Trade Finance Training alongside ADB in Mongolia
As part of ADB’s Trade Finance Program (TFP) – an initiative which supports banks in providing companies with financial support to enable trade in Asia’s most challenging markets – our very own Jacco de Jong traveled to the country’s capital, Ulaanbaatar, to train seminar participants in the fundamentals of trade finance, and how local businesses can effectively use it to benefit the local economy.
During the two-day course, Jacco covered various core aspects of trade and trade finance, with an emphasis on how trade finance works in practice: from how to identify the best-fitting trade finance instrument when importing or exporting, how to structure transactions, how to effectively manage risk, to the role of ADB’s Trade Finance Program in supporting efforts to expand the use of trade finance in Asia.
The Seminar closed with a session on paper documentation risks and the role of paperless trade in mitigating fraud risks and document discrepancies; namely, how electronic Bills of Lading can be combined with eUCP Presentation and Bank Payment Obligation to speed up transactions, reduce costs and enable straight through processing of data.
About essDOCS Consulting
essDOCS Consulting was established in September 2015 as the centrepoint of a strategic essDOCS initiative to provide banks and corporates with pragmatic, expert Trade Finance support and advice in their transition towards adopting/embedding FinTech solutions and eDocs into their business.