This
article considers the digitalization of the end-to-end trade finance process.
Given that the emergence and adoption of innovative technologies in trade
finance have made full digitalization possible, this article argues that
digitalizing the entire trade finance process is a mission for the entire trade
finance ecosystem: to successfully digitalize the full trade finance process,
one would need to get all the parties involved on board. It also argues that
innovation is only one piece of the puzzle and supporting legal frameworks and
recognized standards are essential to accelerate the digitalization journey.
Divided into seven parts, the article outlines the development of the trade
finance industry, focusing on the main challenges and the legal responses to digitalization,
before assessing why digitalization the entire process is hard to scale. It
discusses disruptive technologies in trade finance, concluding that
collaboration between the trade finance industry parties and removing legal
uncertainty can assist in accelerating the digitalization transformation.