BEGIN:VCALENDAR VERSION:2.0 METHOD:PUBLISH PRODID:-//ASIA GLOBAL INSTITUTE//Event//EN BEGIN:VEVENT DTSTART:20220126T150000 DTEND:20220126T170000 SUMMARY:The Future of Trade Finance: Opportunities for Hong Kong, Asia and the World DESCRIPTION:

Small and medium sized enterprises (SMEs) are the backbone of many economies across Asia – where they account for over 90% of enterprises, and the bulk of employment – by have been increasingly underserved by global finance. The trade finance gap – estimated at $1.5 trillion USD pre-pandemic – has worsened to $1.7 trillion in 2020. The persistence of covid, the increasing pace of digitization, and the skills gap – do not bode well for SMEs, particularly in the emerging markets.

Against this backdrop, the Advisory Group on Trade Finance, formed by the International Chamber of Commerce in 2020, proposes a new vision for trade finance built around accessibility for SMEs, digitization and global interoperability. The technology exists to overhaul how trade finance works and make it a lot more inclusive. There are clear opportunities for Hong Kong in this new ecosystem.