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L/C processing and management little changed, but surrounding ecosystem has evolved and continues to evolve rapidly

While letter of credit (L/C) processing and management workflows have remained largely unchanged for decades, the surrounding ecosystem has recently undergone significant transformation, according to an article written by Amey Prabhu.

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Advanced AI platform designed to transform L/C processing launched by IBM and NeuroGaint

Multinational technology giant, IBM and NeuroGaint Systems, a global IT solutions provider headquartered in Hyderabad, India, have launched NeuroLC, an advanced AI platform designed to transform letter of credit (L/C) processing.

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AfDB approves US$25 million facility to improve L/C availability in Madagascar

The African Development Bank (AfDB) has approved a US$25 million trade finance Transaction Guarantee Facility (TGF) that includes letter of credit (L/C) support for Bank of Africa Madagascar (BAM), and aims to accelerate the island's industrialisation and support local businesses.

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Ship recycling stymied by L/C difficulties and sanctions on Russia's shadow fleet

Two ready for recycling very large crude carriers (VLCCs) are currently anchored off the coast of Chattogram, Bangladesh, facing delays in their sale to ship recyclers due to complications involving letters of credit (L/Cs) and international sanctions.

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Diamond tycoon Choksi arrested on suspicion of orchestrating US$1.8 billion L/C and LoU fraud

Fugitive Indian diamond tycoon Mehul Choksi was arrested on Saturday in Antwerp, Belgium, following an extradition request from Indian authorities. Choksi is accused of orchestrating a US$1.8 billion fraud involving Punjab National Bank (PNB), alongside his nephew, Nirav Modi.

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CEO of L/C provider Mitigram says digitalisation is transforming trade finance, albeit slowly

Digitalisation is transforming the trade finance industry, but it is doing so slowly according to Pedram Tadayon, the CEO of Mitigram, which offers letters of credit (L/Cs) alongside its platform for corporates and banks to manage trade finance.

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Commercial Bank of Ceylon's digital H2H trade finance processing to transform L/C and other traditional methods

​The Commercial Bank of Ceylon's has introduced its host-to-host (H2H) payment services as part of its 'ComBank Digital' platform, targeting corporate clients.

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Porch Group agrees to US$7.1 million settlement for losses incurred in Vesttoo reinsurance L/C collateral fraud

Porch Group, the parent company of Homeowners of America Insurance Company (HOA), has agreed to a US$7.1 million settlement with the Vesttoo Creditors Liquidating Trust over constructive trust claims.

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Prime Bank completes Bangladesh's first PoC of inland blockchain L/C transaction

​Prime Bank has successfully completed the proof of concept (PoC) for a 'Green L/C', marking Bangladesh's inaugural inland letter of credit (L/C) executed on a locally developed blockchain platform.

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EBRD, BII and Proparco step in to support L/Cs for Ukraine's cross-border trade

The European Bank for Reconstruction and Development (EBRD) is joining forces with the UK's development finance institution, British International Investment (BII), and the French development agency, Proparco, to support Ukraine's cross-border trade.

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MTB signs agreement with ITFC to facilitate Shariah-compliant L/Cs for international trade

Bangladesh-based Mutual Trust Bank (MTB) has signed a master murabaha agreement with the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IsDB).

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ICIEC and ITFC partner to strengthen documentary credit facilitation for trade growth

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the International Islamic Trade Finance Corporation (ITFC), both part of the Islamic Development Bank (IsDB) Group, have signed a strategic agreement aimed at enhancing documentary credit facilitation to support trade across member countries.

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UK government agency extends facility to boost Ghana's L/C availability and close Africa's trade finance gap

The UK's development finance institution and impact investor, British International Investment (BII), has extended a US$50 million trade finance facility to Ghana International Bank (GHIB) to improve the availability in Ghana of letters of credit (L/Cs), trade loans, and other trade-related financial instruments.

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Moscow's request for SWIFT reconnection to facilitate L/Cs more a political than procedural ploy

Russia, in its current negotiations for a truce with Ukraine - reportedly only with the US so far - is requesting to be reconnected to SWIFT, the global financial messaging system used by banks for secure communication of transactions, including letters of credit (L/Cs).

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L/Cs help compromise Trump's efforts to halt US development aid payments

US President Donald Trump's efforts to suspend US development aid payments pending a comprehensive review have been compromised by financial obligations, including letters of credit (L/Cs), that have already been entered into by the United States Agency for International Development (USAID).

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MUFG completes digital L/C transaction on the revived Contour Network Hub

Japan's MUFG Bank has successfully completed its first fully digital trade finance transaction through its GIFT City branch in Gujarat, India. It involved a US$15 million letter of credit (L/C) for a subsidiary of Tata International Limited, the global trading arm of the Tata Group.

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L/Cs play 'crucial role' in StanChart's innovative sustainability-linked trade finance facility

Standard Chartered has introduced an innovative sustainability-linked trade finance facility for Siemens Energy, spanning eight countries across the Middle East, Africa, and Pakistan.

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Microsoft explains how AI captures TBML in L/C transactions

Operational efficiencies in letter of credit (L/C) processing can be greatly enhanced with AI according to tech giant, Microsoft in a blog that summarises how trade finance is now undergoing rapid and fundamental change, thanks to the advent of cloud and AI technologies.

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London High Court rules against Banque El Amana standby L/C case

The High Court in London has ruled in favour of Litasco, a Swiss petroleum trading company, in its dispute with Mauritanian bank Banque El Amana (BEA) over a standby letter of credit (L/C).

