The Bankers’ Association for Finance and Trade announced “next steps” for the industry in collaboration with other stakeholders in the trade finance crisis. The announcement came at this year’s BAFT Asia Conference on Cash, Treasury and Trade in Beijing. The conference, jointly managed by BAFT and the Asian Banker, provides a timely venue for top regional and global banking authorities to discuss the transaction banking business of trade finance, cash management, and treasury services.
“Asia will play a significant role in economic recovery worldwide, and the Beijing conference provides another important forum to exchange ideas and foster business solutions amongst industry leaders,” says Donna Alexander, president of BAFT. “China’s stature in the global financial system provides its banking industry leaders with a significant opportunity to help improve growth in economies around the world.”
The BAFT Asia Conference on Cash, Treasury and Trade is the latest in a series of meeting attended by high-level industry stakeholders, and comes on the heels of two trade finance summits held by BAFT earlier this year.
“Our membership through various working groups, has been actively involved with other public and private institutions in advancing solutions developed at the BAFT Trade Summit held in January,” says Howard Bascom, the new chairman of BAFT and managing director and head of global trade, The Bank of New York Mellon.
“The next step is to ensure pledged funds and new programs are implemented in a timely and effective manner to make a difference in the trade finance markets. BAFT continues dialogue in the public-private-partnerships forged during this crisis to ensure that solutions offered indeed meet their mark. The trade finance crisis has underscored the importance of BAFT’s ability as a leadership organization to address the key business areas in which we’re involved on behalf of our global membership. Together, we look to reinvigorate international trade, and ensure that BAFT continues to drive best practices, improve efficiencies, and enhance the way the industry conducts international business.”
D.C.