At Sibos 2024 in Beijing, industry leaders convened to discuss the accelerating digitalisation of global trade. A notable session featured Ben Arber, CEO of Complidata, in conversation with Pamela Mar, Managing Director of the Digital Standards Initiative (DSI) at the International Chamber of Commerce (ICC). Their discussion centered on the transition to paperless trade finance and the pivotal role of digital standards in this evolution.
Mar emphasized the necessity of establishing universal digital standards to facilitate seamless and secure trade transactions. She highlighted the DSI’s efforts in developing frameworks that promote interoperability among diverse digital systems, aiming to reduce reliance on paper documentation. Arber concurred, noting that the adoption of such standards is crucial for enhancing efficiency and transparency in trade finance.
The dialogue also addressed the challenges of implementing paperless trade solutions, including regulatory hurdles and the need for technological infrastructure. Both speakers advocated for collaborative efforts among financial institutions, technology providers, and regulatory bodies to overcome these obstacles. They underscored the importance of innovation and cooperation in driving the industry toward a fully digital future.
This conversation at Sibos 2024 underscored the critical role of digital standards in the ongoing transformation of trade finance, highlighting a collective commitment to advancing paperless trade on a global scale.
Source: Complidata