Trade Finance News

Sort News
All (
news)
Trade Finance News (
news)
Banking Commission News (
news)
Fraud in Trade Finance (
news)
Regulations (
news)
ICC Policy Statements (
news)
Events (
news)

Vital trade finance support features in EBRD's plans to deliver EUR 3 billion to Ukraine in 2022-23

The European Bank for Reconstruction and Development (EBRD) deployed EUR 1.7 billion (US$1.85 billion) in Ukraine in 2022 and mobilised a further EUR 200 million via partner banks.

Read More

Twitter landlord draws on L/C to settle outstanding rent bills

At least one of Twitter's landlords has been forced to draw down on letters of credit (L/Cs) as the social media platform fails to pay rent for its US offices.

Read More

Surecomp enables further L/C, open account and collection efficiencies with Traydstream partnership

Canadian fintech Surecomp says it has finalised a partnership agreement with London-based fintech Traydstream to integrate document checking powered by artificial intelligence into its collaborative RIVO trade finance platform.

Read More

Ghanaian startup to offer L/C alternative, raises US$13 million in debt and equity

Jetstream Africa says it will use its technology, networks and systems to help African companies finance transactions without having to obtain letters of credit (L/Cs) from conventional lenders.

Read More

Libya releases 2022 data on commercial banks' foreign exchange and L/C usage

Libya's commercial banks transferred more foreign exchange in 2022 to cover letters of credit (L/Cs) or other transfers to Europe than to the rest of the world, according to the Central Bank of Libya's (CBL's) latest data on foreign exchange used by the country's commercial banks.

Read More

London-based GTBank's 'particularly egregious' conduct and serious AML weaknesses lead to US$9.4 million fine

The UK's Financial Conduct Authority (FCA) has fined Guaranty Trust Bank UK (GT Bank) £7.7 million (US$9.4 million) for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019.

Read More

Traders protest on the street as Pakistan's L/C flows remain severely restricted

Despite recent directives from the State Bank of Pakistan (SBP) apparently encouraging banks to make it easier for some importers to open letters of credit (L/Cs), reports suggest that the country's lack of foreign exchange is blocking access to L/Cs and hampering trade across most sectors.

Read More

Trade finance banks fraudulently used to keep ailing steel trader Balli afloat

One of five individuals charged with various fraud offences in relation to the activities of collapsed Anglo-Iranian steel trader Balli has denied allegations that the company secured letters of credit (L/Cs) for the benefit of steel companies in a last ditch attempt to raise funds.

Read More

Landmark US$1.5 billion funding unlocks the start of Afreximbank operations in the Caribbean

The African Export-Import Bank (Afreximbank) has approved a landmark US$1.5 billion funding that unlocks the start of the bank's operations in the Caribbean. It enables member states of the Caribbean Community (CARICOM) that have ratified the partnership agreement with Afreximbank to tap into the bank's various financial instruments.

Read More

MIGA's announces details of L/C support provided under new Trade Finance Guarantee

The Multilateral Investment Guarantee Agency (MIGA) has announced details of the Trade Finance Guarantee facility it created in 2021 in response to the impact the Covid-19 pandemic had on global supply chains.

Read More

ICICI Bank's new suite of digital solutions for exporters includes L/C facilities

India's ICICI Bank has announced the launch of a suite of digital solutions for exporters offering a comprehensive set of banking and value-added services on a single platform.

Read More

AfDB's US$40 million trade finance package for Bank One of Mauritius includes L/C guarantees

The African Development Bank (AfDB) has approved a US$40 million trade finance package in favour of Bank One of Mauritius.

Read More

CBE cancels L/C requirement, but Egypt remains desperately short of foreign exchange

The Central Bank of Egypt (CBE) last week cancelled a February 2022 circular requiring the use of letters of credit (L/Cs) for imports, as demanded by the International Monetary Fund as a condition in its US$3 billion support package for the country approved last month.

