Problem Statement 1
Connecting Digital Islands and Increasing Network Size and Effects
Trade finance platforms operate as networks where participant banks have access to customer data that are stored on the platform. However, the existing trade finance platforms run on different applications and technology solutions and have different participants – thereby becoming akin to “digital islands”. This in turn is hindering the formation and maximisation of network effects. The aim of this part of the TechChallenge is to connect trade platforms, enable the interchange of information or make them more interoperable to increase network effects, but also to explore other means to increase network size. Possible technology solutions include amongst others -
connecting trade finance platforms through secure, authenticated exchange, accessibility, or portability of standardised data;
increasing bank participation on trade finance platforms through technology approaches that can reduce the liability risk of banks for data corruption and cyber risks;
facilitating access of corporates to trade finance platforms through portable blockchain/ DLT enabled digital identity, enabling KYC;
facilitating access for corporates to trade finance platforms through digitisation of company registries featuring APIs and connection to LEIs that platforms can leverage for KYC.
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