Why education matters in trade finance

13 December, 2019Heather Tilston

New report published to mark the Silver Jubilee of the Bangladesh National Committee of International Chamber of Commerce (ICC), the world business organization.

The London Institute of Banking & Finance has this week published a new report on trade finance, in partnership with the Bangladesh National Committee of International Chamber of Commerce (ICC) which is currently celebrating its Silver Jubilee.

The report provides an overview of some of the key issues in trade finance today, including:

  • demand guarantees and standby letters of credit – the need for contingency
  • documentary letters of credit – why they remain a vital tool for exporters
  • the growth of supply chain and open account finance
  • compliance in world trade and the risks of getting it wrong.

Mahbur Rahman, President ICC Bangladesh, says:
“Building a sustainable future requires enormous investment, but it will be human capital that enables us to allocate that money effectively. Educational and training bodies like The London Institute of Banking & Finance and ICC Bangladesh can help ensure that we make the best use of our human capital. This report aims to show both Bangladeshi and global partners what can be achieved when excellent solutions for training trade finance talent are applied.”

David Morrish, Relationship Director for trade finance at The London Institute of Banking & Finance said:
“The continued health and wellbeing of international trade is vital to world prosperity. It helps developing countries grow out of poverty and allows developed nations to broaden their export markets; and it is both a challenge to, and a chance for, greater sustainability.

“Ongoing digitisation could be as transformational in global trade as the invention of the steel shipping container. What will not change is the need for experts who can help firms safely navigate their way through the many opportunities that changes in global trade will open up. Those experts will need to constantly update their knowledge and skills to play a central role in shaping the economy of the future.”