Read More

SABB expected to provide L/Cs in support of Saudi plans to create the world's largest culture and heritage destination

The Saudi British Bank (SABB) has signed a memorandum of understanding (MoU) to support the authority charged with realising Saudi Arabia's ambitious plans to create the world's largest culture and heritage destination, which aims to attract more than 25 million visitors annually.

Read More

Pakistan's internet rollout stalled by L/C difficulties

Difficulties opening letters of credit (L/Cs) are stalling the process of building infrastructure to provide universal internet access across Pakistan.

Read More

AfDB approves US$10 million trade finance transaction guarantee for Banco Fomento de Angola

The African Development Bank (AfDB) has approved a US$10 million trade finance transaction guarantee for Banco Fomento de Angola (BFA).

Read More

US$3 billion IMF package for Egypt could facilitate L/Cs but put pressure on the pound

The International Monetary Fund (IMF) has approved a US$3 billion loan for Egypt which aims to help the country meet the balance of payments need and provide support to the budget.

Read More

Libya's discredited L/C system targeted by military backers of eastern parliament

Saddam Haftar, the son and adviser of commander of the Tobruk-based Libyan National Army (LNA), Khalifa Haftar, is reportedly seeking to take control of banking institutions in eastern Libya. Two administrations, one of which is based in eastern Libya, are vying to govern the entire country.

Read More

Austrac publishes prevention of TBML guidance targeted at L/C and other trade finance providers

Australia's government agency for detecting, deterring and disrupting financial crime has published guidance providing indicators and behaviours to help financial service providers - particularly those engaged in trade financing - to detect and report suspicious financial activity.

Read More

Egypt easing controversial L/C restrictions

The Central Bank of Egypt (CBE) has issued a resolution to make it easier for importers to obtain letters of credit (L/Cs) and documentary collections that have been restricted over the past year to support government efforts to maintain foreign exchange reserves, according to prime minister Mostafa Madbouly.

Read More

Banks in Pakistan refusing L/Cs for Russian wheat, may hinder discounted oil deal with Moscow

Banks in Pakistan have refused to open letters of credit (L/Cs) for Russian wheat imports for fear of the US fining them under sanctions imposed by Washington on Russia in response to its invasion of Ukraine, according to a report in the Express Tribune newspaper.

Read More

Incomplete charges and L/C concerns hamper prosecution of possibly India's biggest bank fraud

An Indian court on Friday granted bail to Rishi Kamlesh Agarwal, former chairman and managing director of ABG Shipyard. He and the company are the main accused, alongside others, in a long running investigation into alleged fraud at the shipyard, but there are serious concerns about the veracity of charges filed by investigators.

Read More

Singapore court upholds J P Morgan's refusal to pay L/Cs on grounds of sanctions violations

Singapore's High Court has ruled in favour of J P Morgan Chase Bank after it was sued for refusing to pay a coal trader under two letters of credit (L/Cs) because its sanctions screening revealed that doing so would have violated US sanctions.

Read More

Bangladesh Bank suspends L/Cs to counter TBML and preserve foreign exchange

Bangladesh Bank has suspended 100 letters of credit (L/Cs) for over-invoicing, according to the central bank's governor, Abdur Rouf Talukder.

Read More

Maersk and IBM abandon ship on blockchain trade platform with digital L/C potential

Insufficient industry support for their digital venture has caused international shipping giant A P Moller - Maersk (Maersk) and IBM to abandon their joint Tradelens blockchain-based supply chain platform initiative for international shipping.

Read More

Commodity focused Komgo acquires trade finance specialist GTC to expand global reach

Swiss headquartered commodity trade finance blockchain platform Komgo has acquired Canada based GlobalTrade Corporation (GTC), which provides several letter of credit (L/C) solutions amongst its range of digital multi-bank trade finance solutions for corporates.

