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)

Green L/Cs a step closer for Standard Chartered

Green letters of credit (L/Cs) appear a step closer for Standard Chartered with the successful execution of its first green trade finance facility for Amplus Energy Solutions FZE (Amplus ES) to support its solar generation business.

Read More

Digital L/Cs included in Sharjah Islamic Bank's new corporate offering

Digital letters of credit (L/Cs) feature in Sharjah Islamic Bank's (SIB's) newly launched corporate digital banking services.

Read More

Saudi Eximbank and ICIEC sign two L/C reinsurance agreements

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Saudi Eximbank have signed two reinsurance agreements.

Read More

Ugandan proposal to increase capital requirements could restrict L/C choice

A proposal has been issued by the Bank of Uganda (BoU) to increase the paid-up capital requirements of financial institutions in a move that could make letters of credit (L/Cs) available from a smaller selection of banks.

Read More

L/Cs feature in infrastructure investor's Asian renewables play

Infrastructure investor Infratil says support for letters of credit (L/Cs) features in its commitment of US$233 million to establish Gurīn Energy, a renewable energy development platform headquartered in Singapore which will focus on greenfield renewable projects across Asia.

Read More

Sri Lanka imposes 100 per cent cash margin on L/Cs and D/As for non-essential imports

The Central Bank of Sri Lanka (CBSL) has ordered the imposition of a 100 per cent cash margin deposit requirement against the importation of non-essential goods made under letter of credit (L/C) and documents against acceptance (D/A) terms.

Read More

Sberbank opens L/C facility nearing EUR 250 million for major low-carbon iron ore facility

Russia's Sberbank has signed a master agreement on letters of credit (L/Cs) with Metalloinvest subsidiary, Mikhailovsky GOC, which operates the second largest open pit iron ore mine in Russia.

Read More

Automotive trading start-up acquires established player for its L/C processing, trade financing and logistics capabilities

A Canadian start-up providing B2B trading solutions for auto dealers has acquired an established automotive trading, redistribution, and financing company to improve its trade financing, logistics, and letter of credit (L/C) processing capabilities.

Read More

Virginia man sentenced for multimillion-dollar investment fraud that used fake L/Cs

A man from the US state of Virginia has been sentenced to 14 years in prison for his role in an investment fraud scheme that utilised fake letters of credit (L/Cs).

Read More

L/Cs help several banks win transaction banking awards

Letters of credit (L/Cs) have helped several banks win awards in The Banker transaction banking awards 2021.

Read More

L/C support features in IFC's record financing for Middle East and Africa

The International Finance Corporation (IFC) says it provided record financing of US$10.4 billion in fiscal year 2021 in the Middle East and Africa to help thousands of small businesses access finance, connect people and businesses to reliable digital infrastructure, trade and services, and help to meet critical health needs amid the coronavirus pandemic.

Read More

India contemplates treatment of live L/Cs and B/Gs in corporate insolvencies

The Insolvency and Bankruptcy Board of India (IBBI), has published a discussion paper asking how letters of credit (L/Cs) and bank guarantees (B/Gs) should be considered as claims in the corporate insolvency resolution process.

Read More

Interest-free loans for exporting SMEs in the Philippines with an L/C or purchase order history

Exporters in the Philippines that can demonstrate trading history by producing letters of credit (L/Cs) or purchase orders can apply for interest-free government loans to meet their shipping freight costs.

Read More

Skuchain says its first DLPC transactions provided similar security to L/Cs

Skuchain has executed the first Distributed Ledger Payment Commitment (DLPC) transactions over its digital blockchain platform for global trade.

Read More

L/Cs help Credit Bank of Moscow to substantial income boost

A substantial increase in guarantee and letter of credit (L/C) issuance fees has helped Credit Bank of Moscow (CBM) boost its net income by nearly 50 per cent in the first six months of 2021.

Read More

Contour partners with GSBN to harness digital L/Cs with logistics and cargo data

Digital trade finance network Contour, which digitises paper-based trade finance processes including letters of credit (L/Cs), has partnered with the Global Shipping Business Network (GSBN) to offer an end-to-end digital solution for all participants involved in trading, financing and shipping goods around the world.

Read More

L/Cs help Commercial Bank of Ceylon win ABF domestic trade finance bank of the year award

Innovative letter of credit (L/C) offerings have helped Commercial Bank of Ceylon (CBC) to be recognised in the 2021 Asian Banking and Finance (ABF) Awards as Sri Lanka's domestic trade finance bank of the year.

Read More

Finastra's application for guarantees and standby L/Cs designated 2021 SWIFT compatible

Finastra has announced that its Fusion Trade Innovation application has been confirmed as the first to be designated 2021 SWIFT compatible for trade finance.

Read More

L/Cs specifically contemplated in ASC X9 blockchain risk assessment framework

Blockchain letters of credit (L/Cs) are specifically contemplated in a new guide published by the body that develops and maintains US and international standards for the financial services industry.

Read More

O K Lim's daughter charged with obstruction in Hin Leong Trading case

Lim Huey Ching, the daughter of the founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, has been charged with obstruction of justice in connection with the investigation into the collapse of the family's shipping and trading group.

Read More

Indian investigators find fraudulent L/Cs in US$498 million money laundering case

Fraudulent letters of credit (L/Cs) in the name of shell companies feature in a major money laundering case brought by India's Enforcement Directorate (ED).

