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Alleged LoU and L/C fraudster Nirav Modi refused bail application by London court

The High Court of Justice in London rejected last week a fresh bail application from Nirav Modi, the Indian-born diamond merchant accused of orchestrating one of India's largest banking frauds where fraudulent letters of undertaking (LoUs) and foreign letters of credit (L/Cs) were central to the US$1.6 billion PNB Bank fraud.

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London-based start-up ODAS launches L/C services initiative

ODAS Global Consulting, a provider of global investment and business consulting, says it has launched its letter of credit (L/C) services initiative that aims to provide importers and exporters worldwide with secure trade finance solutions, backed by reputable financial institutions.

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Central banker offers assurances over L/C business with Libya, but businesses should remain cautious

Letter of credit (L/C) openings and foreign exchange (FX) sales to both public and private sectors in Libya are proceeding normally according to the Central Bank of Libya's (CBL's) governor, Naji Issa.

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Blessing announces alternative standby L/C programme

Blessing Capital, an aspiring player in alternative commercial finance, has officially launched its letter of credit (L/C) programme, aiming to provide small businesses and entrepreneurs with enhanced access to credit facilities.

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L/Cs in Ecobank's trade finance suite help it win Africa's best bank for trade finance award

Ecobank Group has been recognised as Africa's Best Bank for Trade Finance at the Global Finance Trade Finance & Supply Chain Finance Awards 2025, an accolade that recognises the bank's role in facilitating intra-African and global trade.

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Bogus chief compliance officer used standby L/Cs in US$4 million fraud scheme

​A man who posed as the chief compliance officer of Manhattan's fictitious 'Dominion Bank and Trust Co.' has pleaded guilty to participating in a US$4 million fraud scheme.

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Aurionpro's acquisition of Fintra set to streamline L/C management

Aurionpro Solutions, a provider of technology solutions to the financial services sector, has announced the acquisition of Fintra Software, a trade finance technology company. ​

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Absa joins Contour's digital trade finance network to enhance L/C issuance process

Absa Corporate and Investment Bank, a leading Pan-African financial institution, has joined Contour's digital trade finance network to enhance its letter of credit (L/C) issuance process.

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AfDB facility for BOAT to improve L/C availability in Tanzania

The African Development Bank (AfDB) and the Bank of Africa Tanzania (BOAT) have signed a US$7.5 million trade finance transaction guarantee facility (TGF) to boost trade finance activities at the Tanzanian bank.

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India's Vodafone Idea looks to banks for L/Cs to procure 4G and 5G network equipment

​Vodafone Idea (Vi), India's third-largest telecom operator, is negotiating with banks and global vendors to procure 4G and 5G network equipment using letters of credit (L/Cs) rather than making full upfront payments. This strategy aims to enhance Vi's cash flow flexibility, enabling the company to accelerate its network expansion and 5G rollout plans. ​

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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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