Welcome!

News Feed Item

A New Era of Trade Finance Capitalizing on USD 109 Trillion B2B Global Market Indicated by ITFC MOU with GCEL

Embraced by international organizations, public and private sector leaders at the Council of Saudi Chambers (CSC) Headquarters in the Kingdom of Saudi Arabia (KSA), the International Islamic Trade Finance Corporation (ITFC), a member of Islamic Development Bank Group (IsDB), a subsidiary organ of the Organisation of Islamic Cooperation (OIC), and the Global Coalition for Efficient Logistics (GCEL) executed a historic MOU triggering a new era of trade efficiency towards a vast expansion of trade finance for OIC Countries through the HumaWealth Program.

GCEL Co-Chairman, Captain Salloum, and ITFC CEO, Dr. Al-Wohaib, sign the strategic MOU witnessed by  ...

GCEL Co-Chairman, Captain Salloum, and ITFC CEO, Dr. Al-Wohaib, sign the strategic MOU witnessed by Tan Sri Rahman and Engineer Al-Otaibi (Photo: Business Wire)

The HumaWealth 18 month global program will empower the Digital Economy by providing the tools unleashing the power of 21st century technology by delivering a new era of integrated e-commerce, e-finance, e-insurance and e-logistics to achieve new levels of trade efficiency.

The proposed Digital Economy will reduce annual trade costs by USD1.3 trillion (USD75 billion for OIC), increase trade by USD1.2 trillion, providing a USD6 trillion services market opportunity and creating a USD1 trillion SME fund thus generating 100 million jobs.

The MOU was signed by Dr. Waleed Al-Wohaib, ITFC CEO and Captain Samuel Salloum, GCEL Co-Chairman, and witnessed by Tan Sri Abdul-Rahman Mamat, Asia Logistics Council Chairman and Dr. Khaled Al-Otaibi, CSC Secretary-General.

The MOU signing followed the release of the KSA Trade Efficiency Assessment, conducted by GCEL in cooperation with the CSC, Saudi Ministry of Commerce and Industry, Saudi Customs, League of Arab States, Islamic Centre for Development of Trade, ITFC, Nielsen Company and Frost & Sullivan. The report illustrates how the Digital Economy ecosystem will make trade more efficient and transparent in order to facilitate global integration of financial services to the trade pipeline. This innovation will boost the manufacturing, agricultural and services industries within MEA thereby meeting the ambitions of the region’s citizens by creating 32 million jobs.

Similar assessments were conducted with government and private sector experts in G20 countries Indonesia and India (Turkey in process) as well as Malaysia. The results yielded that 80% of trade participants have no system and 88% want the proposed Digital Economy Platform. To date more than 22% of the world’s population comprising 1/3 of the G20 citizens want the Digital Economy. GCEL plans to conduct Trade Efficiency Assessments for the remaining 15 G20 countries to present the voice of the people to their leaders during the 2015 Turkey G20 presidency.

Dr. Al-Wohaib stated, “The trade efficiency assessment findings revealed that the Banking sector ranked last in terms of integration among all the trade pipeline participants scoring an average of 0.90 out of 5, (5 being what today’s technology makes possible. We must continuously seek innovative ways to improve trade efficiency and increase the Trade Finance market, this is the foundation of our MOU with GCEL”.

According to the VISA Commercial Consumption Expenditure 2011 Index, the global B2B market is USD109 trillion. A recent Asia Development Bank study revealed that of USD 4.6 trillion in financing requests received during 2011, approximately USD1.6 trillion were rejected and USD3 trillion were approved representing only 2.7% of the total B2B expenditure market.

Captain Salloum stated, “The 21st century Digital Economy environment is an ecosystem that permits global integration of products and service offerings with intelligent proficiency to match sellers to targeted buyers. This environment is based upon dynamic validated real-time information accumulated and continuously updated through the normal course of trade activities rather than invalidated data and unsubstantiated reviews presently in use.

The main benefit of this ecosystem is that it allows the creation of a smart e-finance matrix that provides financial institutions the ability to reach their full potential in global trade finance. This point-to-world environment enhances the integration of financial institutions in the global trade pipeline. This provides the tools to lower underwriting costs and transaction risks, allow greater control over the use of financing proceeds, increase ability to seize, reroute and liquidate assets when required, as well as ease the burden of regulatory compliance”.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...