Trade Finance: Market Trends Report

The past few years have been a whirlwind for trade finance. Geopolitical shifts, economic uncertainty and the relentless push toward digitalisation and sustainability create a landscape full of challenges – and opportunities.

Trade corridors are being redrawn, sustainability-embedded trade finance is starting to get some traction, and technology continues to reshape how businesses move goods, manage finances and plan ahead.

This report dives straight into the heart of these changes, supported by data from over 13,500 trade finance specialists participating in the Euromoney Trade Finance Survey 2025.

It examines the key macro trends that are reshaping the trade finance landscape and how corporates perceive and respond to these shifts. By analysing their evolving strategies, shifting volumes and transformed business models, it provides a comprehensive view of how businesses are adapting.

But it’s not just about the now. The future of trade finance is all about bridging gaps – whether it’s closing the SME financing void or building stronger, more inclusive systems through collaboration. Digitalisation and sustainability aren’t just trends – they are becoming the twin engines propelling this transformation.

This report captures the stories, the data and the possibilities that lie ahead. As the industry evolves, the ability to adapt, innovate and work together will shape a more resilient, inclusive and sustainable global trade ecosystem.

Recalibrating supply chains amid geopolitical and economic shifts

One of the recent defining themes in trade finance is the reshaping of supply chains, driven by geopolitical shifts, regulatory demands and the need for resilience. “Supply chains are fundamentally getting reshifted,” notes Vivek Ramachandran, head of global trade solutions at HSBC. “If you step back and look over the last five years or the next five, the world of supply chains is going to look very different.”

This transformation is spurred by a combination of factors, including the ongoing realignment of sourcing strategies and the emergence of new trade corridors like the India-Middle East-Europe Economic Corridor (IMEEC). This corridor, formalised in late 2023, is projected to facilitate unprecedented growth in trade flows across Asia, the Middle East and Europe.

Geopolitical considerations also played a central role in the supply chain shifts. “Governments and businesses are increasingly focusing on building resilient supply chains, fostering new trade partnerships to ensure stability and to meet evolving global demands,” observes Atul Jain, global co-head of trade finance & lending at Deutsche Bank. “The focus on energy security, defence, healthcare, and semiconductors highlights the prioritisation of national interests.”

This pragmatic approach has fostered opportunities for banks to support clients in navigating complex cross-border relationships and mitigating risks.

“The risk landscape has become more diverse, with compliance and secondary sanctions adding layers of complexity,” noted Christian Toben, managing director, head of institutional clients, emerging markets at Commerzbank. Toben highlighted the importance of maintaining a positive attitude toward risk and leveraging local knowledge to navigate these complexities. “Trade finance in 2024 saw banks leveraging local insights and technological advancements to address compliance challenges,” he explains. “Artificial intelligence (AI) has become pivotal for processing transactions efficiently and managing complex regulatory landscapes. AI will also allow us to process transactions quickly and reliably while maintaining rigorous oversight,” he adds.

Supply chains are fundamentally getting reshifted.

Vivek Ramachandran, HSBC

Changes in business models – the rise of services and digital trade.

A notable shift in 2024 was the increasing in exports and imports of trade in services. The 3.3% annual growth in global trade in 2024 was largely driven by the 7% increase in trade in the services industry.1 This growth reflects evolving consumer preferences and the digitalisation of business models. “Trade in services requires innovative financing models, as it often involves monetising long-term contracts and navigating new counterparty risks,” HSBC’s Ramachandran remarks.

Corporates’ business models evolve as companies across 43 economies, which represent around 75% of world’s GDP, saw an increase in ecommerce sales by nearly 60% from 2016 to 2022.²

The digital transformation of trade also gained momentum, with nearly half of all B2B commerce conducted through digital platforms.¹ “Digital trade is pushing banks to innovate,” Ramachandran adds. “Financing is becoming embedded within digital ecosystems, creating demand for solutions that integrate seamlessly along the customer journey.”

