Trade finance is projected to witness a significant growth, due to increased disruption and advances in technology, to enhance digitized supply chain finance in the market. The market is largely fragmented, due to higher involvement of several traders, importers, and exporters globally. In addition, traditional trade is changing the historic favorable letter of credit and promissory note and bill of exchange has become less common and replaced by an increase in open account trade and finance. Moreover, the development of technologies such as Optical Character Recognition (OCR) to read container numbers, Radio Frequency Identification (RFID) and Quick Response (QR) codes to identify and trace shipments, blockchain, and enhancing digitization of trade documents drive the trade finance market growth.
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The global trade finance market growth is attributed to the rise in demand for enhanced safety and security in the trading environment, growth in SME adoption in developing countries, and novel trade agreements.Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) Allied Market Research published a report, titled, "Trade Finance Market by Product Type (Guarantees, Standby Letters of Credit (LCs), Commercial Letters of Credit (LCs), and Others), by Provider (Trade Finance Houses, Banks, and Oth
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