Most countries still require all commercial trade documents to be exchanged in paper form. In the UK alone, it is estimated that eliminating paper documents could release up to £1 billion in cost savings, and several governments have started to take steps to give electronic trade documents the same legal standing as their physical counterparts.
Earlier this month, HSBC – which topped Euromoney’s trade finance survey his year – introduced a new platform in the UK and Hong Kong.
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