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FI Newsletter 04/2017 FI.NEWS PARTNERSHIP MEETS EXPERTISE Issue 1 | 2017 • Financial Institutions Highlights in this issue... Financing trade in an age of uncertainty read more 02 Editorial welcome Partnership Focus Eye on the Industry Country Focus read more read more read more 06 TFP 08 Cybersecurity 12 Russia Contents Looking Ahead 02 Editorial Welcome: Financing trade in an age of uncertainty read more 04 The Big Interview: What’s hot in trade? 06 Partnership Focus: Keeping the wheels of trade moving with the TFP 08 Eye on the Industry: How to beat the fraudsters in the cybersecurity race 10 News and Awards 12 Country Focus: Russia coming in from the cold 14 Regional Focus: Open for business: Southeast Asian trade set to boom 16 Looking Ahead: The journey to digital trade 18 Commerzbank in the Press: United Nations Global Compact Yearbook 19 People Focus: People on the move 16 Digital trade EDITORIAL WELCOME Financing trade in an age of uncertainty I think we have all been left dizzy by the twists and For Commerzbank, however, among all this turns of global politics over the past few months: change and turbulence one constant remains: the from the Brexit saga to a new character in the need to be a proactive, committed and reliable White House, from Italy’s referendum to recent partner for those engaged in international trade. elections in the Netherlands. We now watch closely In practice, this means navigating a range of as France and Germany, too, go to the polls. markets worldwide, ofering credit lines and strategic support to our FI clients, and providing It is unclear where the political dust will eventually close support – in terms of trade fnance, cash settle. The question for us, of course, is how will management and targeted local expertise – to our trade fare in this environment of uncertainty? corporate customers wherever they need us. In his interview, our own Ruediger Geis warns of the risk of political sentiment translating into This may be in the emerging economies of Central protectionist policies. He notes, too, that new and Eastern Europe or Central Asia, working in political uncertainties have come just as global close partnership with local banks and global commerce faces existing challenges – with development institutions such as the EBRD. This growth in global trade volumes having been on a may be in East Asia – where, as Agnes Vargas downward course in recent years. describes in this issue, Myanmar and Vietnam 2 FI NEWS • PARTNERSHIP MEETS EXPERTISE | Issue 1/2017 | Financial Institutions continue to make great progress in their economic are committed to meeting the challenges of the development. future head-on. Looking ahead, therefore, I remain positive. Just I hope that you enjoy the issue. looking at all the accolades Commerzbank has earned for its cash and trade services over the past months assures me that we are on the right track. I’m also confdent that our proactivity will enable us to remain “future-proof” as a trade bank in the modern age. As Angela Koll explains, we are taking the lead in exploring the options for the industry’s digitalisation, while in the areas of Dr. Bernd Laber cybersecurity or sustainable trade – subjects no Divisional Board Member, Commerzbank, Trade Finance & fnancial institution cannot aford to ignore – we Cash Management FI NEWS • PARTNERSHIP MEETS EXPERTISE | Issue 1/2017 | Financial Institutions 3 THE BIG INTERVIEW What’s hot in trade? FI.News asks Ruediger Geis for his take on the key issues afecting the trade fnance industry today What’s at the top of the agenda for trade One potential solution could be doing business fnanciers at the moment? through one local bank in a country, or at head ofce level, in order to maintain adequate due Ruediger Geis: Financial inclusion seems to be diligence controls. This would create a “chain of at the forefront of everyone’s mind – and rightly trust” accounting for all counterparties when it so. No doubt this is in response to the de- comes to complying with KYC regulation. risking trend of the past few years in emerging “If we are economies, which has cut of many local banks Another way the trade community is coming to support from access to trade fnance. together is through addressing the idea of a KYC registry for corporates. We already have world trade, I can’t overstate the importance of this issue. SWIFT’s KYC registry for banks, which gives us a developing Under increased regulatory burdens, smaller standardised, shared data platform with up-to- banks – and especially those in emerging markets date, reliable information that we can then check. countries – which lack the scale, geographical scope or due Now we’re asking whether a similar sort of thing need diligence resources of larger banks may struggle might be doable for companies. dependable to do international business. We’re also looking to form a group that can global If this limits the pool of operational banks in any build a data-based platform ofering prices for partners in given