As the trade finance industry collectively progresses to address challenges around digital fragmentation and isolation, adoption of standard solutions and well-established legal frameworks along with technology as an enabler will play critical roles in truly digitalising trade. The paper-heavy, multi-party, and multi-process nature of trade finance makes the task of effectively digitalising a trade ecosystem significantly complex. Furthermore, the myriad of rules and regulations covering multiple countries and industries that creates differing standards, legal frameworks, practices and technologies, renders the effort towards end-to-end trade digitisation siloed.
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