A regional banking commission for MENA has been launched by the ICC. The initiative aims to more effectively coordinate and communicate Banking Commission activities in the MENA region and meet increasing demands for premium trade finance information and up-to-date policy and market intelligence.
“Facilitating trade, promoting economic development and enhancing the business environment are shared goals of ICC and the Dubai Chamber. This is the reason why we have aligned to form this strategic partnership, to facilitate trade in the MENA region and strengthen the commission’s reputation as the banking industry’s most reputable and reliable provider of market intelligence,” said Kah Chye Tan, chairman, ICC Banking Commission.
With more than 600 members, the Banking Commission is ICC’s largest commission. The Regional Banking Commission initiative will effectuate a better understanding of regional needs in terms of policy advocacy. It will also extend the reach of ICC banking rules and related services, including ICC rules and guidelines on documentary credits, UCP 600 – the most successful privately drafted rules for trade ever developed – and forthcoming Bank Payment Obligation rules on supply chain finance.
“The mandates and functions of the Banking Commission have significantly evolved and expanded over the last 10 years of our 80-year history,” said Thierry Senechal, ICC Banking Commission executive secretary. “This initiative will help the commission to tap into regional expertise and provide a better service to the banking community. It will also enhance our membership, particularly in countries currently lacking an ICC presence.”
Marking the occasion, a regional commission launch conference was held at the Dubai Chamber attracting more than 150 high profile bankers, senior financial lawyers and banking sector professionals. The event concluded with the signing of a memorandum of understanding between ICC and the Dubai Chamber that aims to foster cooperation in areas including trade finance promotion, private sector development and capacity building of businesses in the MENA region.
The MENA Regional Banking Commission will be led by Lakshmanan Sankaran, deputy general manager and head of operations and trade finance at Commercial Bank of Dubai.