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The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has entered into a significant agreement with Al Baraka Bank Egypt by signing a Documentary Credit Insurance Policy (DCIP) valued at US$50 million.
The African Export-Import Bank (Afreximbank) has reported a robust financial performance in the first quarter of 2025, with net interest income reaching US$411.2 million, marking a 4.53 per cent year-on-year increase. This growth underscores the bank's strategic initiatives and its pivotal role in facilitating trade across the African continent.
A notable signing of a multi-billion US dollar letter of credit (L/C) facility helped the Saudi Export-Import Bank (Saudi EXIM) achieve a significant milestone in 2024 by more than doubling the amount of credit facilities it had ever extended in a single year.
Hatton National Bank (HNB), one of Sri Lanka's leading private sector banks, has launched TxB TradeX, a next-generation digital trade finance platform developed in collaboration with Infinity Global and powered by Finastra technology.
Concerns have been raised in the Nigerian media about a Supreme Court ruling in Nigeria involving Owigs & Obigs Nigeria and Zenith Bank. The dispute centres on a US$64 million international trade contract for the export of tin, columbite, and tantalite ores to Chinese buyers.
The African Development Bank (AfDB) and Bank of Africa Benin (BOA-Benin) have signed a 15 million euro (EUR 15 million - US$16.2 million) trade finance guarantee agreement in the Beninese capital, Cotonou.
A significant increase in letter of credit (L/C) commissions has helped Nigeria's Fidelity Bank to report robust financial performance for the first quarter of 2025, highlighting a strategic shift by the bank towards enhancing non-interest income streams.
South Korea's Hana Bank has announced the launch of the country's first non-face-to-face artificial intelligence (AI) export letter of credit (L/C) purchase review service, marking a significant advancement in the nation's financial sector.
The African Development Bank (AfDB) has approved a US$40 million trade finance transaction guarantee facility for Dashen Bank, a leading private bank in Ethiopia.
HSBC has introduced TradePay for Import Duties, a digital trade finance solution tailored for US importers grappling with the financial implications of recent tariff increases imposed by US President Donald Trump.
Maus Coex Capital, a Spanish-Mexican private bank established in 2001, has announced the expansion of its Global Private Banking Services. The expansion places a significant emphasis on trade finance instruments, particularly standby letters of credit (SBL/Cs) .
The Economic Offences Wing (EOW) of the Delhi Police has arrested a Singaporean national, Mukesh Gupta, for orchestrating an international trade fraud involving forged shipping documents and fraudulent letters of credit (L/Cs), resulting in a loss of approximately 10 crore rupees (US$1.18 million) to an Indian company.
Malaysia has officially launched the Malaysia Blockchain Infrastructure (MBI), a national platform developed collaboratively by MIMOS Berhad and digital services provider MyEG Services Berhad.
The African Export-Import Bank (Afreximbank) has launched a US$3 billion Revolving Intra-African Oil Import Financing programme aimed at reducing Africa's dependency on imported refined petroleum products and enhancing intra-African trade.
The Central Bank of Libya (CBL) has appointed the American advisory firm K2 Integrity to monitor its financial transactions, particularly focusing on letters of credit (L/Cs).
The High Court of Justice in London rejected last week a fresh bail application from Nirav Modi, the Indian-born diamond merchant accused of orchestrating one of India's largest banking frauds where fraudulent letters of undertaking (LoUs) and foreign letters of credit (L/Cs) were central to the US$1.6 billion PNB Bank fraud.
ODAS Global Consulting, a provider of global investment and business consulting, says it has launched its letter of credit (L/C) services initiative that aims to provide importers and exporters worldwide with secure trade finance solutions, backed by reputable financial institutions.
Letter of credit (L/C) openings and foreign exchange (FX) sales to both public and private sectors in Libya are proceeding normally according to the Central Bank of Libya's (CBL's) governor, Naji Issa.
Blessing Capital, an aspiring player in alternative commercial finance, has officially launched its letter of credit (L/C) programme, aiming to provide small businesses and entrepreneurs with enhanced access to credit facilities.
