The new company will own, operate and develop the Trade Information Network platform. The platform build is complete and is ready to pilot with banks and their clients.

In addition, Lloyds Bank and Standard Bank of South Africa have also confirmed their intention to participate in the pilot. The participation of new banks in the pilot from day one represents the initiative’s core aim to unite the trade finance industry to address clients’ financing needs around their supply chains and across the globe.

Banks and their clients will benefit from a simple one-time registration, standardised connectivity and risk mitigation for duplicate financing and fraudulent trade information. Through the Network, corporates can communicate their trade information and raise finance requests in a trusted and secure way to participating banks of their choice. Banks will provide financing outside of the Network using their existing channels, processes and practices.

According to the Asian Development Bank, the global trade finance gap is estimated at USD 1.5 trillion. Small and medium-size enterprises, often suppliers based in emerging markets, experience particular difficulty in accessing trade finance. The Trade Information Network will help to address this unmet demand for financing across the trade transaction lifecycle, including in the pre- and post-shipment phases.