Allianz provides surety-backed variation of standard L/C for clean energy projects
Allianz, the multinational financial services company based in Germany, is offering a variation on the standard letters of credit (L/C) provided for the construction and development of clean energy projects.
Read More
Latest Technical Advisory Briefing
Just published - Technical Advisory Briefing from the ICC Banking Commission.
Read More
Egypt eases restrictions on L/Cs for non-essential imports
The Central Bank of Egypt (CBE) has signalled to local banks that they can start issuing letters of credit (L/Cs) for imports of certain foodstuffs as well as a range of consumer and industrial goods.
Read More
Alliant offers surety-based L/C alternatives on new national platform
US-based insurance distribution company, Alliant Insurance Services, has launched Alliant Commercial Surety, a new national platform targeting the commercial surety market.
Read More
CargoX's digital L/C to feature in partnership with the world's eighth-largest container carrier
CargoX, which features digital letters of credit (L/Cs) as part of its suite of blockchain-based solutions for trade finance, has announced a strategic partnership with HMM, Korea's largest and the world's eighth-largest container carrier.
Read More
Decentralised trade settlement specialist launches blockchain L/C alternative
Netz, a fintech specialising in decentralised trade settlements, has launched what it describes as a platform for cross-border commodity trading that serves as an alternative to traditional banking methods and letters of credit (L/Cs).
Read More
L/C activities at six Bangladeshi banks restricted due to financial irregularities and owners' connections with deposed prime minister
The Bangladesh Bank (BB - central bank) has significantly restricted banks in the country that are controlled by the S Alam Group from conducting letter of credit (L/C) business.
Read More
Bangladeshi mega-conglomerate faces serious TBML accusations
One of Bangladesh's largest and most diversified conglomerates has been accused of trade-based money laundering (TBML) at least US$135 million by using fraudulent letters of credit (L/Cs) to obtain loans.
Read More
Nigeria's L/C payments more than halved in seven months
Nigeria's letter of credit (L/C) payments have experienced a significant drop in 2024, declining by 57 per cent in the first seven months of the year.
Read More
Experts advocate Ethiopian EXIM Bank to facilitate L/C transactions
A group of financial experts is advocating that a project to build an Ethiopian Export-Import (EXIM) Bank with an alliance of the country's big financial institutions should be initiated, in part to make letters of credit (L/Cs) more available for Ethiopia's businesses and especially its small- and medium-sized enterprises (SMEs).
Read More
L/Cs may have been improperly used in scheme to supply Nigeria with substandard Russian fuel
Letters of credit (L/Cs) may have been improperly used in schemes to import substandard fuel, including petroleum products, that originated in Russia but was shipped via Malta and then on to Nigeria.
Read More
Obligo's L/C-based offering attracts established property management firm Yardi
Fintech Obligo, which uses letters of credit (L/Cs) from banking giant Wells Fargo to back its security deposit alternative for landlords and tenants (DC World News, 1 July 2022), has partnered with Yardi to provide new software solutions primarily for real estate management.
Read More
Libyan banks suspend L/C processing as central bank descends into turmoil
Several Libyan commercial banks have notified their customers of the temporary suspension of letter of credit (L/C) processing and other key financial services due to ongoing turmoil at the Central Bank of Libya.
Read More
Local currency deal enhances Ameriabank's L/C-oriented relationship with EBRD
The European Bank for Reconstruction and Development (EBRD) and Ameriabank have signed an agreement enabling the Armenian bank to attract trade finance funding from the EBRD in Armenian drams.
Read More
US$24 million L/C deal provides Sigma Lithium with attractive deferred payment offer
Sigma Lithium, has announced an inaugural deferred payment US$22.4 million letter of credit (L/C) for export financing with Banco do Brasil at very low interest rates.
Read More
Fake L/Cs in multi-million dollar financial crime and money laundering operations
Fake letters of credit (L/Cs) played a critical role in a massive series of serious financial crimes and money laundering operations executed by a resident of the US state of Connecticut.
Read More
L/C support for one of Ethiopia's largest banks provided by AfDB's transaction guarantee facility
One of Ethiopia's largest banks, Dashen Bank, is to benefit from an African Development Bank (AfDB) US$40 million transaction guarantee facility to support its trade finance activities in the country.
Read More
Banker used fraudulent L/Cs and gold and diamond get-rich schemes in US$1.6 million investment scams
A banker in the US state of Georgia, entirely through his own wholly owned bank, is alleged to have defrauded investors of approximately US$1.6 million in two investment scams, according to a filing by the US Securities and Exchange Commission (SEC) in a court in Atlanta.
