The Southern African Development Community Real-Time Gross Settlement system has added the Angolan kwanza as its second settlement currency and the first since the platform launched in 2013. The change enables direct kwanza settlement across the network, which previously processed transactions only in South African rand.

Elsewhere, Visa and Airwallex agreed to develop payment solutions for freight platforms, while Angola’s Banco de Fomento plans to connect to China’s cross-border renminbi payment system. Mastercard also expanded the controls and connectivity available through its virtual card platform.

Read more on the week’s key developments:

1. SADC-RTGS adds Angolan kwanza as first new settlement currency since launch

The Southern African Development Community Real-Time Gross Settlement (SADC-RTGS) system has added the Angolan kwanza as a settlement currency, the first new currency since its 2013 launch. The move enables direct kwanza settlement across the 15-country network, reducing foreign exchange conversions and improving regional cross-border payments. Operated by the South African Reserve Bank, the system previously settled transactions only in South African rand.

For participating banks and businesses, kwanza settlement creates a direct local-currency channel for eligible Angola-related regional transactions. The expanded multi-currency capability strengthens SADC-RTGS as a regional settlement infrastructure and provides a framework for adding other SADC currencies in future.

2. Visa and Airwallex partner to develop freight payment infrastructure

Visa and Airwallex announced a strategic collaboration to develop embedded finance and payment solutions for freight and global shipping platforms. The partnership combines Visa’s commercial payments capabilities with Airwallex’s multi-currency payments and treasury infrastructure to support payment, settlement and foreign exchange requirements for freight ecosystem participants.

For Visa, the partnership expands its commercial payments reach into freight and logistics platforms, while Airwallex gains an additional distribution channel for its multi-currency treasury infrastructure. The collaboration positions both companies to support more specialised business-to-business (B2B) payment workflows requiring integrated collection, settlement and foreign exchange capabilities.

3. Banco de Fomento Angola plans CIPS connection to support RMB settlement flows

Banco de Fomento Angola (BFA), Angola’s second-largest commercial bank, plans to connect to China’s Cross-Border Interbank Payment System (CIPS) to support growing customer demand for direct renminbi (RMB) settlement. The planned connection would make BFA the first Angolan bank to integrate with CIPS and enable customers engaged in China-related trade and investment to process RMB transactions through China’s cross-border payment infrastructure.

Connecting to CIPS would expand BFA’s correspondent banking capabilities and reduce reliance on intermediary currencies and payment routes for China-related transactions. It would strengthen the bank’s ability to support corporate clients involved in Angola-China trade alongside its existing correspondent banking arrangements.

4. Mastercard expands virtual card platform with enhanced controls and embedded payment network

Mastercard announced an update to its Mastercard In Control virtual card number platform, introducing issuer-enforced controls, enhanced clearing controls and a unified embedded payments network with a single application programming interface (API) entry point for programme partners. The enhancements support enterprise and financial institution customers with more secure and scalable B2B virtual card issuance across 43 countries and 174 currencies. Citi is the first issuer to use the new issuer-enforced and clearing controls and is expected to begin deploying the capabilities globally later in 2026.

For Mastercard, the enhancements expand the functionality available to issuers and corporate customers using virtual card programmes by improving control, scalability and integration through a single API connection. For Citi, the deployment expands its commercial card offering by adding more configurable controls for corporate clients managing employee spending, supplier payments and virtual card programmes across markets.

5. Mitigram acquires eExpand to strengthen trade finance capabilities

Swedish trade-finance technology company Mitigram announced the acquisition of eExpand, operated by Export Enterprises, a trade intelligence platform serving more than 50 banks and 700,000 registered businesses globally. The acquisition includes eExpand’s Trade Pilot, Trade Club Connect and Trade Resources Platform, which provide international trade data, market intelligence and AI-driven counterparty matching.

For Mitigram, the acquisition broadens its role in the trade finance workflow by adding trade intelligence and counterparty discovery capabilities before financing decisions are made. This could help banks using the platform identify trade opportunities and connect corporate clients with potential counterparties.

6. Afreximbank’s Africa Trade Gateway enables $5.3 million Southern African fuel transaction

The African Export-Import Bank enabled a $5.3 million cross-border fuel trade transaction through its Africa Trade Gateway (ATG) digital trade ecosystem, marking the platform’s first completed energy-sector transaction in Southern Africa. The transaction involved Zimbabwean fuel importer Witeva Trading sourcing a gasoil shipment from a Swiss commodity trader, with Innbucks Microbank acting as the local issuing financial institution and Afreximbank providing confirmation support under the agreed trade finance structure.

For Afreximbank, the transaction provides evidence that ATG can support trade execution by connecting corporates, suppliers and financial institutions. For Innbucks Microbank, it marks its first completed transaction through the platform and expands its participation in digitally enabled trade finance flows.

7. International Islamic Trade Finance Corporation signs $100 million trade finance agreement with Uzbekistan’s Hamkorbank

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, announced through its official LinkedIn and Facebook channels that it had signed a $100 million syndicated line of finance facility with Uzbekistan’s Hamkorbank to expand Shariah-compliant trade finance support. The facility will support Hamkorbank’s trade finance activities, including financing for small and medium-sized enterprises (SMEs), women-led businesses, green finance initiatives and food security-related activities.

For Hamkorbank, the facility increases available trade finance capacity for importers and exporters using Shariah-compliant structures. For ITFC, the agreement strengthens its network of local banking partners in Central Asia, allowing it to channel trade finance support through a domestic financial institution.

8. Citi partners with Thailand Board of Investment (BOI) to support foreign direct investment flows

Citi partnered with Thailand’s Board of Investment (BOI) to support foreign direct investment into the country by connecting multinational companies with investment opportunities across priority sectors. Under the collaboration, Citi will leverage its global network across more than 180 countries and jurisdictions to support investors entering Thailand, while providing cross-border financial solutions including trade finance, foreign exchange, treasury services, cash management and working capital solutions.

For Citi, the partnership deepens its role as a transaction banking provider for multinational companies entering Thailand by linking investment support with cross-border payments, liquidity management and treasury services.

9. AWC and OCBC establish THB 6.6 billion sustainability-linked loan in Thailand

Asset World Corp (AWC), an integrated lifestyle real estate group in Thailand, signed its first financing partnership with OCBC through a THB 6.6 billion ($200 million) sustainability-linked loan. The loan supports AWC’s growth strategy across its hospitality, commercial and lifestyle businesses, with certain terms linked to sustainability performance indicators.

For OCBC, the facility strengthens its corporate banking relationship with AWC and expands its sustainable finance portfolio in Thailand. For AWC, the financing provides additional funding capacity linked to sustainability performance targets.

10. African Development Bank provides EUR 25 million trade finance facility to NSIA Banque Bénin

The African Development Bank Group approved a EUR 25 million ($28.5 million) trade finance facility for NSIA Banque Bénin to expand financing access for micro, small and medium-sized enterprises and larger local companies. The facility will support imports of equipment for industrial, agro-industrial and telecommunications projects as well as essential goods required to meet short-term domestic demand. Priority will be given to smaller businesses, women-led companies and projects aligned with climate-risk mitigation and lower greenhouse gas emissions.

For NSIA Banque Bénin, the facility increases the foreign-currency liquidity available for trade finance operations and expands its ability to support local importers and exporters. For the AfDB, it extends trade finance support in Benin through a domestic banking partner.

Transaction Finance Weekly is a briefing on developments shaping transaction banking, trade finance and supply chain finance globally.