This added insight and visibility allows governments to make data-driven decisions on how to change policies to promote both trade and recovery.
With this insight, country-central banks will have more visibility into how economic growth is happening.” “Hand in hand with that is richer data, which gives great insight into supply chains and how trade and finance are happening around the world. “ Digitisation has the potential to reduce processing time, costs, risks, and friction, while also increasing transparency,” Tinaikar said. There are many reasons why trade digitalisation will boost efficiency for trade finance and subsequently aid in the pandemic recovery. “But with the pandemic, suddenly it became less about the operating environment and more about digitisation as a matter of business continuity and risk management.” Trade finance digitalisation Tinaikar said, “The industry has been talking about trade digitisation with respect to the operating environment for a long time. This is not a new conversation topic for the trade finance space but is one that experienced a mindset shift in light of COVID-19. “In my view, rather than asking the question of how trade can aid in economic growth and the pandemic recovery, our thoughts should be around how global trade digitisation can help in that direction,” Tinaikar added. However, the complexities of the global trade landscape, which includes myriad stakeholders and key players from disparate specialisations, may make it more difficult for practitioners to simply call on the industry in its present state to facilitate the recovery. The better and faster that you trade, the faster you can grow, innovate, improve productivity.”
“When you are dealing with goods, you’re dealing with money and economics. “Trade is central when you’re talking about global economic growth,” Tinaikar said. It is clear that trade has a critical role to play in the overall pandemic recovery. International trade crucial for pandemic recovery Trade Finance Global (TFG) spoke with Rishikesh Tinaikar, global head of corporates and Trade Go to Market at SWIFT, to further explore the pandemic recovery and how lockdowns are accelerating trade finance’s push toward digitalisation. Trade finance was one of these industries. While the COVID-19 pandemic had devastating impacts, it is difficult to deny that it was instrumental in exposing digital weaknesses around the world.īusinesses and industries that were unprepared for a quick transition to a digital economy were hit hard during the early months and subsequent years. Listen to this podcast on Spotify, Apple Podcasts, Podbean, Podtail, ListenNotes, TuneIn
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