Read More

University of Ghana taken to court after failing to obtain L/C for construction work

An American insurance company has filed a petition in a New York court to recover a US$165 million arbitration award against the University of Ghana (UG) over the termination of a contract for CPA Integras Ghana Limited (Africa Integras) to construct new buildings.

Read More

L/Cs covered in AfDB's new transaction guarantee to support SMEs and trade in Africa

The African Development Bank (AfDB) has launched a transaction guarantee instrument designed to provide up to 100 per cent cover for non-payment risk to regional and international banks for trade transactions, including confirmed letters of credit (L/Cs), initiated by local banks in Africa.

Read More

More banks join blockchain platform for domestic L/Cs in India

More banks have joined the recently formed Indian Banks' Blockchain Infrastructure Company (IBBIC) that will harness blockchain technology to process letters of credit (L/Cs) for domestic transactions in India (DC World News, 21 June 2021).

Read More

Latin-American and Caribbean specialist Bladex says L/Cs helped to boost profits

A sustained positive trend in letter of credit (L/C) business written by Banco Latinoamericano de Comercio Exterior (Bladex) has been highlighted as a contributory factor in the banks 10 per cent increase in profits in the second quarter of 2021 compared with the same year's first quarter.

Read More

CBA readies clients for Swift Release 2021 upgrading messages for guarantees and standby L/Cs

Norwegian software vendor Commercial Banking Applications (CBA) says it has shipped the latest annual release of its IBAS GBF (Global Banking Factory) software to all customers over three months ahead of schedule, allowing additional time for testing in advance of the upcoming transition to SWIFT Release 2021 in November this year.

Read More

L/C familiarity will help manufacturers and small businesses participate in AfCFTA

Training to become familiar with processing letters of credit (L/Cs) and other payment types are amongst the steps local manufacturers and small business owners can take to increase participation in the African Continental Free Trade Area Agreement (AfCFTA) according to the Manufacturers Association of Nigeria (MAN).

Read More

US department of education accused of planning to close law school while retaining L/Cs

Florida Coastal School of Law (FCSL) has filed a lawsuit against the US department of education for denying the school access to the federal student loan programme that it needs to operate.

Read More

L/C delays partially to blame for Ghana's vaccine controversy

Delays in processing letters of credit (L/C) have been partially blamed for the failure of a controversial contract under which Ghana intended to purchase hundreds of thousands of doses of the Russian-made Sputnik V coronavirus vaccine via a minor Dubai royal family member.

Read More

Uzpromstroybank signs up to GTFP for L/C guarantees and more

Uzbekistan's largest lender, Uzpromstroybank, 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.

Read More

UK's development finance institution announces US$30 million L/C support for Bangladesh

The UK's development finance institution, CDC Group, has announced a US$30 million trade finance loan to City Bank in Bangladesh that aims to help facilitate trade finance through usance paid at sight (UPAS) letters of credit (L/Cs).

Read More

Fifteen banks restrained from paying out on L/Cs in Tanzanian oil tender dispute

Fifteen banks have been temporarily restrained by the Tanzania High Court from paying out on letters of credit (L/Cs) in a dispute over a tender to supply fuel under the country's petroleum bulk procurement system.

Read More

More L/C support for troubled US boilermaker

Babcock & Wilcox Enterprises (B&W), has announced a new financing package that includes a substantial letter of credit (L/C) facility as the troubled US industrial boilermaker pursues its turnaround strategy.

Read More

Advocacy groups call for an end of L/C provision for Amazon oil trades

Environmental advocacy groups Stand Earth and Amazon Watch are calling on major banks to stop providing letters of credit (L/Cs) to finance traders dealing in oil from the vulnerable Amazon rainforest.

Read More

Contour launches trade finance innovation lab in Singapore

Blockchain trade finance network Contour has opened an innovation lab in Singapore where it will collaborate closely with its growing network of banks, corporates and other partners to research and develop what it describes as novel, digitally native trade finance solutions.

Read More

ECI announces enhanced L/C support for UAE-based non-oil exporters

Etihad Credit Insurance (ECI) has enhanced its support for letters of credit (L/Cs) in its efforts to meet the needs of the UAE's non-oil exporters and boost the country's non-oil economy.

Read More

L/Cs issued without due diligence at Malawi's central bank, four former officials face charges

The former governor of the Reserve Bank of Malawi (RBM), Dalitso Kabambe, and three other former senior central bank officials are facing four charges of financial impropriety, including money laundering.

Read More

Hin Leong founder faces 105 new charges, 33 related to L/C usage

The founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, is facing an additional 105 charges, 33 of which relate to letter of credit (L/C) usage, in connection with allegedly fraudulent schemes at his now-defunct trading house.

Read More

US$4.5 billion L/C facility from ITFC to cover crude, petroleum products and LNG imports into Pakistan

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), is to provide importers of crude oil, petroleum products and liquefied natural gas (LNG) into Pakistan with a US$4.5 billion three-year trade financing facility.

Read More

Sri Lanka's severe forex shortage making L/Cs hard to come by

Banks are refusing letters of credit (L/Cs) for importers in Sri Lanka as the country struggles with a severe shortage of US dollars in the foreign exchange market.

Read More