Ecobank Group has been recognised as Africa's Best Bank for Trade Finance at the Global Finance Trade Finance & Supply Chain Finance Awards 2025, an accolade that recognises the bank's role in facilitating intra-African and global trade.
A man who posed as the chief compliance officer of Manhattan's fictitious 'Dominion Bank and Trust Co.' has pleaded guilty to participating in a US$4 million fraud scheme.
Aurionpro Solutions, a provider of technology solutions to the financial services sector, has announced the acquisition of Fintra Software, a trade finance technology company.
Absa Corporate and Investment Bank, a leading Pan-African financial institution, has joined Contour's digital trade finance network to enhance its letter of credit (L/C) issuance process.
The African Development Bank (AfDB) and the Bank of Africa Tanzania (BOAT) have signed a US$7.5 million trade finance transaction guarantee facility (TGF) to boost trade finance activities at the Tanzanian bank.
Vodafone Idea (Vi), India's third-largest telecom operator, is negotiating with banks and global vendors to procure 4G and 5G network equipment using letters of credit (L/Cs) rather than making full upfront payments. This strategy aims to enhance Vi's cash flow flexibility, enabling the company to accelerate its network expansion and 5G rollout plans.
While letter of credit (L/C) processing and management workflows have remained largely unchanged for decades, the surrounding ecosystem has recently undergone significant transformation, according to an article written by Amey Prabhu.
Multinational technology giant, IBM and NeuroGaint Systems, a global IT solutions provider headquartered in Hyderabad, India, have launched NeuroLC, an advanced AI platform designed to transform letter of credit (L/C) processing.
The African Development Bank (AfDB) has approved a US$25 million trade finance Transaction Guarantee Facility (TGF) that includes letter of credit (L/C) support for Bank of Africa Madagascar (BAM), and aims to accelerate the island's industrialisation and support local businesses.
Two ready for recycling very large crude carriers (VLCCs) are currently anchored off the coast of Chattogram, Bangladesh, facing delays in their sale to ship recyclers due to complications involving letters of credit (L/Cs) and international sanctions.
Fugitive Indian diamond tycoon Mehul Choksi was arrested on Saturday in Antwerp, Belgium, following an extradition request from Indian authorities. Choksi is accused of orchestrating a US$1.8 billion fraud involving Punjab National Bank (PNB), alongside his nephew, Nirav Modi.
Digitalisation is transforming the trade finance industry, but it is doing so slowly according to Pedram Tadayon, the CEO of Mitigram, which offers letters of credit (L/Cs) alongside its platform for corporates and banks to manage trade finance.
The Commercial Bank of Ceylon's has introduced its host-to-host (H2H) payment services as part of its 'ComBank Digital' platform, targeting corporate clients.
Porch Group, the parent company of Homeowners of America Insurance Company (HOA), has agreed to a US$7.1 million settlement with the Vesttoo Creditors Liquidating Trust over constructive trust claims.
Prime Bank has successfully completed the proof of concept (PoC) for a 'Green L/C', marking Bangladesh's inaugural inland letter of credit (L/C) executed on a locally developed blockchain platform.
The European Bank for Reconstruction and Development (EBRD) is joining forces with the UK's development finance institution, British International Investment (BII), and the French development agency, Proparco, to support Ukraine's cross-border trade.
Bangladesh-based Mutual Trust Bank (MTB) has signed a master murabaha agreement with the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IsDB).
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the International Islamic Trade Finance Corporation (ITFC), both part of the Islamic Development Bank (IsDB) Group, have signed a strategic agreement aimed at enhancing documentary credit facilitation to support trade across member countries.
The UK's development finance institution and impact investor, British International Investment (BII), has extended a US$50 million trade finance facility to Ghana International Bank (GHIB) to improve the availability in Ghana of letters of credit (L/Cs), trade loans, and other trade-related financial instruments.
Russia, in its current negotiations for a truce with Ukraine - reportedly only with the US so far - is requesting to be reconnected to SWIFT, the global financial messaging system used by banks for secure communication of transactions, including letters of credit (L/Cs).
US President Donald Trump's efforts to suspend US development aid payments pending a comprehensive review have been compromised by financial obligations, including letters of credit (L/Cs), that have already been entered into by the United States Agency for International Development (USAID).