Read More
L/Cs feature in the largest standalone battery energy storage financing globally
Australia's Akaysha Energy has announced the closing of a 650 million Australian dollar (A$650 million - US$430 million) debt raise with a group of eleven domestic and foreign banks.
Read More
Lengthy L/C payment terms deterring bidders in Egypt's largest ever wheat tender
Lengthy payment terms on letters of credit (L/Cs) could be a key factor deterring suppliers from participating in Egypt's largest ever single wheat tender.
Read More
Nigerian firms unable to meet L/C commitments due to central bank's failure to settle forex contracts
Nigerian firms are unable to meet letter of credit (L/C) commitments as the country is plunged into a severe crisis over the central bank's failure to settle US$2.4 billion of overdue foreign exchange forward contracts.
Read More
EBRD-backed L/Cs featured in Ukraines' Oschadbank biggest trade finance deal of the year
Ukraines' Oschadbank has reported a significant increase in the volume of trade finance transactions over the year to June 2024 for large corporate clients under the European Bank of Reconstruction and Development's (EBRD's) Trade Facilitation Programme (TFP).
Read More
Five new banks enter, three depart lucrative L/C agreement for Kenyan oil imports from two Gulf states
Kenya's Energy and Petroleum Regulatory Authority has revealed in a disclosure that five new banks have signed up to take part in the Kenyan government's lucrative US$500 million per month oil import scheme with the UAE and Saudi Arabia.
Read More
Latest Technical Advisory Briefing
Just published - Technical Advisory Briefing from the ICC Banking Commission.
Read More
Counterfeit Libyan banknotes laundered via L/Cs into US dollars
Banknotes described as counterfeit are being fed into Libya's legitimate economy by letters of credit (L/Cs) according to the Reuters news agency.
Read More
'Magic wand' required for digital L/Cs in trade finance flows
It would take a magic wand, at least for the time being, to create a complete, end-to-end, integrated digital flow of trade finance that includes letters of credit (L/Cs), according to Akhil Nair, senior vice president for global ocean freight at global logistics and freight solutions provider, SEKO.
Read More
Presidential intervention helps Nigeria's new refinery out of L/C difficulties
Nigeria's President Bola Tinubu has ordered state-owned Nigerian National Petroleum Company (NNPC) to sell crude oil in naira to the newly opened Dangote Refinery (DC World News, 4 April 2024).
Read More
Local currency L/Cs could help boost India's trade with Russia says think tank
Local currency letters of credit (L/Cs) could help India reach its ambitious target to increase bilateral trade with Russia to US$100 billion a year by 2030, according to Global Trade Research Initiative (GTRI).
Read More
US state department says L/C difficulties hamper Libya's investment climate
The slow and non-transparent process for letter of credit (L/C) approval in Libya is prompting most firms to use European banks when they do business on L/C terms with counterparties in Libya, the US state department says in its latest analysis of the North African country's investment climate.
Read More
Deutsche Bank's L/Cs to contribute to energy transition
Deutsche Bank is contributing to the energy transition by providing letters of credit (L/Cs) to US clean energy company, Intersect Power, for the construction and operation of three standalone battery energy storage systems (BESS) in Texas.
Read More
Saskatchewan's L/C forestalls payment of disputed federal carbon tax
The Canadian province of Saskatchewan has employed a letter of credit (L/C) to forestall the Canada Revenue Agency's (CRA's) efforts to reclaim C$56 million (US$41 million) in federal carbon tax.
Read More
Larsen & Toubro expects improved L/C access after landmark global credit ratings
India's largest engineering and construction company, Larsen & Toubro (L&T), is expecting better access to letters of credit (L/Cs) as a result of ratings higher than the sovereign's 'BBB-' rating.
Read More
Challenge insurer collateral requirements to reduce L/C costs says insurance expert
Insurers typically request insureds to provide collateral as security for their obligations under a reimbursement or reinsurance agreement. This most commonly comes in the form of a letter of credit (L/C). Each year, an L/C can cost an insured tens of thousands of pounds in fees.
Read More
Ghanaian political party proposes establishment of new banks to issue L/Cs for public projects
A new political party in Ghana is proposing a radical reform of the country's banking sector that would see the government establishing banks that would issue letters of credit (L/Cs) to support public sector projects.
Read More
Iran and Russia continue to mull alternative L/C and other financing arrangements
Iran's central bank chief, Mohammad Reza Farzin, is continuing to call for closer financial ties with Russia that would facilitate letter of credit (L/C) and other transactions between Iranian and Russian banks.
