ICC trade finance survey confirms banking industry optimism

Tuesday 21 July 2020 12:46 CET | News

ICC has released its 2020 Global Survey report which showcases optimism for banks regarding trade finance, although challenges and disruptions are to be expected post-pandemic.

The International Chamber of Commerce's (ICC) Global Survey on Trade Finance has been released based on information from nearly 350 respondents in more than 80 countries, bolstered by contributions from international experts from the Asian Development Bank (ADB), AUSTRAC, Boston Consulting Group (BCG), Coriolis Technologies, HSBC, Kountable, SWIFT, and TXF. SCF and digital trade are confirmed as key growth priorities for banks, with 86% and 84% of respective respondents calling them an ‘immediate or near-future priority’. 

However, there is a divide between global and non-global banks on their supply chain finance offerings and investments in digitalisation. Some 64% of global banks surveyed currently offer SCF platforms, compared to just 13% of local banks, and 38% of regional banks. Similarly, while 83% of global banks have a digital strategy, only 46% of local banks report having one – highlighting a growing gap between players of different scale and reach, according to the official press release.

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Keywords: ICC, Global Survey on Trade Finance, trade finance, banking, optimism, International Chamber of Commerce, pandemic, Asian Development Bank, ADB, Austrac, Boston Consulting Group, BCG, Coriolis Technologies, HSBC, Kountable, SWIFT, TXF, SCF, digital trade, banks, supply chain finance, digitalisation
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech