More Fintechs join ITFA

A total of 18 fintechs joined ITFA following the set-up of the Fintech Committee in early 2018. Last month, 5 additional ones joined the association: R3, Taulia, EnigioTime, Coriolis Trade Tech and Traydstream. We welcome them wholeheartedly to the ITFA.

The mission of the ITFA Fintech Committee is:

• to help the ITFA membership keep abreast of, and embrace technology innovations impacting both trade origination and asset distribution spaces
• to promote fintech capabilities through educational events and material
• to help the market further automate trade finance and establish trade finance – in particular receivables – as an investable asset class, so as to address the current Trade Finance gap.

The Committee covers both tactical and strategic objectives. The educational effort got much priority so far. By doing so, ITFA helps its core membership – the incumbent financial institutions (FI’s) – to discover recent technology-based value propositions and assess opportunities to improve efficiency. Our attention is now expanding to strategic initiatives by helping the market as a whole to address critical transformations through multi-banking initiatives.

André Casterman, Chair Fintech Committee, ITFA said: “The growing number of fintechs joining the ITFA demonstrates the strong appetite of the fintech space to collaborate with incumbents, rather than compete. Most importantly, some technology innovations are addressing critical market ambitions such as re-wiring trade with blockchain and attracting more institutional funding.”

Sean Edwards, Chair, ITFA comments: “We are delighted to witness strong interest from technology providers to work with our FI membership. Technology is re-defining business practices which is why we will continue to grow our fintech activities to the benefit of the global 200+ strong ITFA membership.”

Paul Coles, Chair Market Practice Committee, ITFA adds: “As fintechs re-invent some business processes and create new ways of operating in the market, there is a growing opportunity to establish new technology-based market practices and to further advance technology-related advocacy.”

Join us at one of the upcoming fintech events: at TXF in Amsterdam on May 23^rd; in London at Deutsche Bank on June 6^th; in Paris at Crédit Agricole CIB in October; as well as at the ITFA annual conference where a dedicated fintech half-day will be held.