Read More

Inflation driving captive insurers away from L/Cs towards trusts

Global inflation could precipitate a move away from letters of credit (L/Cs) as the preferred option for collateral put up by captive insurers that are set up and wholly owned by non-insurance companies to act as a direct insurer or reinsurer for a parent company and its subsidiaries.

Read More

UK guidance on L/C usage follows EU advice as Russian oil import ban fast approaches

The UK has issued guidance on restrictions on the provision of letters of credit (L/Cs) once the near Europe-wide ban on Russian oil imports begins next week. The British and Swiss governments have aligned their approaches with the EU and other partners such as the G7 to maximise the impact of these measures on Russia.

Read More

EBRD's green trade growing in L/C supportive TFP

Green trade under the European Bank of Reconstruction and Development's (EBRD's) Trade Facilitation Programme (TFP) is growing, according to the bank's Task Force on Climate-related Financial Disclosures (TCFD) Report 2021.

Read More

AllianzGI launches second trade finance fund with exposure to investment grade L/Cs

Allianz Global Investors (AllianzGI) has announced the launch of its second trade finance fund to offer investors exposure to ultra short-term trade finance receivables, including letters of credit (L/Cs), with investment grade credit risk.

Read More

Non-disclosure of L/C liabilities behind alleged US$1.1 billion fraud by Indian pen manufacturer

India's Central Bureau of Investigation (CBI) has charged Kanpur-based pen manufacturer Rotomac Global and its directors with defrauding Indian Overseas Bank of 750 crore Indian rupees (Rs750 crore), the equivalent of around US$1.1 billion.

Read More

Judgment of UK court reinforces previous rulings stressing consistency with UCP 600 terms

A German textile manufacturer has successfully petitioned a UK court to establish that an English trade finance provider failed to establish an arguable case to justify that a letter of credit (L/C) it issued could be interpreted as, in practice, revocable given that it was made as an irrevocable instrument expressly on UCP 600 terms.

Read More

L/Cs in sustainable financings gaining traction, despite lack of common standards and market definition

While earlier efforts to link sustainable trade finance principles with letters of credit (L/Cs) failed to gain traction, L/Cs in financings with clear climate targets are gradually emerging.

Read More

Lack of L/Cs forces Pakistan to delay national census

Pakistan has delayed its next population and housing census by four months because it has been unable to obtain in time the letters of credit (L/Cs) needed to procure the digital tablets it wants to use to collect and process information.

Read More

Pakistan doubles L/C threshold to US$100,000 as imports contract, but hard currency remains scarce

Pakistan has eased its restrictions on letter of credit (L/C) openings by increasing the threshold from US$50,000 to US$100,000, apparently in response to a substantial contraction in the trade deficit.

Read More

ICC Standards for Sustainable Trade and Sustainable Trade Finance

Roadmap and Vision for Industry, Policymakers, and Traders Worldwide' - to act as a first step in the complex journey of defining and setting implementable standards for sustainable trade and trade finance.

Read More

SABB becomes first Saudi bank to exchange L/C, guarantee and commercial documents digitally

The Saudi British Bank (SABB) has launched a new digital trade solutions package aimed at enhancing letter of credit (L/C) and guarantee processing in international business transactions.

Read More

Singapore court dismisses Unicredit's claims and upholds Glencore's right to payment under L/C

The Singapore High Court has upheld Switzerland-based resources giant Glencore's right to payment under a US$37 million letter of credit (L/C) provided by UniCredit to finance the purchase of high-sulphur fuel oil from collapsed Singaporean oil trader Hin Leong.

Read More

Enigio builds on L/C offering with agreement to support electronic FIATA bill of lading

Enigio, a Swedish fintech employing blockchain to digitalise trade finance documents, says it has signed an agreement with the International Federation of Freight Forwarders Associations (FIATA), to add its trace:original offering to the solutions supporting the electronic FIATA bill of lading (eFBL) standard.

Read More