GTR recently held its annual GTR Summit in Mumbai. Excerpts from the panel discussions:
Panelists:
Sanjay Sharma, Head – Trade Digital Platforms, ICICI Bank
Avanee Gokhale, Global Head – Trade Strategy, Swift
Kalyan Basu, MD & CEO, Vayana TradeXchange
Shankar T S, Asia Representative, Bankers Association for Finance and Trade (Moderator)
Avanee: We need a global set of standards to be able to interoperate between banks, corporates and others. We have to know how to leverage technology and use data effectively. Innovation and disruption are shaping the landscape here. GST has led to digitization of documents and data in India. There is a focus from banks and corporates to invest in digital and APIs. Banks are focusing is on end-to-end customer experience and looking at tracking, transparency and traceability. We need harmonization and collaboration across countries.
Sanjay: First phase was paper based. Second stage was phygital stage with some time saving and cost reduction. Now all stake holders are leveraging advanced technologies like AI and ML. TReDS has been successful by placing low cost at its core and bring customers on its platform. There is a lot of white space for MSMEs in TReDS.
Kalyan: ITFS is under a regulator, and there are prescribe guidelines on KYC, AML, etc. Since ITFS is offshore, we can onboard a cross-border customer.
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