TFG AND WTO LAUNCH UPDATED DLT & TRADE PERIODIC TABLE, UPGRADING STAGE OF MATURITY OF THE PROJECTS, Dec 2020

Trade Finance Global (TFG) and World Trade Organization (WTO) have launched their updated Periodic Table of DLT Projects in Trade, at the Hong Kong Fintech Festival.

This new publication, authored by WTO’s Emmanuelle Ganne and TFG’s Deepesh Patel, updates the original periodic table launched in November 2019 by the ICC, WTO and TFG at the WTO Global Trade & Blockchain Forum. It maps 44 projects related to trade finance, insurance, KYC, shipping/logistics and supply chain, digitization of trade documents and digitalization of trade processes, as well as other projects such as marketplaces. The study highlights the stage of development of the various projects and their underlying technology. Nineteen standardization initiatives that work towards creating the standardized framework the industry craves have also been added to the study.

Emmanuelle Ganne, Senior Analyst, WTO said: “The future of trade digitalization relies on interoperability and the development of end-to-end solutions. Any digital process will only be as strong as its least digitized link. For international trade this means integrating customs.”

ITFA and peer associations partnered with TFG to contribute to this comprehensive report.  You will find the full report here.

The promising potential of DLT to facilitate international trade, from customs procedures to trade finance, will only be realized if regulation evolves to support the large-scale deployment of the technology and if a globally harmonized, digitized trade environment is put in place. This is why ITFA set up the Technology Experts for Regulatory Action (TERA) task force in June 2020 to coordinate regulatory advocacy efforts at global level with regards to both ITFA Fintech initiatives: DNI (Digital Negotiable Instruments) and TFD (Trade Finance Distribution). In Q3 2020, ITFA released the “Digital Document” (dDOC) specifications which leverage DLT in a way that is compatible with banks’ existing processes, systems and channels.

We look forward to bringing additional early adopters testimonials through our regular theme-specific webinars.