EBRD and partners explore digitalisation in green trade finance
The European Bank for Reconstruction and Development (EBRD) is stepping up its support for the digital transition of trade finance by facilitating test transactions between QNB ALAHLI, Banca Comercială Română and UniCredit on the we.trade digital trade platform. The tests will take place through we.trade’s Preview Offering Program, with a special focus on green trade finance.

The Preview Offering Program enables banks and clients around the world to participate in test transactions with we.trade member banks. These banks also receive extensive operational, information technology, sales and marketing, and legal and compliance consultancy services, tailored to their level of digitalisation.

we.trade is owned by 12 European banks, the technology company IBM, and CRIF, a global commercial-credit and business information provider. The platform is based on the Linux Foundation’s Hyperledger Fabric and runs on the IBM Blockchain Platform.

Digitalisation and green finance are two of the EBRD’s priorities under its current five-year Strategic and Capital Framework. As part of this approach, the EBRD is partnering with digital-solutions providers and banks to support digitalisation in trade finance in and beyond the economies where it operates. The Bank is also exploring possible approaches to sustainability screening and verification to scale up the delivery of green trade finance across its regions.

In addition, the EBRD is working with the International Chamber of Commerce Banking Commission and the International Trade and Forfaiting Association to advance the adoption of legal frameworks to enable digital trade and trade finance.

Francis Malige, EBRD Managing Director, Financial Institutions, commented: “We are pleased to support QNB ALAHLI and Banca Comercială Română in the Preview Offering Program on we.trade and to facilitate their test transactions with UniCredit. Green trade finance is an essential part of green financing, and this makes it all the more important – and urgent – to lift it to a new level with the introduction of new technology. Digitalisation will make trade processes easier, faster and more effective. This will allow our partners to know their markets even better and provide state-of-the-art solutions to address the urgent need for green products and services.”