Read More
New Opinions from the ICC Banking Commission
The latest ICC Opinions from the Banking Commission Meeting held in July 2024 are now available under the Trade Finance Channel of the Digital Library:
Read More
Pakistan to push the case for Chinese yuan denominated L/C transactions
Amidst a persistently strong US dollar and fearful of shrinking foreign reserves, industry leaders in Bangladesh are hoping that Prime Minister Sheikh Hasina will successfully push the case for the use of the Chinese yuan in international transactions during his visit to China this week.
Read More
US updates antiboycott list, L/C providers beware
The US department of commerce's Bureau of Industry and Security (BIS) has published its first quarterly update of the boycott requester list.
Read More
Sri Lanka's 2-year L/C drought expected to end under debt restructuring
Sri Lanka's major country creditors have approved a major debt restructuring deal valued at a combined US$10 billion that should allow letter of credit (L/C) flows that dried up two years ago on the island state to resume.
Read More
L/Cs feature in IFC trade facility for First Capital Bank Moçambique
To support trade flows to and from Mozambique and to strengthen the country's financial sector, the International Finance Corporation (IFC) has announced the agreement of a new trade finance guarantee facility that includes letter of credit (L/C) support to First Capital Bank Moçambique (FCBM).
Read More
Afreximbank facility to help CBZ Bank access L/Cs in Zimbabwe's dollarised economy
Zimbabwe's largest bank, CBZ Bank, says it already has customers lining up to take advantage of a new facility provided by the African Export-Import Bank (Afreximbank) that will provide them with improved access to letters of credit (L/Cs).
Read More
Raiffeisen partners Surecomp to streamline L/C and guarantee processing
Canadian fintech Surecomp, which specialises in global trade finance solutions for banks and corporates, has been selected by Raiffeisen Bank International (RBI), one of the leading banks in Austria and the wider Central and Eastern European (CEE) region, to reinforce their trade finance customer engagement.
Read More
Discounted L/Cs on offer for foreign investors in Vietnam
Discounted letter of credit (L/C) fees are amongst the incentives on offer from Saigon Hanoi Bank (SHB) for companies operating in Vietnam that are either wholly or partially owned by foreign investors.
Read More
Largest energy storage project in Arizona features multi-million dollar L/C facility
A multi-million dollar letter of credit (L/C) facility features in the US$513 million financing closed last week by solar and energy storage project developer, Recurrent Energy, for its 1,200 megawatt per hour energy storage project in Arizona.
Read More
Afreximbank extends trade finance facility to help DRC's Rawbank access L/Cs
African Export-Import Bank (Afreximbank) has signed an agreement for a US$100-million trade finance facility in favour of Rawbank to assist the bank increase trade flows into and out of the Democratic Republic of Congo (DRC).
Read More
UniCredit right to refuse L/C payment under sanctions says appeal court
A UK appeals court has overturned a ruling against UniCredit in a high-profile sanctions case, determining that the bank was justified in refusing payments under letters of credit (L/Cs) issued prior to Russia's invasion of Ukraine.
Read More
Power executives used L/Cs to fraudulently divert funds to their own accounts
India's Enforcement Directorate (ED) is investigating an alleged fraud related to Chadalavada Infratech Limited (CIL) and its executives who are suspected of using letters of credit (L/Cs) to fraudulently obtain the equivalent of US$23 million.
Read More
Ukrainian and Swedish businesses mull L/C opportunities to develop business links
Representatives of Ukrainian companies have been meeting with their Swedish counterparts to explore new ways of doing business, including on letter of credit (L/C) terms.
Read More
Healthcare provider outlines strategy to monetise standby L/C for stock repurchases
Healthcare provider Novo Integrated Sciences (NIS) says HSBC has issued a 'ready, willing and able letter' that will enable the company to embark on a programme to monetise a standby letter of credit (L/C).
Read More
AfDB facility for Zimbabwe's First Capital Bank to improve L/C access
The African Development Bank (AfDB) has approved a US$15 million trade finance package for First Capital Bank (FCB) in Zimbabwe to help bolster intra-African commerce in line with the goals of the Africa Continental Free Trade Area.
Read More
Société Générale launches sustainable GTB framework
Société Générale has launched what it describes as a global transaction banking (GTB), framework that focuses on the bank's sustainable solutions for its large corporate clients, including those writing letter of credit (L/C) business.
Read More
Successful eBL transactions integrated with digital L/Cs on Surecomp's RIVO trade platform
Surecomp has announced the completion of successful electronic bills of lading (eBL) transactions bringing together multiple parties via its collaborative trade finance platform, RIVO.
