A copy of BExA’s response to the consultation can be downloaded here.
BExA is delighted to announce that 4 of its members have been recognised and commended for their contribution to the trade sector at the 2019 International Trade Finance Awards by Trade Finance Global.
BExA Member Awardees include:
● Best Trade Financier – Commerzbank AG
● Best Invoice Financier – Bibby Financial Services
● Best Business Finance Provider in Europe – Citi
● Best Trade Finance Law Firm – Sullivan & Worcester
Given the challenging geopolitical and macroeconomic landscape, award winners were commended for their progress in supporting trade, embracing innovation and automation, as well as helping to navigate the complex macroeconomic landscape.
Studies consistently show large global market gaps for trade finance in the range of USD1.6 trillion per year, with SMEs and developing economies most adversely impacted.
According to TFG, the three major themes in the last year were: supporting fintechs and platforms to help drive efficiencies in forfaiting and trade finance, standardisation and cooperation between banks, and navigating the complex geopolitical landscape to continue supporting businesses.
BExA members comment on their wins:
Enno-Burghard Weitzel, Managing Director/Global Head of Product Management Trade at Commerzbank AG and winner of ‘Best Trade Financier’ says: “To make trade finance a more efficient business, we must look to decrease the time, and indeed the costs, involved in this process. It isn’t only about efficiency, however; transparency across the transaction chain can also improve thanks to digitalisation. A clear challenge in this respect is the lack of standardisation.”
Paul Fraser, Sales Director – Specialist Products at Bibby Financial Services says: “We’re absolutely delighted to be awarded as Best Invoice Financier Award at the International Trade Finance Awards. As a global business supporting more than 10,000 businesses worldwide, this award is a testament to the hard work and commitment of our teams across the world, and our expertise in supporting SMEs trading internationally.”
Geoffrey Wynne, Partner at Sullivan & Worcester’s London office, and winner of ‘Best Trade Finance Law Firm’, says: “Even with political turmoil and other risks there will still be trade finance transactions. Many will go back to old structures and will need good legal expertise and knowledge to deliver those transactions. Sullivan & Worcester is well placed to do this as it is a specialised firm with quality lawyers.”
BExA’s co-chairs Marcus Dolman and Geoff de Mowbray congratulate the winners on their achievements and significant contributions to UK trade.
For more information on the Awards and interviews with the winners, please visit https://www.tradefinanceglobal.com/services/international-trade-finance-awards-2019/.