BAFT and CGI conducted their third annual trade technology survey at the end of 2022. As banks and the global trade industry return to a more stable state with less direct challenges from the COVID-19 pandemic, BAFT and CGI requested input surrounding technology priorities and investments within financial institutions’ trade organizations.
The past year saw the consolidation of fintechs in the trade space, with banks taking a more focused and outcome-oriented approach to incorporating new technologies into their operations. This has been observed with the closures of Serai, We.Trade, and TradeLens, all blockchain consortia or networks which ceased operations in 2022.
Based on the survey participants’ feedback, investments in innovation appear to compete for limited resources at trade banks, including environmental, social and governance (ESG) initiatives, digitization, compliance, supply chain finance (SCF) growth and automation.