Article: Digitalizing the End-to-End International Trade Finance Process and the Law: A Mission for the Entire Ecosystem

Abstract

This article considers the digitalization of the end-to-end trade finance process. Given that the emergence and adoption of innovative technologies in trade finance have made full digitalization possible, this article argues that digitalizing the entire trade finance process is a mission for the entire trade finance ecosystem: to successfully digitalize the full trade finance process, one would need to get all the parties involved on board. It also argues that innovation is only one piece of the puzzle and supporting legal frameworks and recognized standards are essential to accelerate the digitalization journey. Divided into seven parts, the article outlines the development of the trade finance industry, focusing on the main challenges and the legal responses to digitalization, before assessing why digitalization the entire process is hard to scale. It discusses disruptive technologies in trade finance, concluding that collaboration between the trade finance industry parties and removing legal uncertainty can assist in accelerating the digitalization transformation. Digitalizing the end-to-end process, trade finance, disruptive technologies, blockchain, standardisation and harmonisation, MLETR, URDTT