Read More
Nigeria reports plummeting L/C payments data
Nigeria's letter of credit (L/C) payments plunged by 63 per cent in the first quarter of 2024 compared with the same period in the previous year, according to Central Bank of Nigeria (CBN) international payments data.
Read More
Anti-boycott advisory could impact on L/C business between the US and Turkey
The US' Bureau of Business and Security (BIS) has issued an anti-boycott advisory regarding Turkey that could impact on letter of credit (L/C) business written between the US and Turkey.
Read More
Supreme Court of Canada reaffirms fraud exception principle in L/Cs
The Supreme Court of Canada (SCC) has denied leave to appeal the recent ruling by the Alberta Court of Appeal (ABCA) in the case of Pacific Atlantic Pipeline Construction (PAPC) versus Coastal GasLink Pipeline (CGL).
Read More
Surging L/C business helps Ameriabank win top IFC and EBRD awards
A surge in letter of credit (L/C) and guarantee business has helped Ameriabank to receive prestigious awards from international financial institutions in recognition of its trade finance operations.
Read More
Philippine government support for L/Cs for exporters and MSMEs
Government financing institutions in the Philippines are including support for letters of credit (L/Cs) in financing programmes and facilities they are making available to exporters and micro, small and medium enterprises (MSMEs).
Read More
ADB and Citi ink risk participation agreement to support L/Cs amongst other trade and supply chain offerings
The Asian Development Bank (ADB) and Citi have partnered to sign a master risk participation agreement to enhance access to supply chain financing for small- and medium-sized enterprises (SMEs) and support more than US$100 million in additional annual trade across Asia and the Pacific.
Read More
Saudi Eximbank and SNB sign documentary credit insurance and Murabaha agreements
The Saudi Export Import Bank (Saudi Eximbank) and the Saudi National Bank (SNB) have signed an insurance agreement to enhance documentary credits and a major Murabaha agreement to finance the export of Saudi non-oil products.
Read More
Prominent US insurer takes legal action against China Construction Bank's fraudulent reinsurance L/Cs
Porch Group, a prominent US company specialising in homeowners insurance and home inspection software, has taken legal action against China Construction Bank (CCB), accusing the financial institution of involvement in reinsurance fraud.
Read More
New Delhi mulls L/C guarantees as banks face difficulties with Russian payments
India is contemplating extending guarantees on lenders' letters of credit (L/Cs) as New Delhi seeks ways to support trading links with Russian counterparties.
Read More
L/Cs exempt from Nigeria's new cybercrime levy
Letters of credit (L/Cs) have been exempted from an order from the Central Bank of Nigeria (CBN) to banks in the country to begin imposing a cybersecurity levy on many types of transactions.
Read More
March issue of Documentary Credit World
The March 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.
Read More
L/C boost for burgeoning Saudi automobile sector
Data released by the Saudi Central Bank (SCB) has revealed that a significant increase in import letters of credit (L/C) helped boost Saudi Arabia's car imports in 2023 by a massive 40 per cent.
Read More
Singapore's banks restrict L/Cs for Russian shipments
Singapore's biggest banks are apparently responding to pressure from Washington not to participate in trade financing that could be seen to be linked to transactions that evade the G7-led price cap on Russian oil or other sanctions imposed on Moscow in response to its military action in Ukraine.
Read More
ITFC's comprehensive financing package for Cameroon to support L/Cs for SMEs
Cameroon has secured a US$800 million funding package from the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB).
Read More
WeWork landlords could swap L/Cs for equity in proposed bankruptcy restructuring agreement
Landlords of WeWork with letters of credit (L/Cs) to guarantee that funds would be available to pay rent even if the now collapsed workspace provider faced financial difficulties may be able to swap their debt holdings for shares in the newly restructured company.
Read More
IMF counts the cost of Egypt's L/C policy
The International Monetary Fund (IMF) has been counting the cost of Egypt's controversial policy over the last two years to significantly limit the availability letters of credit (L/C) as a measure to control the country's balance of payments and manage foreign exchange reserves.
Read More
New Opinions from the ICC Banking Commission
The latest ICC Opinions from the Banking Commission Meeting held in April 2024 are now available under the Trade Finance Channel of the Digital Library:
Read More
L/C difficulties may be behind oil cargo stranded outside Dangote's new super-refinery
Difficulties experienced by Nigeria's new Dangote Oil Refinery in securing a letter of credit (L/C) may have left a shipment of US crude oil stranded offshore Nigeria for over a month.
Read More
Partial shut downs at Pakistan's vehicle plants may lengthen if SBP fails to process L/Cs
Toyota and Suzuki will partially shut down vehicle assembly operations in Pakistan next month due to raw material shortages, supply chain disruption, exchange rate volatility and curbs on the letters of credit (L/Cs) they need to import materials.
