On May 12, 2025, BAFT responded to the Office of Management and Budget’s (OMB) request for information regarding Deregulation.
Click below to read the comment letter in its entirety.
by Sarah Myers
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BAFT Comment Letter to the Office of Management and Budget (OMB) Regarding Deregulation
Announced at the 2025 Global Annual Meeting in Washington, DC on May 6, BAFT is proud to recognize the following individuals for their outstanding contributions to the association over the past year.
- Miriam Ratkovicova, Managing Director, Deloitte Transactions and Business Analytics, LLP
- Emy Ruiz, SVP, Head of Global Transaction Banking, Fifth Third Bank
BAFT honors members who have generously volunteered their time and expertise to support the association’s mission and continue to drive the vision forward. Selected through a staff-led voting process, the BAFT Ambassador of the Year Award celebrates those who have made a significant impact on the association in 2025. The awards were presented during the BAFT Global Annual Meeting.
WASHINGTON – BAFT, the leading global financial services association for international transaction banking, today announced the graduates of its Future Leaders program class of 2025. The program – now completing its 10th year – recognizes upcoming leaders in the global transaction banking industry. The Future Leader graduates were honored at an in-person ceremony in Washington, D.C. on May 6 as part of BAFT’s 2025 Global Annual Meeting.
Nominated by their respective institutions, the class of 2025 included 40 individuals from 17 countries across the Americas, Europe, Asia, MENA and Africa, representing a variety of disciplines within transaction banking. The class of 2025 was divided into five project teams tasked with addressing current industry issues, including artificial intelligence threats for trade finance fraud, accelerating cross-border real-time payments across major corridors, BRICS, operating model for corresponding banking, and an update on the almost 300 graduates from the program.
“This program has exceeded our expectations when we started it 10 years ago,” said Tod Burwell, BAFT president and CEO. “I continue to be impressed with the caliber of participants and value of their work. Congratulations to this year’s class for extending the traditions.”
BAFT congratulates the following graduates from the class of 2025:
- Elif Seray Akin, ING Bank
- Adel AlZarooni, First Abu Dhabi Bank (FAB)
- Mafalda Arnaud, Société Générale
- Viktor Bakkioui, Skandinaviska Enskilda Banken (SEB)
- Ayush Bhandari, Crown Agents Bank
- Peyton Boles, First-Citizens Bank
- Daranee Bolger, NatWest
- Saad Chemseddine, BNP Paribas
- Kevin Chu, RBC Capital Markets (Royal Bank of Canada)
- Maximillian Chua, Standard Chartered Bank
- James Deneault, TD Securities
- Olivia Ellis, BNP Paribas
- Laura Ernst, StoneX
- Serena Fazzini, UniCredit
- Harrison Gutman, PNC Bank
- Gentiana Halimi, Banka Kombetare Tregtare Kosove
- Jeronimo Hernandez, Bank of America
- Ajay Joshi, Credit Agricole Corporate & Investment Bank
- Tina Kim, JPMorgan Chase Bank
- Srushthi Kshirsagar, ANZ Bank
- Tapiwa Kuipa, African Export-Import Bank (Afreximbank)
- Carmen Landeras Cabrero, Santander Corporate & Investment Banking
- Audrey Lees, HSBC Bank
- Xiaosu (Charles) Liang, American International Group (AIG)
- Yuriy Lobanov, Commerzbank
- Carlos Martínez Illán, Banco Bilbao Vizcaya Argentaria (BBVA)
- Wan Chung Arick Ng, Bank of America
- Awuzhaer Nijiati, ING Bank
- Abigale Ning, Standard Chartered Bank
- Oskar Nordlander, Skandinaviska Enskilda Banken (SEB)
- Álvaro Ocampo, Banorte (Banco Mercantil del Norte)
- Israel Ortigas, Bank of New York
- Heidi Pun, ANZ Bank
- Carmen Maria Ramirez Ortiz, Asian Development Bank
- William Rattray, JPMorgan Chase Bank
- Renan Reinoso, SMBC
- Erik Rost, Citi
- Elena Rozas, Santander Corporate & Investment Banking
- Christopher Selfe, Barclays
- Yang Wu, Bank of China
The whitepapers from each project team are available for members to download for free by the end of May, and a series of webinars on each project will run in June.
About BAFT
BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance. The association website is www.baft.org.
Via Global Trade Review by Shannon Manders
Baft (Bankers Association for Finance and Trade) has appointed Nick Smit, global head of financial institutions banks at ING, as chair of its board of directors for the 2025-26 association year. He succeeds Suresh Subramanian, head of North America for transaction banking at BNP Paribas, who has served as chair since 2023 and oversaw the initial phases of Baft’s transition to become an independent organisation.
Smit takes over as Baft prepares to formally separate from the American Bankers Association (ABA), effective September 1, 2025. The two organisations first announced their intention to part ways in January, citing Baft’s increasingly global footprint and the need for greater strategic alignment with its international membership.
