Bridging Trade Finance Gaps through Technology: The Report
The Asian Development Bank (ADB) has published a report titled ‘Asia-Pacific Trade Facilitation Report’ to highlight the link between digitalisation and trade and help bridge the gaps in trade finance to ensure more inclusive participation in trade. Digitalisation could help address some long-standing issues pertinent to trade finance, such as high transaction processing costs and costly procedures.
ADB thus cooperates with member states to combat ‘digital poverty’ which, unlike conventional poverty, will be a new form of poverty, said Bambang Susantono, Vice-President for Knowledge Management and Sustainable Development, Asian Development Bank. ‘We don’t want to see that. We want digital technology to be … efficient, sustainable, and … equitable,’ he added.