Euro Exim Bank a Gold Sponsor at Gulf Trade Finance Summit
We at Euro Exim Bank are proud to have been associated with the Gulf Trade Summit 2019, which was held on the 17th and 18th of September 2019 at Intercontinental Festival City in Dubai. Euro Exim Bank was a Gold Sponsor for the event, which was held under the theme “Disrupting Trade Finance – Beyond Borders”. Our very own, Graham Bright – Euro Exim Bank’s Head of Compliance and Operations was also a speaker at the event.
The gulf region, Dubai in particular is a hub for international trade and commerce and is often used as a trade and transit point on many global trade routes; particularly as an access point for emerging markets. Therefore, the Gulf Trade Summit is an important event that brings together thought leaders in the GCC region along with top financial experts from the best companies, banks and financial institutions in the region. The Summit provides a platform for conferences, knowledge sharing, ideation and networking.
All About Positive Disruption
This year, in keeping with the theme of the event, the focus was on innovative payments technologies and systems that are positively disrupting the trade finance environment, thus enabling easier two-way access for emerging markets to the global economy. Issues such as international trade, risk management, managing account receivables, open account transaction, liquidity management, financial structuring, fintech, blockchain and SME enablement dominated the forums and discussions.
Future Trade Growth Potential Massive in MENA
With the GCC’s economic growth forecasted to reach 3.2% in 2020 and stabilize around 2.7% in 2021 as opposed to just 2.1% in 2019 according to the World Bank, the Gulf region is certainly a focal point for international trade. In addition to this, official figures estimate trade volumes in the Middle East & North African (MENA) region to grow by 131% during the period from 2012 to 2026; this against an average global trade growth rate estimate of only 86% for the same period.
Therefore, the Middle East and North Africa are expected to see huge growth in the near to medium term, both in terms of trade within the region and with external markets. This presents huge opportunities and challenges for cross border trade finance and payments, given the large number of emerging markets in the region that may face challenges when trying to use traditional settlement systems.
Preparing for Sustainable Growth & Equitable Market Access
Particularly for us at Euro Exim Bank, the region is highly important as it acts as a nexus for trade between emerging and developed markets. Trade financing for such transactions can be complex, but new emerging technologies such as Ripple Net, which we use, are helping breakdown barriers and create a more equitable environment for global payments. Therefore, Euro Exim Bank is pleased to have been able to contribute towards creating new opportunities for trade finance in the region and to have been able to support the bringing together of high value stakeholders in the industry to address the concerns and challenges that our customers and peers face.
Euro Exim Bank serves a diverse range of corporate clients and import/export businesses worldwide. By taking advantage of new technology the Bank is part of the digital revolution in international payments. Euro Exim Bank is headquartered in St. Lucia in the West Indies with a Class A banking license and a non-regulated representative office in London, England. The Bank provides essential financial services to SME’s and Corporates traditionally hampered by high costs of foreign exchange and restrictions on liquidity in challenging jurisdictions.