BAFT Congratulates Graduates of the 2025 Future Leaders Program

May 7, 2025 by Sarah Myers

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 10^th 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.

May 6, 2025 by Sarah Myers

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.

May 5, 2025 by Sarah Myers

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 Media Contact:
Blair Bernstein
Senior Director, Public Relations
[email protected]
+1 (202) 663-5468

May 5, 2025 by Sarah Myers

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.

READ MORE HERE >

April 16, 2025 by Sarah Myers

On April 18, 2025, BAFT responded to the second public consultation on the Proposed revisions to R.16 (the “consultation”).

Click below to read the comment letter in its entirety.

READ MORE HERE >

March 18, 2025 by Sarah Myers

The 2025 Master Trade Loan Agreement (MTLA) is designed as an industry-standard document used for lending between financial institutions to finance or refinance specified trade transactions. The 2025 MTLA – English Law reflects changes based on current market expectations, law, and practice including the demise of LIBOR, and the impact of Brexit―as EU Law no longer applies to the UK.

Click on the link below to read more about the 2025 MTLA.

READ MORE HERE >

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