African Development Bank approves $75mil facility for FirstRand Bank to enhance trade financing on the African continent

The role of FinTech platforms in the trade finance industry is to provide an efficient and cost-effective way for businesses to finance their international trade transactions. The platforms offer several advantages over traditional banking products, including access to capital, flexibility and cost effectiveness, as well as agility and efficiency.

The Electronic Trade Documents Bill introduced in Parliament earlier in October 2022 last year, aims to boost the UK’s international trade, already worth more than £1.4 trillion, and will reduce the estimated 28.5 billion paper trade documents printed and flown around the world daily.

The global Future of Finance Study, of C-Level Executives across 300 international financial institutions found that over two thirds of firms expect the economic outlook to improve over the next 12 months.