ICC’s Olivier Paul writes for Financier Worldwide on how the trade finance industry has reacted to COVID-19
June 29, 2020
Writing for Financier Worldwide, Olivier Paul, Director, Finance for Development at the International Chamber of Commerce (ICC), discusses policy responses and paperless trade in the face of the COVID-19 pandemic.
As the wheels of global trade turn more slowly as a result of the pandemic, it is crucial that they do not stop completely, and a number of measures have been put in place to support the continued supply of funding for trade – including economic stimulus and capital relief from governments and regulatory institutions and targeted support for trade finance. However, challenges remain for paperless trading. While progress has been made in recent years, action is now urgently required to help digitalise processes to continue providing vital financing to companies worldwide.
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TAGS: Financial Services