Trade Finance News

Sort News
All (
40
news)
Trade Finance News (
32
news)
ICC Banking Commission (
2
news)
Fraud in Trade Finance (
6
news)
Regulations (
0
news)
ICC Policy Statements (
0
news)
Events (
0
news)

New Opinions from the ICC Banking Commission

The latest ICC Opinions from the Banking Commission Meeting held in November 2024 are now available under the Trade Finance Channel of the Digital Library:

Read More

Insurer takes legal action against China Construction Bank in Vesttoo US$4 billion insurance fraud

Clear Blue Insurance Group has initiated legal action against China Construction Bank (CCB) in response to the multi-million dollar fraud involving fraudulent letters of credit (L/Cs) provided as reinsurance collateral through the insurtech platform, Vesttoo.

Read More

Trader used fraudulent L/C and shipped soil, gravel and stones instead of chromite ore to con Chinese company

Pakistan's Federal Investigation Agency (FIA) has arrested a local businessman who used a fraudulent letter of credit (L/C) in a scheme that allegedly conned a Chinese company out of 115 million Pakistani rupees (Rs115 million - US$414,000).

Read More

Unsuccessful attempts to obtain court injunctions against drawing on L/Cs highlighted in new ABA report

A survey published by the American Bar Association (ABA) highlights the most important developments of 2023 dealing with letters of credit (L/Cs), domestic and international sales of goods, personal property leases, payments, documents of title, investment securities, and secured transactions.

Read More

US$1.1 billion L/C facility helps McDermott International restructuring win ABI's International Matter of the Year

The American Bankruptcy Institute's (ABI's) International Committee has recognised the financial restructuring of McDermott International as its 2024 "International Matter of the Year."

Read More

South Korea's Shinhan Bank eases L/C terms in response to currency weaknesses

South Korea's Shinhan Bank has responded to the weakening of the won and volatile economic conditions by extending the maturity of letters of credit (L/Cs) and providing additional funding for businesses paying for L/Cs.

Read More

L/Cs feature in AfDB's EUR 15 million transaction guarantee facility for Bank of Africa Benin

The African Development Bank (AfDB) has agreed to provide Bank of Africa Benin (BAB) a EUR 15 million (US$15.7 million) transaction guarantee facility to support imports of supplies and telecommunications equipment for local businesses and small- and medium-sized enterprises (SMEs).

Read More

Trader used L/Cs in multi-million dollar chrome ore export fraud

A Pakistani trader allegedly used false documents to fraudulently obtain letters of credit (L/Cs) that helped him perpetrate a multi-million US dollar chrome ore export fraud.

Read More

QIIB launches Qatar's first digital L/C platform

Qatar International Islamic Bank (QIIB) has announced the launch of its digital letter of credit (L/C) platform that eliminates the need for customers to visit the bank.

Read More

Founder of Singaporean oil trader Hin Leong brought down by L/C fraud jailed for 17-and-a-half years

OK Lim, the founder of collapsed Singapore-based oil trader Hin Leong, has been jailed for 17-and-a-half years for defrauding the firm's principal creditor, HSBC, and abetting forgery.

Read More

UK to provide US$150 million trade finance facility for Absa Group, and US$350 million for StanChart to support African and Asian businesses

The UK's development finance institution and impact investor, British International Investment (BII), has extended a US$150 million trade finance facility to Absa Group that aims to narrow Africa's trade finance gap and support businesses across the continent.

Read More

Afreximbank's L/Cs for Nigerian EPC specialist aims to help close Africa's infrastructure funding gap

The African Export-Import Bank (Afreximbank) has agreed to provide a US$10 million-dollar revolving trade finance facility to Dorman Long Engineering (DLE) to facilitate the importation of steel pipes for threading.

Read More

Standby L/Cs backed by JFC to help Japanese SMEs work with DBS to expand into multiple Asian markets

Singapore headquartered DBS Bank and Japan Finance Corporation (JFC), a financial institution (FI) wholly owned by the Japanese government that complements private FIs by providing policy-based financing, have signed a memorandum of understanding to support the Asian regionalisation of Japanese small and medium-sized enterprises (SMEs).

