The global trade finance market is projected to reach $90,212 million by 2030, growing at a CAGR of 7.4%. Despite this growth, outdated and cumbersome processes hinder trade financiers, as highlighted by a survey from the Asian Development Bank. In this survey, 70% of banks acknowledged these limitations. This underscores the urgent need for trade financiers to adopt digital transformative initiatives to remain competitive in this ever-evolving landscape.
With this in mind, this Pole Star Global article explores the transformative benefits of digitisation to enhance efficiency, accuracy, and compliance. More specifically, seven compelling benefits are identified in this article. Here’s a snapshot:
- Increased Efficiency: Digital solutions streamline fragmented trade transactions, reducing redundancy and processing time.
- Accurate Money Laundering Detection: Advanced analytics and AI enhance the detection and prevention of money laundering.
- Improved Risk Mitigation: Comprehensive data analysis helps banks better understand and manage risk.
- Informed Lending Decisions: Digital insights into customer data improve the accuracy of lending decisions.
- Optimised Workforce Utilisation: Technology alleviates the burden on skilled trade professionals, allowing them to focus on high-value tasks.
- Enhanced Compliance Screening: AI technologies streamline compliance tasks, ensuring adherence to regulations.
- Combating Terrorism Financing: Comprehensive digital solutions provide transparency across the supply chain, preventing the inadvertent financing of illegal activities.
Pole Star Global’s PurpleTRAC is a cutting-edge solution designed to revolutionise trade finance operations. PurpleTRAC will ensure compliance, enhance efficiency, and provide a competitive advantage. Stakeholders depend on Pole Star Global to evaluate responsible actors and connect service providers, regulators, and funders. With unparalleled predictive maritime insights, data, and expertise, Pole Star empowers you to act responsibly in your trade finance operations.
Explore how digitisation can transform your trade finance strategy. Read the full article to discover more and learn how Pole Star Global can help you stay ahead in today’s evolving financial landscape.