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Standard Bank Malaysia has waived fees on letters of credit (L/Cs) as part of its efforts to help small- and medium-sized enterprises (SMEs) weather the impacts of the coronavirus pandemic.
An entrepreneur selling a range of goods to Libya has found an innovative solution to overcome the difficulties of obtaining letters of credit (L/Cs) for trades involving the conflict weary North African country.
UniCredit has used an innovative financing solution combining letters of credit (L/Cs) with forfaiting to provide supply chain finance for a transaction involving a highly-rated supplier and a lower-rated buyer according to the Italian banking and financial services company's director of global transaction banking, Luis Quilico.
HSBC Bangladesh has completed the country's first blockchain cross-border trade settled using a letter of credit (L/C).
Bolero International, probably the most established of global trade finance digitisation providers, has announced a new partnership with Mitigram, an online global platform for funding and hedging trade risk.
Importers in countries where there is a high perception of risk have been unable to obtain the letters of credit (L/Cs) they need to buy coronavirus-related material equipment they need according to a counsellor in the World Trade Organisation's (WTO's) Economic Research and Statistics Division.
A new report by the African Development Bank (AfDB) and the African Export-Import Bank (Afreximbank) reveals that between 2015 and 2019 that, on average, letters of credit (L/Cs) and documentary collections were associated with half of African banks' trade finance portfolios.
China National Clearing Centre (CNCC), a subsidiary of the Chinese central bank, has signed a cooperation agreement for a blockchain forfaiting platform with Bank of China, China CITIC Bank and China Minsheng Bank.
The US Department of Justice (DOJ) has filed civil forfeiture proceedings over US$330 million held on behalf of a client by a prominent London law firm.
HSBC has become the first foreign bank to complete a forfaiting interbank transaction featuring a letter of credit (L/C) on the China Trade Finance Inter-bank Trading Blockchain Platform (CTFU).
Standard Chartered has completed its first cross-bank letter of credit (L/C) blockchain transaction between Vietnam and Thailand over the Contour network, the blockchain-based open industry platform focused on digitising trade finance.
Sberbank has structured a trade finance deal with an Islamic Development Bank (IsDB) group member for the first time. It features an export letter of credit (L/C).
Saudi Arabia has introduced new anti-money laundering and counter financing of terrorism (AML/CFT) rules to limit the activities of money exchange dealers that includes barring them from opening letters of credit (L/Cs).
Due to the impacts of the coronavirus pandemic, the work of the Financial Action Task Force (FATF) has been significantly disrupted this year, including its work determining 'jurisdictions under increased monitoring', where letters of credit (L/Cs) can be harder to come by.
Sberbank of Russia has entered into an agreement to finance letters of credit (L/Cs) with one of China's largest regional banks, Harbin Bank.
Narrowband networks technology company CyanConnode is continuing to turn to letters of credit (L/Cs) to grow its business whilst adapting to working under coronavirus crisis conditions.
Egypt's Banque Misr and the Export Credit Guarantee Company of Egypt (ECGE) have reached an agreement to protect Egyptian exporters.
Singapore's DBS Bank and the UK's Standard Chartered are leading an industry workgroup including 12 other banks to develop a Trade Finance Registry (TFR) pilot with the aim of enhancing trade transparency in Singapore.
Standard Bank's work on automating letters of credit (L/Cs) and guarantees has helped it to be named best investment bank in Africa for the second year running in this year's Euromoney Awards for Excellence.
Union Systems has announced the launch of its Optimus solution, which the company claims is the first multibank international trade finance portal in Nigeria.
Russia's Sberbank has announced that individual customers can now open an escrow account and obtain a letter of credit (L/C) via the Sberbank Online mobile app without going to the bank.
UniCredit SpA has sued Hin Leong Trading Pte Ltd over a letter of credit (L/C) that the collapsed Singapore oil trader obtained ostensibly to purchase oil but instead used to settle debts.
Global trade finance network Contour is entering live production, with a clear focus on digitalising letter of credit (L/C) processing.
Several winners of the recently announced Global Trade Review (GTR) Leaders in Trade awards are credited for their ability to grow or improve their letter of credit (L/C) services.
Standard Bank has become the first bank in Africa to join the Contour blockchain trade finance network as it looks to expand its offering beyond standard letters of credit (L/Cs).
New requirements of the Central Bank of Iraq (CBI) for the proportion of foreign currency deposits allowed against guarantees and letters of credit (L/Cs) is one of several reasons behind the withdrawal of Lebanese banks from Iraq according to assistant general manager for external expansion at Lebanon's Bank of Beirut and Arab Countries (BBAC), Chawki Badr.
Bolero International, perhaps now the most established of global trade finance digitisation providers, has joined the Marco Polo trade finance network, bringing with it its Galileo letter of credit (L/C) and e-Bill of Lading solutions.
The US is developing new options for international arms customers to prevent allies and partners from cancelling planned defence procurements programmes as a result of the impact of coronavirus pandemic.
Blockchain trade finance consortium Contour has announced a transaction on its blockchain network between Rio Tinto and Guangxi Shenglong Metallurgical (GMS).
The International Chamber of Commerce (ICC) has decided against two banks in letter of credit (L/C) disputes related to the now collapsed Hin Leong Trading and in favour of Singapore based oil Winson Oil Trading according to the Reuters news agency.
8minute Solar Energy says it has closed a US$225 million letter of credit (LC/) facility from a consortium of five banks.
Sumitomo Mitsui Financial Group (SMBC) says that it is joining two letter of credit (L/C) focused blockchain trade finance consortia, komgo and Contour.
India has handed over ten broad-gauge diesel-engined locomotives to Bangladesh in support of 17 railway sector projects that are part of a letter of credit (L/C) based assistance scheme extended by India to Bangladesh.
Evidence that companies are turning to letters of credit (L/Cs) as they adapt to working under coronavirus crisis conditions has been underlined by UK-based wireless communication technology provider CyanConnode Holdings when it announced its audited results for the 15-month period ended 31 March 2020.
London-based Tradeteq, which claims to be the first electronic trading platform for the institutional trade finance market, says that small- and medium-sized enterprises (SMEs) will find it harder to access letters of credit (L/Cs) in the wake of the coronavirus pandemic.
The US treasury department's Office of Foreign Assets Control (OFAC) has named several Iranian metals companies as Specially Designated Nationals (SDNs).
Indonesian police have brought multiple charges against captured fugitive Maria Pauline Lumowa, who allegedly used a fictitious letter of credit (L/C) to obtain bank loans.
Lebanon's central bank has said that letter of credit (L/C) openings have declined by more than 90 per cent as the country struggles with a failing economy, a hard currency shortage, the impacts of the coronavirus pandemic and the devasting 4 August explosion at Beirut port.
The Co-operative Bank of Kenya (CBK) is offering a new Import Duty Finance product to add to the range of services already offered by the bank, including letters of credit (L/Cs).
New report from the industry coalition GSCFF addresses head-on the criticisms relating to impact on suppliers, financial reporting and potential credit and liquidity risks