically accelerate
changes to regulations and attainment of the SDGS. In the
financing incentives will be words of Mr Mark Carney, The UN
integrated to provide clear Special Envoy for Climate Change
business advantages that and Finance for CoP26, “financing
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