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Standard Bank Malaysia waives L/C fees to help SME recovery

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.

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Entrepreneur's innovative solution for Libya's L/C shortage

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.

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UniCredit's L/C and forfaiting combination manages payment risk for lower-rated buyers

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.

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HSBC completes first blockchain L/C in Bangladesh

HSBC Bangladesh has completed the country's first blockchain cross-border trade settled using a letter of credit (L/C).

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Partnership with Mitigram will bolster Bolero's L/C offering

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.

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L/C shortage hampering high risk countries' ability to purchase coronavirus-related material

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.

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African trade finance gap closing, but pool of global correspondent banks shrinking

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.

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Cooperation agreement means CITIC Bank's forfaiting platform will inform China's domestic L/C blockchain solution

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.

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London lawyers cite standby L/Cs in defence of US Department of Justice proceedings

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.

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HSBC first foreign bank to transact on China's trade finance blockchain platform

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).

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ADB participates in first blockchain L/C transaction between Vietnam and Thailand

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.

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Sberbank says L/C features in first deal with Islamic Development Bank group member

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).

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New Saudi rules restrict money exchange dealers from opening L/Cs

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).

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Despite coronavirus impacts FATF removes Iceland and Mongolia from grey list, remains committed to AML/CFT brief

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.

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Sberbank of Russia and China's Harbin Bank sign L/C agreement

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.

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Networks technology company continues using L/Cs to cope with coronavirus conditions and grow business

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.

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ECGE to insure Banque Misr customers against non-payment of L/Cs

Egypt's Banque Misr and the Export Credit Guarantee Company of Egypt (ECGE) have reached an agreement to protect Egyptian exporters.

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DBS and Standard Chartered lead development of pilot for trade transparency in Singapore

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.

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Digitising L/Cs and guarantees helps Standard Bank win Euromoney award

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.

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L/C functionality in Union Systems' first ever multibank international trade finance portal in Nigeria

Union Systems has announced the launch of its Optimus solution, which the company claims is the first multibank international trade finance portal in Nigeria.

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Sberbank introduces entirely online L/C service using escrow account

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.

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UniCredit sues Hin Leong over L/C for fake oil deal with Glencore

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.

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Contour blockchain trade finance platform goes live

Global trade finance network Contour is entering live production, with a clear focus on digitalising letter of credit (L/C) processing.

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L/C business helps banks win GTR Leaders in Trade awards

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.

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Standard Bank becomes first African member of Contour

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).

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Central Bank of Iraq requirements for foreign currency deposits against guarantees and L/Cs deterring Lebanese banks

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.

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Bolero joins Marco Polo trade finance network

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.

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L/Cs feature in preferential terms offered to purchasers of US defence exports

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.

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Contour announces new blockchain L/C deal featuring Guangxi Shenglong Metallurgical

Blockchain trade finance consortium Contour has announced a transaction on its blockchain network between Rio Tinto and Guangxi Shenglong Metallurgical (GMS).

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Standard Chartered and OCBC lose out to Winson in ICC's Hin Leong L/C ruling

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.

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Largest solar developer in the US increases L/C capacity tenfold

8minute Solar Energy says it has closed a US$225 million letter of credit (LC/) facility from a consortium of five banks.

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Pandemic motivates SMBC to accelerate L/C digitisation process with komgo and Contour

Sumitomo Mitsui Financial Group (SMBC) says that it is joining two letter of credit (L/C) focused blockchain trade finance consortia, komgo and Contour.

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Bangladesh railways benefit from L/Cs on preferential terms from India

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.

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L/Cs help wireless technology provider revive after coronavirus shocks

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.

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Trade finance asset distribution could ease L/C difficulties for SMEs in coronavirus crisis

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.

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US imposes sanctions on Iranian steel, aluminium and iron firms

The US treasury department's Office of Foreign Assets Control (OFAC) has named several Iranian metals companies as Specially Designated Nationals (SDNs).

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Indonesian police allege long term fugitive used fictitious L/C to obtain bank loans

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.

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Lebanese L/C openings plummet as buyers increasingly struggle to finance imports

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.

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Co-operative Bank of Kenya launches import duty finance product to enhance L/C offering

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).

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Misuse of supply chain finance worrying but not widespread, says Global Supply Chain Finance Forum (GSCFF)

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

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