CBA, a global provider of banking IT solutions and services, recently announced that ABN AMRO has selected its IBAS Global Trade Finance Factory (IBAS GTF) for deployment at the bank’s headquarters in The Netherlands and across its international branches. According to the bank, the main objective is to offer highly sophisticated and flexible trade finance services to all its global …

Currency policies continued to dominate the agenda at the G20 summit in South Korea, and there were fears that a meeting in Seoul could result in worsening relations between the US and China about so-called “currency wars”.  However, leaders of the G20 group of the world’s major economies have agreed to avoid “competitive devaluation” of currencies after some difficult talks. …

Citigroup, through its Global Transaction Services business, has launched commercial card issuance on behalf of BASF, the world’s leading chemical company, in the UAE. BASF employees in the Emirates will now use Citi-issued commercial cards for managing and settling corporate expenses using this state-of-the-art technological platform. Citi has launched its global commercial card off ering in more than 50 local …

HSBC Middle East has completed its fi rst crossborder renminbi (RMB) trade transaction, becoming the fi rst bank to announce such a transaction in the region. HSBC worked with Royal Palace Furniture, a UAE based retailer, to complete an RMB transaction with its suppliers in China. With a large percentage of its raw material requirements sourced from China, the ability …

A survey indicates that 65 per cent of treasurers are interested in adopting mobile services. Fundtech, a market leader in global transaction banking solutions, and the Aite Group, a leading independent fi nancial research and advisory fi rm, have released a report entitled “Th e Business Case for Off ering Corporate Mobile Banking Services”, based on the fi ndings of …

After running successful pilot schemes in partnership with SWIFT and BNY Mellon, Wall Street Systems has launched a white paper on electronic bank account management (eBAM).  The White Paper, “eBAM: the automated future of corporate banking”, is based on interviews with industry leaders who participated in the eBAM production pilot using the new SWIFT eBAM standards.  It provides information and …

HSBC Global Transaction Banking has launched its new Managed Payments Service (MPS), which allows customers to outsource key elements of payments activities, connectivity and data integration. Available initially to financial institutions and large corporate customers looking to pursue an in-house bank or payment factory strategy, the solution provides a flexible, multi-bank proposition over the SWIFT network. As treasurers look to …

When it comes to managing corporate cash, people matter most, according to a survey by the Association for Financial Professionals (AFP). Results of the third annual AFP Treasury Benchmarking Survey showed that human capital factors such as education and training of key finance personnel have a significant impact on the efficiency of treasury operations. AFP, IBM and Deutsche Bank conducted …

Dear Reader, Be more competitive: that is the message from the International Monetary Fund to the Middle East. To an extent, it’s a case of “please tell us something we don’t know”, but, in reinforcing MENA’s awareness of its own shortcoming, the IMF is also looking to the future. Whilst acknowledging that recovery is under way, in the oil-rich Gulf …

Islamic trade finance, far from being a mature industry, is nevertheless, faced with exciting prospects going forward especially in developing new product in structured trade finance, trade funds and trade receivable-related derivative. MUSHTAK PARKER reports In the scheme of global trade flows, Islamic trade finance is a mere drop in the ocean but the potential is huge given that the …

In broad terms, corporate banking remained a prime business segment for banks within Saudi Arabia, whether measured as a percentage of assets, liabilities or operating and net income, writes. CAROLINE MAGINN, Cash Management Matters – CMM trade partner As global trade continues to recover banks are playing an important role in financing it. They are providing a range of traditional …

An increasing proportion of the Middle East’s international trade is being conducted on open account, with a corresponding decline in the use of letters of credit. FARAZ HAIDER, of Citi, looks at what can be done by exporters (and their banks) to reduce the risks of trading on open account. As global trade continues to recover, banks are playing an …

A swift exit from recession has shown that there is more to bountiful Brazil than commodities, according to ALEXANDER GORRA, director at BNY Mellon ARX Brazil weathered the global economic downturn better than many countries and performed robustly in 2010. In 2011, it offers substantial promise amid expectations for strong growth led by domestic demand. The charismatic Luis Inacio Lula …

Should the Middle East refocus attention on markets in Europe and the Americas, or continue to explore opportunities in relatively new markets in Asia? ALEXANDER R. MALAKET, CITP, reviews developments in the trade activities of businesses in the Middle East at a time when some world economies have all but regained pre-crisis growth rates, while others continue to struggle against …

Export credit agencies have successfully closed more capital equipment financing transactions in the Middle East and North Africa. It’s now considered that, with much of the impact of the financial crisis behind it, the Middle East is entering a period of economic recovery with firmer oil prices and stronger public finances. It is also seeing the start of a return …

The UAE Central Bank has asked banks in the country to provide data on potential risks in its financial reports in order to enable it to make provisions accordingly. The data will also help banks reduce risks, according to Trevor Skinner, head of the Department of Inspection and Control of Banks, UAE Central Bank. He also emphasised the importance of …