Read More
Doha Bank reveals Qatar's L/C support for Bangladesh
The CEO of Doha Bank has revealed that the Qatari bank has extended support to banks in Bangladesh to help them finance imports of essential goods on letter of credit (L/C) terms.
Read More
Azerbaijan's TuranBank joins ADB's L/C supportive and growing trade finance network
Azerbaijan's TuranBank last week announced it had become the latest bank to enter into an agreement to finance international trade operations with the Asian Development Bank's (ADB's) Trade and Supply Chain Financing Programme (TSCFP).
Read More
IFC and DBS launch US$500 million facility to support L/Cs and promote trade flows in emerging markets
The International Finance Corporation (IFC) and Singapore-based DBS have signed a US$500 million facility under the IFC's Global Trade Liquidity Programme (GTLP).
Read More
February issue of Documentary Credit World
The February 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.
Read More
Court to decide whether Trump's bond is good enough without L/C backing
Donald Trump has posted a reduced-rate US$175 million civil fraud bond that his lawyers maintain will secure potential damages should the former US president lose his appeal challenging a judge's finding that he lied about his wealth as he grew the real estate empire.
Read More
Genesis Global launches credit insurance application for L/Cs, guarantees and a range of banking activities
A new solution to automate bank processes for offsetting credit risk in lending and financing businesses has been launched by Genesis Global.
Read More
Afreximbank resolute in providing L/Cs for controversial East African Crude Oil Pipeline
The African Export-Import Bank (Afreximbank) is finalising a US$200 million funding plan that includes letters of credit (L/Cs) and guarantees to support the controversial East African Crude Oil Pipeline (EACOP), according to Denys Denya, the bank's senior executive vice president for finance, administration and banking.
Read More
January issue of Documentary Credit World
The January 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.
Read More
Standby L/Cs exempted from Nigeria's ban on foreign capital collateral for naira loans
Standby letters of credit (L/Cs) are excepted from a new notice issued by the Central Bank of Nigeria (CBN) that bans the country's commercial banks from accepting foreign currency as collateral for naira loans.
Read More
RBZ refuses to issue L/C to facilitate Indian business mogul's ambitions in Zimbabwe
The Reserve Bank of Zimbabwe (RBZ) has scuppered an Indian businessman's plans to create a large-scale sugarcane ethanol production plant in Zimbabwe by refusing to issue a letter of credit (L/C) in support of the project.
Read More
Oil marketers securing L/Cs to buy from Nigeria's new landmark oil refinery
Oil marketers in Nigeria are in the process of securing letters of credit (L/Cs) to buy petroleum products from the newly constructed Dangote Oil Refinery.
Read More
South Korea and Poland move to facilitate L/C flows as business links deepen
South Korean commercial and state-run banks are looking at opportunities to forge deeper and closer ties with Poland, including establishing banking relationships to facilitate letter of credit (L/C) flows to support trade between the two countries.
Read More
Questions raised over banks' L/C procedures and misuse of SWIFT in US$2 billion PNB fraud
The US$2 billion letter of credit (L/C) and letter of undertaking (LoU) fraud at Punjab National Bank (PNB) has raised questions about the auditing and regulatory oversight of India's banks according to Reuters.
Read More
Latest Digital Commercialisation Briefings
Just published - two more Digital Commercialisation Briefings from the ICC Banking Commission.
Read More
IFC to support Burundi's BCB to boost L/C volumes and stimulate small business growth
The International Finance Corporation (IFC) and Burundi's Banque de Crédit de Bujumbura (BCB) have announced a partnership to boost trade and growth by expanding access to financing for thousands of micro-businesses and small and medium-sized enterprises (SMEs) in the country, including informal businesses.
Read More
Joining EBRD's TFP will help Ukraine's largest bank sustain its L/C business
Ukraine's largest bank, Privatbank has joined the European Bank for Reconstruction and Development's (EBRD's) Trade Facilitation Programme (TFP), which provides guarantees to international commercial banks, thereby covering the political and commercial payment risk of transactions undertaken by partner banks in the EBRD regions.
Read More
Trump provides no reason for failure to obtain L/C for surety bond
Donald Trump has claimed he has been unable to secure a bond - possibly secured by a letter of credit (L/C) or real estate - that he would need to avoid or delay paying the US$464 million the former US president has been ordered to pay by courts in potential damages and fines resulting from his civil trials over the last year (DC World News, 11 March 2024).
Read More
Latest Technical Advisory Briefing
Just published - Technical Advisory Briefing from the ICC Banking Commission.