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India's private commercial banks to get state guarantees for L/Cs

The Indian government has extended its practice of issuing state guarantees, traditionally provided to state-owned commercial banks (SoCBs), to include private commercial banks (PCBs).

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New ICC paper published under Digital Library: Consolidated ICC guidance on the use of sanctions clauses in trade finance-related instruments subject to ICC rules

This document contains the Guidance Paper on the Use of Sanctions Clauses in Trade Finance-related Instruments Subject to ICC Rules (2014) and the Addendum to Guidance Paper (2020)

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Anvil launches DeFi protocol for L/Cs

Anvil has launched a DeFi protocol - a set of rules and systems built on blockchain technology - for letters of credit (L/Cs) that allows people to access financial services without needing traditional banks or intermediaries.

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Tanzania's discussions with India, Russia and China could see more L/Cs in non-US dollar currencies

Tanzania is actively exploring the use of alternative currencies, such as the Indian rupee, Chinese yuan, and Russian rouble, that can be used in letters of credit (L/Cs) and other trade finance instruments.

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Russia and Ethiopia's trade arrangements reducing US dollar reliance and paving the way for national currency L/Cs

Russia and Ethiopia are actively exploring the feasibility of conducting trade using their respective national currencies, aiming to reduce reliance on the US dollar and enhance economic cooperation.

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ICIEC and ITFC partner to strengthen documentary credit facilitation for trade growth

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the International Islamic Trade Finance Corporation (ITFC), both part of the Islamic Development Bank (IsDB) Group, have signed a strategic agreement aimed at enhancing documentary credit facilitation to support trade across member countries.

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Former EXIM Bank chairman and Bangladesh-based mogul used L/Cs in complex TBML scheme

Nazrul Islam Mazumder, chairman of Bangladesh-based NASSA Group and a former chairman of the Export Import Bank of Bangladesh (EXIM Bank), has been implicated in significant trade-based money laundering (TBML) activities.

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Greenbacker secures landmark financing with L/C facility for New York's largest solar project

Greenbacker Capital Management, a US-based investment firm specialising in sustainable infrastructure and renewable energy projects, has announced a major milestone in renewable energy development, securing nearly US$1 billion in financing to acquire and construct the largest solar energy project in New York State.

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Wilben Trade launches new legal action in the UAE to rebut Ecobank's accusation of L/C fraud

Nigeria's Wilben Trade, a global merchant trading company, and its founder Marcus Wade are currently facing prosecution in Nigeria over allegations of letter of credit (L/C) fraud amounting to approximately US$42.5 million.

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Veefin acquires TradeAssets to enhance its L/C offerings

Veefin Solutions, an Indian technology company specialising in digital lending and supply chain finance solutions, has announced the acquisition of TradeAssets, a digital trade finance platform.

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Standard Chartered Trade Institute receives accreditation from LIBF to offer documentary credit training

Standard Chartered has announced that its flagship Trade Institute has received full accreditation from LIBF (formerly known as the London Institute of Banking and Finance) which provides, amongst other offerings, specialised training in letters of credit (L/Cs) through their Certificate for Documentary Credit Specialists (CDCS) programme.

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BNP Paribas seeks family money to settle claim against Gulf Petrochem's alleged fraudulently obtained L/Cs

BNP Paribas has initiated legal action in London against Sharjah-based oil trader, Gulf Petrochem, alleging that the company utilised false invoices to fraudulently obtain letters of credit (L/Cs) and other financing facilities.

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Nigeria reports foreign trade payments via L/Cs halved in 2024

Nigeria has experienced a significant decline in foreign trade payments conducted through letters of credit (L/Cs), with a reduction from US$1.07 billion in 2023 to just US$506.1 million in 2024.

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Singapore-based tech company seeks to regain US$6 million paid under a standby L/C

Singapore-based technology solutions provider CSE Global Limited and one of its subsidiaries is seeking to recover US$6 million paid under a standby letter of credit (L/C).

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L/C difficulties help drive ship recycling to lowest point since 2005

Lloyd's List Intelligence has reported that ship recycling levels in 2024 reached the lowest point since 2005. The decline was driven by several interconnected factors, including increasingly difficult economic, financial, and regulatory environments.

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Egyptian companies required to put up L/Cs to benefit from government support

Egyptian businesses in priority industrial sectors will need to put up letters of credit (L/Cs) if they want to benefit from the government's ambitious initiative to bolster sectors facing increasing competition from Turkey and China.

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G+D launches Smart Label as a replacement for L/Cs in trade payment solutions

Giesecke+Devrient (G+D), a long-established German security firm says it has developed an 'internet of things' (IoT) solution that integrates with external trade payment solutions and can replace letters of credit (L/Cs).

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Innovative EDC facility allows renewables developer to issue L/Cs with no cash collateral

A North American owner, operator and developer of renewable energy projects, Revolve Renewable Power, has secured an innovative facility from Export Development Canada (EDC) that will allow it to issue letters of credit (L/Cs) without putting up cash collateral.

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African fintech Breeze says its solution will revolutionise L/C processing

African fintech Breeze has announced that it has developed a digital platform that it claims will revolutionise letter of credit (L/C) processing.

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ContourGlobal's refinancing underscores increasing use of Debt Service Reserve L/Cs in green financing

ContourGlobal, an independent power producer with a diversified global presence, has closed its US$612 million refinancing of a 1,205 megawatt portfolio of natural gas power plants located in California, New Mexico and Texas.

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Nigeria and China renew currency swap agreement that facilitates yuan-denominated L/Cs

Nigeria and China have renewed their bilateral currency swap agreement (BCSA) that was originally agreed in April 2018 and which enables the exchange of 15 billion yuan (US$2 billion).

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