In a world of rapid technological advancement, global trade seems to be an anomaly, still deeply anchored in antiquated, paper-based processes of the past. For a cargo owner in 1450, a bill of lading – a piece of paper stating the goods, their origin and their destination – was the essential tool for trading across the world. Astonishingly, this same document is still applied to roughly 40% of today’s containerized trade transactions, according to a McKinsey report in 2022.
Over the years, the quest to modernize trade finance has been persistent.
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