Trade Finance Global commended the top companies in international trade and finance for the 4th year running, this time highlighting those who are celebrating the successes and opportunities for 2019, despite the gloomy outlook so far.
Louis Taylor, UKEF’s CEO and winner of ‘Best Export Credit Agency’ at the Awards said: “2018 was another remarkable year for UK Export Finance, with plenty of landmark achievements – which is only fitting, really, as 2019 is the department’s 100th birthday. What better way to conclude our first century than with a year of highs?
“In September, UKEF supported the largest deal in its history, a £5bn financial package for contracts worth over £5.5bn for the sale of 24 Typhoon and 9 Hawk aircraft by UK defence companies BAE Systems and MBDA to Qatar. UKEF’s support was vital to ensuring the success of this multi-billion-pound and hugely complex deal, which will sustain thousands of jobs in one of the UK’s key industrial sectors and generate economic growth in the UK.” he added.
Lesley Batchelor OBE, Director General at the Institute of Export & International Trade, and winner of ‘Best Trade Education Provider’ also shared an optimistic view of 2019. She said: “We are delighted to be recognised with this Trade Finance Education Provider Award from Trade Finance Global. It is a great recognition of the impact of our partnership with UK Export Finance on the Award in Trade Finance qualification – a qualification that is now being taken by all trade finance advisers in UKEF, DIT and the FCO.
“We hope this is just the start, as we look to partner with more banks and trade finance organisations on our qualifications, ensuring that the export advice they give is thorough and well-rounded”.
TFG identified the market leaders who are actively helping to fund the USD $1.5 trillion trade finance gap, taking into consideration ethical and sustainable financing practices, delivering efficiencies in trade finance, and modernising the industry.
Enno-Burghard Weitzel, Managing Director / Global Head of Product Management Trade at Commmerzbank AG said: “Climate change poses an unprecedented threat to trade – endangering not only the origin but also the movement of goods. Second, the importance of human capital for economic value is unmatched.”
He added: “Choosing to finance green projects, undertaking due environmental, social and governance (ESG) diligence on trade finance transactions, and educating client bases are just some ways to achieve this. Commerzbank works across our diverse network of counterparties to track ESG risk in its many forms – checking more than 5,000 transactions each year. Trying to ensure that commodities are sustainably sourced is the first port of call. Therefore, rather than retrenching from trade because of unsavoury practices, Commerzbank seeks to finance sustainable practices. “
2018 was a catalyst for technological innovation in the trade and receivables space, which in turn, has helped enhance and facilitate global trade. For banks, corporates and SMEs involved in complex supply chains, building innovative technologies and allowing interoperability between different parties will continue to be a force for good in terms of trade.
Citi was another company at the forefront of driving efficiencies and technology within trade finance. Citi is one of the founding shareholders of komgo, a blockchain-based platform that will digitise and streamline trade and commodity finance. The platform is live with its first LC processing functionalities since December 2018 and enables a secure and simplified exchange of data and transaction records.
Peadar MacCanna and Murat Demiral, Co-Heads of Trade, EMEA, at Citi said: “Technology has a key role to play in this journey as our clients demand useful insights and information to help drive their key strategic priorities.”
2019 also seems to be a year of standardisation, policy changes and digitisation opportunities, according to the ICC Banking Commission. David Bischof, Deputy Director, said: “Thanks to its members, the ICC Banking Commission stands strong and relevant today. This is ever more important against the backdrop of a shifting industry landscape, disrupted by digitisation opportunities and trade policy challenges – both topics we frequently address as an organization in 2018.”
He added the significance and importance of the : “Advancement on work on digitization, notably new rules (eUCP & eURC) and the clarification on legal value of electronic documents (Report on “The Legal Status of E-bills of Lading” released in Oct 2018).”
The winners for the Trade Finance Global 2019 Excellence Awards were announced this morning, as follows:
Best Financiers Category
Best Trade Financier – Commerzbank AG
Best Receivables Financier – Stenn International
Best Invoice Financier – Bibby Financial Services
Best Alternative Financier – GapCap
Best Export Credit Agency – UKEF
Best Islamic Financier – Abu Dhabi Islamic Bank
Best Supply Chain Financier – Demica
Best Business Finance Providers by Geography
Best Business Finance Provider in Europe – Citi
Best Business Finance Provider in Africa – African Development Bank
Best Business Finance Provider in Asia – Mizuho Bank
Best Business Finance Provider in North America – J.P. Morgan
Best Business Finance Provider in South America – Bank of America
Best Trade Services Category
Best Foreign Exchange Provider – Ebury
Best Trade Credit Insurance Provider – Euler Hermes
Best Trade Finance Recruitment Company – Johnson Associates
Trade Finance Deal of the Year – Allen & Overy
Best Trade Finance Law Firm – Sullivan & Worcester
Best Trade Technology and Innovation Category
Innovator in Global Trade – ICC Banking Commission
Best Shipping Company – A. P. Moller – Maersk
Best Treasury Management Platform – Kyriba
Best Trade Finance Software Provider – HPD Software
Best Trade Technology Company – Export Enterprises
Best International Trade & Finance Content Category
Best Trade Finance Education Provider – Institute of Export & International Trade
Best Trade Finance Publisher – TXF
Best Trade Editor (Individual) – Shannon Manders (GTR)
For more information on the Awards and interviews with the winners, please visit https://www.tradefinanceglobal.com/services/international-trade-finance-awards-2019/.
