Shayne Elliott says legacy banks must focus on smarter interaction with clients. A blockchain-based system for proving the provenance of Australian grain shows how it can work.
essDOCS co-founder and chief executive officer Alexander Goulandris spoke to CT about the new paperless world of trade finance and why blockchain’s time has yet to come.
Due to a lack of pre-payment control, demand for using credit cards for procurement purposes is still very low. However, recent developments in Australia could change all that.
BHP Billiton and Xiangguang Copper have transacted a first of a kind back-to-back electronic letter of credit over Bolero, shaving 20 days off a typical transaction.
ExxonMobil with BAML and China CITIC has driven the use of electronic bill of lading (eBL) in Asia with its shipment from Singapore to China via the essDOCS online platform.
RBS and Bank of China announced their first commodity transaction using the Bolero electronic trade finance platform, following deals executed by Japan’s Mizuho Bank in March and China CITIC Bank last November.