(16 July 2024 – UAE) Leding trade finance providers in the Middle East are thriving by capitalising on digital advancements across various sectors.
Despite major digital advancements such as in the UAE which has achieved almost 100 percent digitalisation of government services, including free zones issuing licenses without the need for a physical presence, global trade transactions have not yet fully embraced digitalisation.
“Given the high contribution of trade transactions to a country’s GDP, the lag raises the question, if paper-based processes can be digitalised, why hasn’t this transition occurred more broadly? The answer lies in multiple factors, including but not limited to the need for interoperability of data, documents and processes, secure data storage accessible only to those with permissions, digital documents need to be transferable and machine-readable to be future-ready, the ability to authenticate and verify documents as originals or copies, a myriad of open, closed and even no platforms to allow document movement” commented Enigio Head of MENA Trade Finance, Aneel Sabir for TFG.
“The Middle East and Africa region stands at the tipping point of mass digital transformation in trade. Enigio’s technology is directly aligned with the United Nation’s Model Law on Electronic Transferable Records (MLETR) framework, which supports digital negotiable instruments. By embracing solutions like Enigio’s “trace:original”, these regions can also lead the way in global trade digitalisation, driving economic growth, enhancing security, and fostering innovation. One thing is for sure, the future of trade lies in digital documents and data, and the Middle East and Africa are well-positioned to capitalise on this opportunity now.”