country, companies will sufer. Enough high-value exported goods. We know what raw credit lines simply won’t be available, as banks commodities are worth – it is easy to fnd out the the fnancial usually have a cap for a single risk or corporate in oil price at any given time, for instance – but we’re sector.” place. These caps can be triggered by local laws exploring a way to ofer insights into the value of or internal guidelines. Companies in developing manufactures such as cars and machinery. countries, meanwhile, are looking for diferent ways of fnancing their trade. They may try to What’s clear, though, is that such things depend channel funds through neighbouring countries, on taking a collaborative approach. or explore adapting their trade instruments. Demanding cash in advance is one option for What other challenges are instance, removing the issue of counterparty there to trade? credit risk. RG: We’re already dealing with sluggish global Is the fnancial sector coming together to trade volumes: we’ve had a lower rate of annual address these issues? trade growth for fve consecutive years now. The World Trade Organization tells us that in 2016 the RG: There is certainly recognition that if we are to rate was at just 1.7%. Not only is this the worst support world trade, developing countries need fgure since the fnancial crisis, but it’s also the dependable global partners in the fnancial sector. frst time in ffteen years that global trade growth The IMF and the Basel Committee are working has been below GDP growth. with international and multilateral lenders to fnd out how we can reintegrate less-developed The World Bank points to policy uncertainty as markets in the global money system. the culprit, what with elections and referenda 4 FI NEWS • PARTNERSHIP MEETS EXPERTISE | Issue 1/2017 | Financial Institutions in Europe and America. I do see protectionism On the other hand, the impact on developed on the rise – just look at the collapse of the markets in Europe is likely to be more limited. Transatlantic Trade and Investment Treaty (TTIP) This is because most trade here is settled by open and the Trans-Pacifc Partnership (TPP). It may account business: it is characterised by more be up to the Regional Comprehensive Economic familiar counterparties and lower risk premiums. Partnership (RCEP) – the proposed agreement between the ten ASEAN members and Australia, It will defnitely be interesting to see what China, India, Japan, South Korea and New Zealand happens at this year’s G20 Summit, held in – to spur a renaissance in free trade. Hamburg in July. Trade will no doubt be high on the agenda. How will this protectionism afect trade fnance? RG: I don’t have my crystal ball with me, but it may have several efects. On the one hand, emerging markets, which depend on traditional trade instruments such as letters of credit, could fnd themselves doing more business with Europe and less with America – although reduced dollar Ruediger Geis supplies may result in liquidity issues for banks, Head Product Management Trade, leading to a further contraction in trade. Commerzbank FI NEWS • PARTNERSHIP MEETS EXPERTISE | Issue 1/2017 | Financial Institutions 5 PARTNERSHIP FOCUS Keeping the wheels of trade moving with the TFP Partnerships between local, international and development banks can support emerging economies’ all-important trade fows. Commerzbank’s close work with the EBRD’s Trade Facilitation Programme does just that Through trade fnance, emerging economies can The EBRD’s TFP plays a signifcant role, relieving prosper and better integrate their markets into the confrming banks of the political and commercial global fnancial system. risk of non-payment by issuing banks in over 23 “Having emerging economies – from Central and Eastern facilitated For nearly two decades, the European Bank for Europe to Central Asia, and from the Baltic states Reconstruction and Development (EBRD) has to North Africa (see map). so many supported such progress through its successful deals under Trade Facilitation Programme (TFP) – mitigating According to Rudolf Putz, Head of the EBRD’s risk in trade transactions, and ensuring credit lines TFP, “Since its inception in 1999, the Programme the TFP, our are available. Together with close international has brought together more than 100 issuing banks collaboration partners such as Commerzbank, the TFP can help and 800 confrming banks to complete more than with the emerging economies continue on their growth path. €15 billion worth of transactions.” EBRD The TFP: a vital tool for trade and development The TFP provides cover for a broad range of trade runs like If the world’s emerging economies are to develop their instruments: namely documentary letters of credit, industry, support employment, and better engage performance bonds, payment guarantees, bills clockwork.” with the rest of the world, importers and exporters of exchange and promissory notes, and short- need to be able to secure fnancing for their trade term loans.
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