The Saudi British Bank (SABB) has presented insights about developing trade finance future in Saudi Arabia during the 7th Annual Summit Dialogue Sessions that was attended by an elite group of decision makers, senior experts, professionals, and leaders in the trade finance sector from various governmental and private institutions.
In addition to participating in providing solutions, exchanging ideas to develop trade finance tools during the summit sessions, discussing the laws, strategies, and trends of trade finance that aim to map Saudi economy through commercial business practices, SABB has sponsored the summit as a “Platinum Sponsor” as the most important and influential event for the trade finance sector in Saudi Arabia.
SABB has also received “Best Bank for Commodity Finance” award.
Ahmad Alalawi, head of Origination and Client Advisory at SABB, participated with a work paper entitled “Saudi Trade Finance Trends and Challenges in 2020”, where he discussed the global trade wars’ effects on Saudi trade, the new opportunities in changing the local regulatory environment, and new trade products and the value they can add to the Saudi market.
Another work paper was presented by Sean Bowey, head of Global Trade and Receivables Finance Products at SABB, entitled “Saudi Trade Market Digitization as a Part of International Trend”, where he stressed that trade finance is coming to unprecedented growth, pointing out to the benefits to banks and customers in Saudi Arabia as an outcome.
He also highlighted the importance of developing global standards and digital products in relation to finance, and emphasised the importance of digitisation as an important factor to increase transparency, and developing the secondary market.
It is worth mentioning that SABB is one of the leading banks in trade finance, and ranked first in launching several products and services aimed to promote the role of trade finance, and in an effort to stimulate the economy and business development as one of the essential drivers to achieve the objectives of Vision 2030, it stated. – TradeArabia News Service