“More MSMEs are joining global trade with the help of Swift, Alibaba and financial institutions,” he said. Pamela Mar Managing Director of the ICC Digital Standards Initiative,10 however, believes that 2024 “has been a real turning point”. They can start using digitally generated trade data to find new ways to assess the credit worthiness of SMEs especially across the developing world. Banks have power to innovate and provide trade finance” to underserved corners of the market said Mar. “Standards are clear, “ she concluded, and “corporates need to generate globally interoperable trade data form existing ERPs.

Source: Mint November 07, 2024 11:38 UTC