The sudden outbreak of the global pandemic of Covid-19 had its adverse effects across the world. But as the world economies are recovering, & reestablishing their pre-pandemic position in the market, various industries are witnessing themselves wrapped in a digitally transformed trade landscape.
The Covid-19 economic crisis taught importers & exporters the importance of adopting resiliency, vigorous IT infrastructure, and digitization to survive in the market. Especially for the trade finance industry that holds a vital role in the global economic recovery.
Affected by the Covid-19 disruptions, several large organizations are expecting their banks to provide digital trade finance solutions to make their supply chain more resilient to pandemic-like situations. Moreover, many countries around the world, including the G7 are shifting towards a completely digital trade finance system. Undoubtedly, it is speeding up the transformation of the trade finance industry - one of the banking industries with reliance on paper-based processes.