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Nordic financial services group SEB and Finnish industrial group Wärtsilä have used aspects of letter of credit (L/C) processing to carry out a test of secure data sharing between companies in trade finance operations.
Technology infrastructure and services provider for financial institutions, SIA, says it has launched a new platform that allows banks to fully digitise trade finance processes, making it easier and faster for corporates and small- and medium-sized enterprises operating in markets around the world to manage their letter of credit (L/C) portfolios.
Bangladeshi firms should settle international letter of credit (L/C) disputes by using alternative dispute resolution (ADR) methods, especially amid the ongoing coronavirus pandemic, according to the president of the Dhaka Chamber of Commerce and Industry (DCCI).
8minute Solar Energy has significantly upsized its letter of credit (L/C) facility to a total of US$350 million with support from new lenders.
A new report published by Global Witness (GW) claims to show that Libya continues to lose millions of dollars a year through the fraudulent use of its letters of credit (LC) system run by the Central Bank of Libya (CBL).
Yemen's food supply chain has continued to function through five years of conflict, partly due to the availability of letters of credit (L/Cs) to import essential foodstuffs.
A group of Japanese companies has announced a collaborative digitalisation pilot project for Vietnam-bound trade with the first set of trial operations focusing on their receipt of letters of credit (L/Cs).
Letters of credit (L/Cs) to meet decommissioning liabilities are expected to be invoked as more oil and gas companies are at risk of being left to pick up a defunct partners' liabilities.
Trade finance digitisation provider Bolero has signed a formal partnership agreement with the dltledgers blockchain platform for trade execution. This opens the way for importers and exporters for the first time to execute physical trades, end-to-end, without sending paper documents.
The UAE's export credit insurer says it issued 420 million UAE dirham (AED420 million - US$114 million) of trade credit support to small- and medium-sized enterprises (SMEs) in the 11 months to November 2020.
WeWork has filed a complaint alleging one of its landlords violated its lease agreement for a property in New York by threatening to draw down a multi-million dollar letter of credit (L/C).
Three of the six banks named as letter of credit (L/C) or other trade finance providers for major oil deals with the Amazon region have decided to stop financing traders dealing in crude oil from Ecuador.
The Ontario Court of Appeal has overturned a decision of a lower court and found that a letter of credit (L/C) issued by a third-party lender as security for a tenant's obligations under a lease must be honoured in full, even in the event of a tenant becoming bankrupt.
CAC International Bank has been recognised as the best bank in Djibouti in The Banker publication's Bank of the Year Awards 2020.
Banco Nacional de Angola (BNA - National Bank of Angola) has adjusted the limits for exchange operations on imports of goods on letter of credit (L/C) and advance payment terms.
The Australian Prudential Regulation Authority (APRA) has published new guidelines for authorised deposit-taking institutions (ADIs) on the measurement of credit risk weighted assets relating to insurance standby letters of credit (L/Cs).
India's Central Bureau of Investigation (CBI) has raided several premises, including those of Delhi-based Jay Polychem India in connection with allegations that they fraudulently obtained letters of credit (L/Cs) to cause losses of a total of the equivalent of around US$270 million to a consortium of 13 banks.
Developer, owner and operator of utility-scale renewable energy assets, Vesper Energy has closed a new letter of credit (L/C) facility with Macquarie Group for up to US$100 million.
Commodity trade finance blockchain platform Komgo and specialist trade finance fintech Mitech have announced a collaboration to provide straight through processing of letters of credit (L/Cs) and guarantees.
OCBC Bank has developed a framework that makes it simpler and less costly for Singaporean small- and medium-sized enterprises (SMEs) to access sustainable financing of up to 20 million Singaporean dollars (S$20 million - US$15 million) to accelerate their sustainability plans.
HDBank of Vietnam has processed its first blockchain letter of credit (L/C) transactions since joining the Contour blockchain trade finance network last year (DC World News, 19 June 2020).
Union Bank of Nigeria (UBN) has become a participant in the International Finance Corporation's (IFC's) Global Trade Finance Programme (GTFP) under which the World Bank Group member will guarantee letters of credit (L/Cs) and other trade finance instruments.
Recent US unilateral financial sanctions imposed on Iran are cutting off Iranian banks from the international banking system, making letters of credit (L/Cs) to import medicine and food into the Islamic republic much more difficult to obtain according to a professor who teaches international business at the George Washington University.
City Bank has become the first Bangladeshi bank to execute a cross-border letter of credit (L/C) transaction under a Shariah-based financing arrangement executed using blockchain technology on the Contour network.
Union des Banques Arabes et Francaises (UBAF) of France has reached a settlement with the US treasury department's Office of Foreign Assets Control (OFAC) in which the bank has agreed to remit US$8,572,500 to settle its potential civil liability for 127 apparent violations of Syria-related sanctions.
Blockchain trade finance network Contour has announced a partnership with TradeSun, a trade finance platform that features artificial intelligence technology that augments human behaviour by learning how employees interact with trade finance documents.
The UK has published its 2020 National Risk Assessment (NRA), the third comprehensive assessment of money laundering and terrorist financing risk in the country.
The Asian Development Bank (ADB) is making available a US$500 million Vaccine Import Facility to support the efforts of its developing members to secure safe and effective vaccines, as well as the goods that support distribution and inoculation.
Executives at Chinese telecommunications giant, ZTE Corporation have approved a plan to seek credit facilities that will improve the Chinese multinational telecommunications equipment and systems company's access to letters of credit (L/Cs).
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), has launched a new standalone letter of credit (L/C) confirmation instrument as part of its strategy to expand its private sector interventions.
International shipping and commodity law firm Helmsman has held a webinar discussing issues relating to letter of credit (L/C) payments related to sale and purchase (S&P) of commodities, S&P of ships from financially troubled companies facing fraud allegations, and trafficking in spent bills of lading.
Israel's supervisor of banks, Yair Avidan, has written a guidance note to the country's banks warning them of the risks associated with conducting letter of credit (L/C) and other transactions with banks in the UAE.
Door-to-door deliveries of letters of credit (L/Cs) have helped Commercial Bank of Ceylon win the Best Trade Finance Bank in the Sri Lanka category for the third year in a row at the 2020 Asian Banker Transaction Awards.
Bangladesh Bank is assisting local exporters transact on open account terms as a result of recent policy changes in Bangladesh.
Contour has announced that HSBC has become the first bank to go live on its global trade finance network that provides digitised letters of credit (L/Cs).
Bank of China is suing BP for allegedly fabricating oil deals with collapsed oil trader Hin Leong which involved the oil major withdrawing a total of US$125.7 million on three letters of credit (L/Cs) in early February 2020 from Bank of China.
A consortium of banks, insurance companies, trading conglomerates and shipping and logistics companies are pressing ahead with TradeWaltz, a trade information management system developed by NTT Data, that will offer letters of credit (L/Cs) issued by banks and related documents handled by insurance and logistics companies.
A severe shortage of shipping containers at major export ports, notably in Asia, is now seriously disrupting global supply chains and forcing traders to ask counterparties to amend the terms of certain letters of credit (L/Cs).
Industrial Development Bank of India (IDBI) says it has become the first bank to implement a new document embedding facility for letter of credit (L/C) and bank guarantee messages sent over India's Structured Financial Messaging System (SFMS), the secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications.
Credit Suisse and UBS have defended their roles in the financing of oil pipelines that sustained damage that caused millions of litres of oil to spill into the Amazon river.