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.
Global Trade Finance Market Anticipated to Reach USD 5 00 Trillion by 2028, Driven by Digitization Transformation and Economic Recovery
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Global Trade Finance Market Anticipated to Reach USD 5 00 Trillion by 2028, Driven by Digitization Transformation and Economic Recovery
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