Today the International Chamber of Commerce (ICC) released its 2020 ICC Global Survey on Trade Finance. A key finding is that 86% of respondents said supply chain finance is an immediate or near term priority. When it came to digital, 84% of replies had the same answer.
Of the almost 350 banks surveyed, 145 were global banks. 10% of these global banks said they transacted $10 – $20 billion of trade finance via blockchain or digital ecosystems.
In terms of responding to COVID-19, asked if the pandemic had spurred a rollout of digital solutions, 54% of global banks said it had. The big surprise is that Asia Pacific was the region with the lowest new deployments at 38%, with all other regions above 50%. However, it’s conceivable that Asia was already more digital.
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