$9 Trillion Business Moving Toward the Digital Age
Forgers and cybercrime are forcing the trade finance industry to move beyond its current paper-intensive processes.
By Krystal Chia|May 07, 2019 at 02:42 PM
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The $9 trillion business of financing global trade needs to go digital, according to southeast Asia’s second-biggest lender. Forgers have become so adept at faking documents used by banks that going paperless has become a necessity for the industry, said Ng Chuey Peng, managing director and head of global commodities finance at Singapore’s Oversea-Chinese Banking Corp Ltd. (OCBC), the region’s second-biggest bank by assets. Digitalization will also make the financing process more efficient, she said.
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