Read More

AfDB facility with L/C support for Ecobank Centrafrique

The African Development Bank (AfDB) has approved a EUR 5 million (US$5.3 million) trade finance transaction guarantee facility for Ecobank Centrafrique, the subsidiary of the Togo-based Ecobank Group that operates in the Central African Republic (CAR).

Read More

Suzano Asia recognised for cutting-edge digital trade transactions with L/C potential

Trade documents including letters of credit (L/Cs) bills of lading, and invoices have been digitised in international transactions executed by Suzano Asia, the Asian subsidiary of Suzano, a leading Brazilian company specialising in the production of eucalyptus pulp and paper products.

Read More

Pakistan's Meezan Bank to partner with ITFC for its L/C confirmation facility

Meezan Bank, one of Pakistan's first and largest Islamic commercial banks, has announced a new strategic partnership with the International Islamic Trade Finance Corporation (ITFC) under its letter of credit (L/C) confirmation facility.

Read More

Mizuho and BNY launch correspondent banking network to boost L/C efficiency

Mizuho Bank and Bank of New York Mellon (BNY) and have jointly announced a landmark collaboration agreement for enhanced correspondent bank network connectivity for international trade.

Read More

Kenyan government shifts policy on L/Cs for Gulf oil imports on IMF recommendations

The International Monetary Fund (IMF) has expressed concerns regarding Kenya's government-to-government oil import arrangement, initiated in April 2023, with Gulf oil producers, including Saudi Aramco, Abu Dhabi National Oil Company, and Dubai's Emirates National Oil Company.

Read More

Egypt reportedly orders banks to allocate US dollar L/Cs for some non-essential imports

The Central Bank of Egypt (CBE) has reportedly issued a directive ordering the country's banks to allocate US dollars for letters of credit (L/C) to be used for the importation of non-essential goods requiring pre-approval.

Read More

J P Morgan takes a look at L/C history over the last 5000 years

Letters of credit (L/Cs) and promissory notes on clay tablets discovered 5000 years ago are the oldest known forms of trade finance, according to a visual timeline of international trade finance posted on J P Morgan's official web site.

Read More

CTBC asks Hong Kong court to or ICBC to pay sum under negotiated L/C

Industrial and Commercial Bank of China (ICBC) and Taiwan's CTBC Bank have filed competing legal claims over a US$8.8 million financing for a shipment of Venezuelan petroleum coke that is mired in allegations of fraud.

Read More

Acconto's new lease deposit financing promises L/C alternative for SME tenant businesses

Boutique lender Acconto Financial Corporation (AFC) says it is promoting its new specialty loan offering to Canada's small- and medium-sized enterprises (SMEs) that provides an alternative to letters of credit (L/CS) and financial guarantees to cover tenants' commercial lease deposit obligations.

Read More

Latest Technical Advisory Briefing

Just published - Technical Advisory Briefing from the ICC Banking Commission.

Read More

Bangladesh's state power company partially settles Adani Power's L/C request

The Bangladesh Power Development Board (BPDB) has reportedly issued a letter of credit (L/C) for the equivalent of US$173 million to partially settle its debts to India's Adani Power.

Read More

BIS launches Project Aperta to facilitate L/C and other trade financing flows

The Bank for International Settlements (BIS) is launching Project Aperta to explore how to reduce frictions and costs in global finance by enabling seamless cross-border data portability.

Read More

World's largest debt conversion for river and watershed conservation features L/C from CAF

JPMorgan Chase & Co has successfully closed a landmark US$1 billion refinancing deal for El Salvador, which represents approximately 14 per cent of the nation's total debt of approximately US$21 billion or 59 per cent of its GDP.

Read More

GM secures its all-electric future by putting up US$625 million in L/Cs and cash for JV with Lithium Americas

Lithium Americas and General Motors Holdings (GM) have entered into a new investment agreement to establish a joint venture (JV) for the purpose of funding, developing, constructing and operating the Thacker Pass lithium project in the US state of Nevada.

