Digital finance forum: AI, data must link ‘digital islands’ to smooth trade finance

At the Development & Innovation of AI for Digital Finance forum in Hong Kong, bank executives discussed the future of trade finance, emphasizing the need to move beyond digitizing paperwork towards re-engineering processes with AI and shared data. Speakers from HSBC, Heng Sang Bank (China), and ICBC (Asia) highlighted the importance of technology in improving efficiency, visibility, and certainty for clients. They envisioned AI connecting directly to customer systems for faster data processing and enabling wider access to financing. A key challenge identified was the fragmentation of trade finance platforms, described as "digital islands," hindering seamless connectivity and collaboration. Geopolitical tensions and intense competition are also driving the need for technological advancements in the industry.

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