“Trade finance is due for a transformation,” Ng, who has over 20 years experience in commodities, said in an interview in Singapore. “Going paperless has to happen.”
(May 6): The US$9 trillion ($12.3 trillion) business of financing global trade needs to go digital, according to southeast Asia’s second-biggest lender.
Forgers have become so adept at faking documents used by banks that going paperless has become a necessity for the industry, said Ng Chuey Peng, managing director and head of global commodities finance at Singapore’s Oversea-Chinese Banking Corp, the region’s second-biggest bank by assets. Digitalisation will also make the financing process more efficient, she said.