Read More
AfDB agrees US$15 million trade finance transaction guarantee for NMB Bank Zimbabwe
The African Development Bank (AfDB) is continuing its drive to sign African banks up to its support facilities for letters of credit (L/Cs) by agreeing a US$15 million trade finance transaction guarantee facility with NMB Bank Zimbabwe (NMB).
Read More
BCGE fails to pin blame on shipowner for oil trade non-payment, criticised for poor L/C management
Banque Cantonale de Genève (BCGE) has failed in its attempts to pin the blame for non-payment related to the collapse of oil trader Gulf Petrochem on a shipowner who permitted the alteration of a set of bills of lading.
Read More
RA Investments announces standby L/C provision and monetisation offerings
RA Investment has announced a comprehensive suite of trade finance services that includes the provision of standby letters of credit (L/Cs) and bank guarantees and a standby L/C monetisation offering.
Read More
Apple revises L/C requirement for other companies to launch app stores on iPhones
Apple has revised its rules for developers wanting to launch app stores on iPhones in the EU, a move the reluctant tech giant has been forced to do by European legislation which came into force last week and which is intended to break Apple's market monopoly.
Read More
Moscow and Tehran maintain pressure for BRICS alternative to SWIFT
Russia and Iran are keeping up the pressure for the BRICS bloc to establish an alternative to the SWIFT payment system and create a trading mechanism that would allow the group of large emerging economies to use currencies other than the US dollar.
Read More
L/Cs could help Trump through appeal process
Letters of credit (L/C) could help Donald Trump avoid or delay paying the US$540 million the former US president has been ordered to pay by courts in potential damages and fines resulting from his civil trials over the last year. If he fails to pay by 25 March, New York's attorney general says Trump could see his assets being seized.
Read More
L/Cs continue to support expansion of insurance facility to keep Ukraine's exports flowing
Letters of credit (L/C) are again a key component in a major expansion of the Unity insurance facility developed by global insurer Marsh McLennan, the Ukrainian government and Lloyd's of London.
Read More
Import L/C openings in Bangladesh hit a 16-month high
Letter of credit (L/C) openings for imports into Bangladesh hit a 16-month high in January, despite the country's severe dollar crisis according to Bangladesh Bank data.
Read More
Nordea Bank's new working capital solution to benefit documentary or open account trading
A new working capital solution from Nordea Bank has been developed to help companies to bridge gaps in the trade cycle by extending credit from the production or purchase of goods to the final sale.
Read More
AfDB extends trade finance guarantee to Access Bank in Democratic Republic of Congo
The African Development Bank (AfDB) has approved a US$7 million trade finance guarantee facility to Access Bank in the Democratic Republic of Congo (DRC).
Read More
CredAble's partnership with SBIGFL aims to transform L/C bill discounting and other trade transactions
State Bank of India subsidiary SBI Global Factors (SBIGFL) has announced a strategic business partnership with Mumbai-headquartered CredAble, a supply chain financing fintech that has developed a digital banking platform to help vendors, distributors and dealers identify capital financing opportunities.
Read More
Landlords not renegotiating leases could draw on L/Cs says WeWork
Landlords that are not renegotiating leases with beleaguered WeWork could draw on letters of credit (L/Cs) to receive rent the bankrupt co-working giant is withholding, the company said in a filing.
Read More
Libyan bank officials and customs officers jailed for L/C fraud offences
Libya's attorney general's office says it has jailed several bankers employed by Tripoli-based Al-Yaqeen Bank as well as customs officials at the Libyan-Tunisian Ras Jadair border crossing for their involvement in letter of credit (L/C) frauds amounting to the equivalent of at least US$250 million.
Read More
Citi backs revival of Contour's blockchain L/C efforts
Contour, the blockchain trade finance network and one of the best known developers of digital letters of credit (L/Cs) that failed last year, (DC World News, 31 October 2023), has been acquired by Singaporean startup, Xalts.
Read More
Greenpower expands existing L/C facility with EDC to produce electric vehicles to meet demand
GreenPower Motor Company, a Canadian a manufacturer of all-electric medium and heavy-duty vehicles, has entered into a revolving loan agreement with Export Development Canada (EDC) for an up to US$5 million facility to fund vehicle production to fulfil customer orders.
Read More
Irish court finds 'no seriously arguable' case of fraud and rejects application for injunctive relief
The Irish High Court has rejected an application for injunctive relief by a Nigerian infrastructure fund, First Modular Gas Systems, in a ruling that underscores the demanding criteria for successfully obtaining an injunction to halt payment under a letter of credit (L/C).
