Yet a key hurdle to achieving this much sought-after agility and resilience is modern supply chain complexity, which is compounded by trade finance's persistence with legacy systems. Sticking with these outdated, labour- and paper-intensive processes only chip away at competitiveness, slowing down transactions and hindering visibility. Pivoting to digital and doing away with processes that have outlived their usefulness is no longer negotiable, but an imperative.
With Asia being one of the world's largest economies, trade finance is a key element in facilitating the region's cross-border commerce. According to the International Monetary Fund (IMF), about half of imports in the United States and a third in Europe come from Asia. The financial agency also notes that Asia accounts for almost half of global demand for key commodities.
However, the disruption of recent years has underscored that these opportunities will continue to be tempered by headwinds – highlighting the need for greater agility and resilience.
