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Key Takeaways from the essDOCS Webinar on Paperless Trade in Metals & Minerals

Digital Trade
Paperless Trade
Metals & Minerals
trade finance
Alexander Goulandris
Oswald Kuyler
Venkatraman P
Michel Alves
Rio Tinto
  Webinar heading takeaways metals minerals

Wonderful discussing the latest paperless trade developments in the Metals & Minerals market with Oswald Kuyler (ICC), Michel Alves (Rio Tinto) and Venkatraman P (HSBC), at the recent essDOCS Webinar on 27 October 2020.

Key takeaways from our discussion were:

  • The new normal in trade is digital-first, and while it takes time for stakeholders to transition, we are at a point where the market is working on executing a digital trade strategy and no longer evaluating or planning for one
  • Digital trade providers need to facilitate onboarding and anything else that can accelerate network growth  
  • Companies involved will need to use multiple solutions to digitize trade, so digital adoption will accelerate with increased interoperability amongst solutions/platforms which itself will be driven by standards & APIs (and ideally, standard APIs)
  • When evaluating a new solution, it is critical to consider the solution’s maturity (i.e., operational, not proof-of-concept use), the size of the customer network, and its interoperability (i.e., APIs)
  • Blockchain will be one part of many in the resulting digital solution ecosystem 
  • Education is key to allow other stakeholders to understand what is available and how to get involved

Access a video recording of the entire webinar session.

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