Read More
Commerzbank chooses Surecomp's solution for back-office processing of L/Cs and other instruments
Germany's Commerzbank has chosen to deploy Surecomp's DOKA-NG solution for back-office trade finance processing across multiple entities.
Read More
L/C confirmation market set for growth says new research
The global letter of credit (L/C) confirmation market generated US$3.91 billion in 2020. It is projected to generate US$5.09 billion by 2031, and grow at an annual rate of 2.7 per cent between 2021 and 2030, according to a new report published by Allied Market Research.
Read More
L/C facility features in Vesper Energy's US$590 million innovative financing for mega solar project
Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, has announced the closing of an innovative financing that includes a letter of credit (L/C) facility for its Hornet Solar project.
Read More
MUFG and collaborators to explore viability of stablecoins as an L/C alternative in emerging markets
Japan's largest bank, MUFG, has partnered with digital asset platform, Progmat, blockchain trade finance specialist, Standage, and enterprise wallet developer, Ginco, to explore the viability of using permissionless blockchain stablecoins for international trade settlements.
Read More
Distributors up in arms about Apple's L/C demand to sidestep EU law
A new EU law called the Digital Markets Act (DMA) will soon go into effect to ensure that that large online 'gatekeeper' platforms behave in a fair way in digital markets.
Read More
SBP eases L/C regulations for importers, demands due diligence for TBML risks
The State Bank of Pakistan (SBP - central bank) has granted permission to financial institutions that are authorised dealers in foreign exchange to proceed with import advance payments, without requiring prior approval from the central bank, provided they are backed by irrevocable letters of credit (L/Cs) or invoices.
Read More
L/Cs to secure Sidra's Shari'ah-compliant commodity trade finance fund
Sidra Capital, a Shari'ah-compliant asset management firm headquartered in Saudi Arabia, has launched its first Singapore-domiciled Sidra Asian Opportunities Investment I variable capital company (VCC), a new corporate structure for Singaporean investment funds.
Read More
L/Cs at heightened risk under proposed expansion of US anti-boycott rules
The US House Foreign Affairs Committee has voted to advance a bill that would expand existing anti-boycott laws in the country amidst Washington's concerns that the Boycott, Divestment and Sanctions (BDS) movement is targeting Israel in retaliation for its military assault on Gaza.
Read More
New Opinions from the ICC Banking Commission
The latest ICC Opinions from the Banking Commission Meeting held in January 2024 are now available under the Trade Finance Channel of the Digital Library:
Read More
Revolving L/Cs help bring largest solar-storage project online
Financing on a scale not previously seen for an integrated solar and energy storage project involving revolving letter of credit (L/C) facilities has led to the activation of the largest solar-storage project in the US, according to project developer Terra-Gen and its engineering, procurement, and construction contractor, Mortensen.
Read More
Mitech and Tesselate partner to accelerate trade finance digitisation
Trade finance fintech Mitech has partnered with Tesselate, a provider of adaptable and scalable business systems, to develop a new platform aimed at accelerating the digitisation of trade finance processes for banks.
Read More
Kenya to exit L/C deal with three Gulf oil exporters
The Kenyan government has told the International Monetary Fund (IMF) that it is looking to exit its deal with the national oil exporters of Saudi Arabia, Dubai and Abu Dhabi, that provides for six-month credit for oil imports, backed by letters of credit (L/Cs) issued by participating commercial banks.
Read More
Middle East's largest insurance deal covers L/Cs for SABIC's sales worldwide
The Saudi Export Import Bank (Saudi EXIM Bank) has signed an insurance agreement with Saudi Basic Industries Corporation (SABIC) to provide cover for the Saudi petrochemical giant's sales transacted on letter of credit (L/C) terms worldwide.
Read More
Banco do Brasil suspends yuan L/Cs for trade between Brazil and Argentina
Banco do Brasil has reportedly suspended letters of credit (L/Cs) for imports or exports coming or going to Argentina in yuan.Only L/Cs in US dollars are now being issued by the oldest bank in Brazil according to reports that suggest the move may be related to Argentina's decision on 1 January 2024 not to accept its invitation to join the BRICS group of nations.
Read More
L/Cs our 'most material exposure' says Lloyds of London as it imposes new limits on documentary credits
The Lloyd's of London insurance market has imposed variable limits on exposures to letters of credit (L/Cs) that ensure an insurer or reinsurer meets capital and risk management requirements. The limits are based on issuing banks' credit ratings.
Read More
Ontario to require L/Cs to safeguard temporary and vulnerable workers
In an effort to safeguard temporary and vulnerable workers, as of 1 July 2024, temporary work agencies and recruiters must obtain a license to deploy staff for work within the Canadian province of Ontario.