Read More

WaveBL's groundbreaking POV underlines the important role eBLs play supporting digital L/C development

WaveBL, a blockchain-based digital solution provider that focuses on digitising trade documents such as bills of lading, has completed a ground breaking Proof of Value (POV) with Swift, the global messaging platform.

Read More

MUFG buys into Obligo's US$35 million funding round to expand its L/C-backed security deposit solution

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 raised US$35 million to expand its operations and build its share in the potentially lucrative market for US security deposit guarantees.

Read More

L/Cs help Regions Bank win prestigious prize, as repurposed by US President John F Kennedy

Regions Bank has become just one in ten of the recipients of the 2024 President's "E" Award for export service in recognition of the bank's work to provide financing solutions for corporate banking clients that collectively increase US exports.

Read More

Nigerian airline founder in L/C abuse case charged in the US with obstruction of justice

Allen Ifechukwu Athan Onyema, the CEO and founder of Nigerian airline Air Peace, faces additional charges from the US Attorney's Office for the Northern District of Georgia. Initially indicted in 2019 for bank fraud and money laundering, Onyema is now also charged with obstruction of justice.

Read More

Executive outlines Microsoft's efforts to help partners develop new L/C solutions

Director of business development for financial services at Microsoft, Peter Hazou, has been explaining how the global technology giant has been working with partners to develop new letter of credit (L/C) and other trade finance solutions.

Read More

StanChart's new digital capability allows clients to digitally initiate and accept L/C quotations on demand, at anytime

Standard Chartered has announced the introduction of Autoquote, a new digital request for quote (RFQ) module available on its Straight2Bank Next Gen, the bank's digital banking platform.

Read More

Citi Token Services for Trade a 'milestone' step towards to digital L/Cs

Citi has announced what it describes as a "historic milestone" in its work to replace conventional trade finance instruments such as letters of credit (L/Cs) with Citi Token Services for Trade (CTST), a digital solution based on smart contracts backed by tokenised cash.

Read More

Nassa Group founder accused of using L/Cs in US$3 million TBML scheme

Founder and chairman of Bangladesh-based Nassa Group, Nazrul Islam Mazumder has been accused of being involved in laundering US$3 million to the US through trade-based money laundering (TBML).

Read More

National Bank of Malawi secures landmark US$100 million financing facility from Afreximbank to support trade finance

In a move set to significantly boost trade financing in Malawi, African Export-Import Bank (Afreximbank) has signed a landmark US$100-million trade finance facilitation facility (AFTRAF) agreement with National Bank of Malawi (NBM), the country's largest bank by assets. The facility will allow NBM to issue letters of credit (L/Cs) confirmed by Afreximbank,

Read More

Ontario proposes surety bonds to replace L/Cs to secure municipal obligations

The government of Ontario is proposing a regulation under its planning laws that would authorise landowners to stipulate pay-on-demand surety bonds to be used to secure municipal obligations that are conditions of land-use planning approvals.

Read More

ADB initiative reveals 148 per cent increase in trade-based money laundering in Bangladesh's L/C transactions

The Asian Development Bank (ADB) has published a brief entitled Transforming the Fight Against Trade-Based Money Laundering: New Data and Partnership, in which it describes a pilot project to curb trade-based money laundering (TBML) in letter of credit (L/C) transactions in Bangladesh.

Read More

Deutsche Bank's US$150 million facility to provide L/C support for innovative community solar development pipeline

Community solar and battery storage developer, owner, and operator, Dimension Energy, has announced the closing of a US$150 million corporate credit facility with Deutsche Bank in an innovative deal featuring letter of credit (L/C) support for US renewable projects.

Read More

L/Cs support financing of renewable project featuring innovative agrivoltaics initiatives

Pennsylvania-based Doral Renewables has successfully closed of a project debt financing package that includes letter of credit (L/C) support for the initial construction of the remaining phases of its Mammoth Solar complex located in the US state of Indiana.

Read More