“I really appreciate this vote of confidence by the Baft community,” says Smit in a release. “Baft has grown into the leading global organisational forum for not only trade, but payments and cash management, and working capital solutions, too. I am very much looking forward to continuing the good work done in the past as we operate and grow further as an independent organisation in the future.”
Based in New York, Smit leads ING’s global relationship management team covering US, Canada, Latin America and global banks. He brings over 30 years of international banking experience and has served on Baft’s board since 2022.
Speaking at Baft’s annual general meeting in Washington, DC, on May 5, president and CEO Tod Burwell reflected on the rationale behind the separation: “The ABA is designed to focus on US charter banks. Baft’s membership is 70% international. If you have to have neutrality from a geopolitical perspective, it is complicated to be a subsidiary of the ABA and play that role without compromising the ABA’s position.”
Also speaking at the event, Subramanian noted the extensive preparation undertaken to ensure a smooth transition: “The last two years have perhaps been the most active period for the Baft board and executive committee. A lot of heavy lifting has taken place, not only to strengthen the financial position, but also to get the pieces needed so that the transition is as seamless as possible.”
The association has stated that its core focus on advocacy, education, thought leadership and industry collaboration will remain unchanged.
“The independence affords the Baft board and membership the ability to chart a path for growth and set our own direction on the topics that matter most to our community,” Subramanian added.
Smit will be joined by re-elected officers Michelle Knowles, head of trade and working capital of Absa, as vice-chair and Miriam Ratkovicova, managing director in the anti-money laundering economic and trade sanctions practice of Deloitte, as secretary/treasurer.
The board also includes a group of senior leaders from banks, fintechs and other financial institutions across multiple regions.
WASHINGTON — BAFT, the leading global financial services association for international transaction banking, has announced that Nick Smit of ING will serve as the chair of its board of directors for the 2025-2026 association year. Smit is the global lead of financial institutions banks at ING.
Based in New York, Smit heads a team of relationship managers covering U.S., Canada, Latin America and global banks, and their in-house asset managers. His specific areas of sales expertise are financial markets, global transaction banking, sector-based finance, and debt capital markets.
“I really appreciate this vote of confidence by the BAFT community,” said Smit. “BAFT has grown into the leading global forum for not only trade, but payments and cash management, and working capital solutions, too. I am very much looking forward to continuing the good work done in the past as we operate and grow further as an independent organization in the future. I value the thought leadership that BAFT brings and also the wonderful networking opportunities it creates.”
Smit has held several roles throughout his 30-year career with ING including lead positions in New York, Amsterdam, Brussels and Geneva. He has served on the BAFT board since 2022. Additionally, Smit has served on the Board of Friends of the University of Stellenbosch in the USA since 2000. Smit received postgraduate degrees in law and economics from University of Stellenbosch (South Africa), as well as a master’s in economics from Cambridge University.
Also re-elected to serve on the BAFT board as officers were:
- Vice Chair: Michelle Knowles, ABSA
- Secretary / Treasurer: Miriam Ratkovicova, Deloitte
Other directors include:
Suresh Subramanian, BNP Paribas
Tod Burwell, BAFT
Ashutosh Kumar, Mizuho
Julie Patterson, National Bank of Australia
Jean François Mazure, Société Générale
Dean Sposito, Deutsche Bank
Ricardo Velázquez, Banco Mercantile del Norte SA (Banorte)
Andy Arduini, Huntington Bank
Oscar Sanz-Paris, CQUR
Ayaz Kamlani, First Abu Dhabi Bank (FAB)
Derryn Faure, Investec
John Kinyangi, Standard Bank
Patrick Devilbiss, CGI
Dyanne Carenza, Scotiabank
Paolo Muzzarelli, UBS
Rob Hostler, Citi
Brian Gordon, Commerce Bank
Mike Katergaris, JPMorgan
Maurice Iskandar, Banque Libano Française
Patrik Havander, Visa
Amy Sahm, Fulton Bank
George Lee, Standard Chartered
About BAFT
BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.
BAFT Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468
The Impact of Stablecoins on Payments
An In-Depth Analysis of How Stablecoins are Reshaping the Global Payments Ecosystem
“The Impact of Stablecoins on Payments” is a comprehensive examination of the growing role of stablecoins in domestic and cross-border payments and the implications for financial institutions, regulators, and payment service providers.
As stablecoins continue to gain traction as a digital payment instrument, their promise of near-instant settlement, reduced transaction costs, and programmability is reshaping traditional paradigms in the payments industry. The white paper explores these developments across four key dimensions:
1. Market Landscape and Use Cases
2. Risks and Operational Challenges
3. Regulatory Outlook and Compliance Considerations
4. Interoperability with Traditional Payment Systems
As a benefit to BAFT members, this whitepaper is free and available for early access to members to download before others in the industry.
