Businesses engaged in trade finance face inefficiencies and high costs due to manual processes and a lack of cross-border data portability infrastructure when using financial products such as letters of credit and supply chain financing. Digitalisation of trade finance can drive economic growth, enhance financial stability, and build resilience in the global financial system.
 
Open finance could play an important role in building the infrastructure for cross-border data portability. With around 70 jurisdictions regulating open banking and open finance, differing domestic standards, protocols and infrastructure create barriers to seamless cross-border data flows. It is essential to focus on avoiding fragmentation and fostering interoperability. Proven API-based technologies offer a path toward global interoperability through harmonisation and common infrastructure connecting the different domestic open finance systems.
 
This panel will explore how open finance can unlock the future of cross-border data portability to improve efficiency and connectivity within the financial system, particularly in global trade finance.