The effects of the Covid-19 pandemic continue to severely disrupt trade. Yet some trade finance banks had the foresight to plan for such an eventuality, utilising capabilities that overcome market-wide limits on documentary trade. As appetite for trade digitalisation grows, Conpend's CEO, Torben Sauer, explains how banks are increasingly turning to technology to automate their document checking using AI – eradicating logistical challenges following a surge in remote working caused by the pandemic, and streamlining paper-based processes and transforming operational efficiency Over the last two years, financial institutions (FIs) have experienced unparalleled disruption as the Covid-19 pandemic continues to impact regions across the world. What they have not experienced, however, is a major decline in functionality. While the crisis initially sent shockwaves through the financial markets in March 2020, the operations of most of the world's major banks converted to home working without a single day's loss in service.

December 07, 2019: According to the AI-based prediction from'DHL Global Trade Barometer', India is the only country with a positive trade outlook for the running quarter out of the world's seven largest economies. Thanks to the strong maritime exports and Imports that will maintain India's trade growth over the three-month period ending in January 2020. The DHL Global Trade Barometer, an indicator of global trade developments calculated using artificial intelligence and big data, predict mildly positive growth for Indian trade with the country's Index rising five points to 54. The positive outlook is driven primarily by an uptake in ocean imports of basic & industrial raw materials and chemicals & products, coupled with a gradual revival in air exports of consumer fashion goods. In total, ocean trade grew by 10 points, maintaining India's positive outlook even as air trade forecasts experience relative weakness.

The report shows that digital technologies are likely to further reduce trade costs and boost trade significantly, especially in services and for developing countries. Global trade is projected to grow by an additional 2 percentage points annually between 2016 and 2030 as a result of digitalization, falling trade costs and the increased use of services. The share of services in global trade is projected to grow from 21 per cent in 2016 to 25 per cent in 2030. The report also finds that the reduction in trade costs could be especially beneficial for micro, small and medium sized enterprises (MSMEs) and firms from developing countries, provided they have the ability to keep up with the adoption of digital technologies. In the best scenario, developing and least-developed economies' share in global trade is predicted to grow to 57 per cent by 2030, from 46 per cent in 2015, whereas if they cannot keep up, this share is predicted to rise to 51 per cent.

As the old saying goes: Time is money. And, that's never been truer than in the competitive world of international shipping, where unforeseen delays or miscalculations can cost millions of dollars. Thousands of cargo ships ply the oceans and keep world trade moving ahead every day. But poor weather, congested ports, equipment breakdowns, and mishaps of all kinds make for anything but smooth sailing. An unexpected delay for just one vessel can sometimes cascade into a logistical nightmare for an entire fleet with schedules thrown out of kilter across multiple ports and trading hubs – impacting the flow of globalized supply chains.