Read More
Expensive L/Cs and forex woes depress Nigeria's consumer goods sector
The majority of companies in Nigeria's consumer goods sector holding foreign currency-denominated debts faced more expensive letters of credit (L/Cs) amongst other financial hardships in 2023 as a result of the weakened naira, according to a report published by Meristem Securities.
Read More
Bridge Bank Group Côte d'Ivoire expands trade finance offering to include L/Cs
Bridge Bank Group Côte d'Ivoire (BBG CI) has expanded its suite of financial services to provide trade finance products including letters of credit (L/Cs) for its target market of small- and medium-sized enterprises (SMEs) operating in the west African country.
Read More
More African banks sign up for L/C support from development institutions
Two more African banks have signed up for facilities provided by development institutions that guarantee trade finance instruments, including letters of credit (L/Cs).
Read More
Bank Sepah initiates L/C for imports from Russia to Iran as Moscow and Tehran move closer
Iran has closed two deals with Moscow to facilitate its imports from Russia, Iran's state-run IRNA news agency reported on 27 December 2023.
Read More
Nigeria's foreign exchange crisis prompts central bank to extend L/C timeline
The foreign exchange crisis in Nigeria has led the Central Bank of Nigeria (CBN) to make significant changes to timelines for letters of credit (L/Cs).
Read More
Egypt's L/C shortage prompts firms to sell parts of their businesses
Egypt's struggles to obtain sufficient foreign currency liquidity to establish and maintain a sustainable flow of import letters of credit (L/Cs) has prompted several private and state-owned Egyptian companies to sell parts of their businesses to foreign buyers to access US dollars.
Read More
L/Cs included in new EU measures restricting transfers of funds to Russia
The EU has introduced new measures that will require the notification of transfers of funds exceeding EUR 100,000 (US$109,439) out of the EU by entities in member states that are directly or indirectly owned by more than 40 per cent by Russians or entities established in Russia.
Read More
AfDB approves guarantee facility to support Malawi's NBS Bank's L/C and other trade finance instruments
The African Development Bank (AfDB) has approved a US$7 million trade finance transaction guarantee facility for NBS Bank in Malawi to support local businesses.
Read More
EBRD doubles Uzbekistan's Ipak Yuli Bank L/C-oriented TFP limit
The European Bank for Reconstruction and Development (EBRD) is to provide a financial package of US$45 million to Uzbekistan's Ipak Yuli Bank.
Read More
Blockchain L/C prospects in 2024
The year 2024 is expected to be a pivotal point in the evolution of technology, including in applications related to letters of credit (L/Cs) and other aspects trade finance as well as anti-money laundering compliance according to a senior manager at IT and technology consultancy, Capgemini.
Read More
AfDB signs US$20 million facility for Nigeria's FSDH Merchant Bank's L/Cs and similar trade finance instruments
The African Development Bank (AfDB) has signed a US$20 million trade finance facility agreement with Nigeria's FSDH Merchant Bank to support small- and medium-sized enterprises (SMEs) in the country's industrial and manufacturing sectors.
Read More
New Alternative Letter of Credit facility launched for casualty insurance programmes
A new entity has been formed specifically to launch the Alternative Letter of Credit (ALOC) facility, an off-balance sheet solution for companies that need to post collateral for casualty insurance programmes.
Read More
Citi partners with Traydstream to streamline L/C and collection document processing
Citi has announced a partnership with trade documentation solutions developer Traydstream, with the aim of providing its clients with advanced and automated document processing capabilities.
Read More
Lawyers analyse banks' victory in fraud exception to resist L/C payment case
Lawyers at Singaporean law firm Shook Lin & Bok have published a summary and commentary on the recent decision in the case of Winson Oil Trading versus Oversea-Chinese Banking Corporation (OCBC) and Standard Chartered Bank (Singapore).
Read More
UniCredit fails again to establish fraud exception on L/C used in Glencore-Hin Leong deal
UniCredit has failed in Singapore's Court of Appeal to overturn a decision of a lower court that the Italian bank cannot hold global commodities house Glencore liable for a US$37.2 million loss it sustained in a fraud committed by collapsed trader Hin Leong.
Read More
BAFT publishes new guidelines to stem correspondent banking decline
The Bankers Association for Finance and Trade (BAFT) has released an updated version of its guidelines to help respondents establish and maintain correspondent banking relationships necessary for letter of credit (L/C) amongst other international financial transactions and banking services for other financial institutions.
Read More
Latest Technical Advisory Briefing
Just published - Technical Advisory Briefing from the ICC Banking Commission.
Read More
