TRADE BANKS EMBRACE FINTECHS – DISCOVER THE LATEST ADOPTION NEWS IN BUDAPEST by André Casterman, ITFA Fintech Committee, CMO at INTIX and NED at Tradeteq



In May 2019, ITFA announced that a total of 18 fintechs had joined the trade association since the set-up of the Fintech Committee by the ITFA Board in early 2018.

Substantial progress has indeed been achieved by many financial institutions when it comes to grasping the benefits brought by so-called “fintechs” and integrating advanced technology propositions in their own product sets. Every week, we receive news featuring banks embracing fintech propositions such as this week’s news on Traydstream “Nokia and three banks pilot machine learning solution to automate compliance checks“.

The numerous fintech propositions as well as the complexity of the global trade and trade finance eco-systems make it tricky for bankers to define their own journey in the fintech maze. This is why the ITFA fintech committee developed the high-level ITFA fintech ecosystem map (depicted below) which helps position each fintech onto the various segments and functions.

But ITFA can and wants to do more to assist banks and fintechs find the optimal ways to work together. Gatherings such as the upcoming ITFA annual conference are crucial to help trade professionals meet, interact and collaborate for mutual benefits. By spending a few days under one roof – this time in magnificent Budapest, both parties – technologists and bankers – have ample time to exchange views on market trends, emerging solutions, new entrants, evolving technologies, … and finding mutual benefits.

Below is the fintech-related agenda that the ITFA Board team has included in the programme of its 46th annual conference taking place from September 4th till 6th in Hungary:

Wednesday 4 September – the Fintech morning session will offer delegates access to and demos by most of the ITFA fintechs. A series of segment-specific panel discussions, value proposition pitches and 1:1 demos will be part of that half-day focused gathering, so you can enrich your fintech strategy and adoption plan. Let us know your expectations, and make sure you land on Tuesday latest to join us first thing on Wednesday morning.

Wednesday 4 September – the session entitled “Not a bank, not a fintech – the rise and rise of Alternative Finance” will clarify key differences between new entrants such as alternative finance providers and fintechs, and will seek to identify further collaboration opportunities between incumbents, new entrants and fintechs. Moderated by ITFA vice-chair Lorna Pillow, this session guarantees excellent insights given confirmed panellists.

Wednesday 4 September – the session entitled “The end of civilisation as we know it or are we back from the brink?” will feature senior trade bankers and discuss their key challenges and ambitions including the ones related to fintechs.

Thursday 5 September – the Fintech testimonials session will feature the most recent bank – fintech adoption testimonials. As banks are adopting multiple fintechs to address specific needs, it is essential to understand how fintechs fit specific needs, and complement each other. Some banks are aggressively executing their fintech adoption strategy, and are happy to share it with you in Budapest.

Thursday 5 September – the e-invoicing session entitled “the giant on our doorstep” will welcome Charles Bryant, secretary general of the European E-invoicing Service Providers Association (EESPA); e-invoicing in contrast to trade finance has witnessed rapid digitisation in the last decade. The session will explore ways for trade originators to tap into the huge digital e-invoice flows in order to increase open account financing revenues.

Friday 6 September – last but not least, as we prepare the future of the industry, a working group meeting of the TFD Initiative will conclude the event on Friday morning. We will progress industry work around Distribution Standards. Aligning the community of trade originators with the growing number of non-bank investors is critical in order to establish trade finance as an investable asset class towards institutional funders.

If you want to know the latest and greatest about fintechs in trade finance, join us in Budapest to learn about the latest technology trends in the global trade and trade finance space, and to define your fintech action plan. All practical details are available here.

ITFA fintechs present in Budapest

The following fintechs will be present in Budapest, and additional ones will be confirmed soon.

If you want to know more and engage …

Contact the ITFA fintech committee by reaching out to Andre Casterman.