The adoption of electronic trade documentation laws in countries such as the UK, France and Singapore further underscored the shift toward a more digitised trade environment.

¹ UNCTAD, Global Trade Update. December, 2024. unctad.org/publication/global-trade-update-december-2024
² UNCTAD, Digital Economy Report. July, 2024. unctad.org/publication/digital-economy-report-2024

Trade finance in 2024 saw banks leveraging local insights and technological advancements to address compliance challenges

Christian Toben, Commerzbank

Asia – a rising powerhouse

Asia continued to cement its position as the epicentre of global trade in 2024. “The future of trade is in Asia,” Deutsche Bank’s Jain emphasises. “Asian trade is deeply interconnected, with countries leveraging one another’s strengths in sectors like semiconductors, LNG, and manufacturing. This mutual reliance fosters an ecosystem of collaboration and efficiency, which has been key to driving growth across the region,” Jain notes.

This growth was underpinned by significant investment in infrastructure and technology. Notable examples include China’s Belt and Road Initiative, which expanded its infrastructure footprint in key regions, and India’s Sagarmala project, aimed at modernising ports and improving logistical efficiency.

Embedding sustainability in the trade ecosystem.

Sustainability emerged as a central theme in trade finance, with companies increasingly held accountable for the environmental and social impact of their supply chains. “Regulations are driving a shift toward sustainable practices, making ESG considerations integral to trade finance,” Ramachandran observes. The rise of “China Plus” strategies, which encourage diversification beyond China, further illustrates the alignment of sustainability with resilience.

Banks played a pivotal role in supporting this transition. Reflecting broader market trends, “sustainability practices in trade finance are being reshaped by client demands for green financing and ESG-linked products,” Toben observes. Collaborative efforts between banks, clients and regulators were critical in advancing the sustainability agenda.

Key trends impacting corporates’ day to day trade finance activities

¹Includes challenges related to credit mechanisms, interest rates, funding options, and exchange rate impacts critical to trade operations.

²Covers demand and supply shifts, market growth, production costs, operational challenges, and economic conditions affecting trade.

³Focuses on geopolitical risks, regulatory changes, public sector influences, and compliance challenges impacting trade finance.

⁴Highlights banking service issues, including fees, service responsiveness, credibility, and operational efficiency.

⁵Relates to the adoption of digital tools, technology integration, and process digitalisation in trade finance.

⁶Covers renewable energy initiatives, decarbonisation, and sustainable best practices.

Source: Euromoney Trade Finance Survey 2025. Based on approx. 450 responses to the question “Which main trends impact your day-to-day trade finance activities?”

Financing in a volatile world

The Euromoney Trade Finance Survey 2025 reveals that financing challenges is the most significant concern for corporates. These challenges include navigating credit mechanisms, fluctuating interest rates, and managing exchange rate risks, all of which are critical for operational continuity in global markets. “Financing rates have become a major hurdle,” notes a Saudi Arabia-based trade specialist. The impact of rising funding costs and limited credit availability has left many businesses reassessing their strategies.

Corporates’ market dynamics concerns are driven by demand and supply shifts, production costs and operational challenges. “The best way forward is to strengthen financial activities while maintaining efficiency,” shares a UAE-based respondent in a consumer staples corporate.

Geopolitical and regulatory issues still pose significant risks. Public sector influences, compliance challenges and geopolitical instability are shaping how corporates navigate trade. “Regulatory hurdles are increasingly complex, making it challenging to maintain commercial viability,” explains a German-based treasurer in a manufacturing corporate. Businesses are being forced to adapt their operations to ensure compliance while balancing cost-effectiveness.

Digitalisation and sustainability – nascent but growing concerns.

Survey respondent, Germany

Digital transformation remains one of the key priorities for corporates. “Digital transformations are critical for streamlining trade processes,” says an Egypt-based trade specialist. The adoption of digital tools, from blockchain to real-time payment platforms, has enabled businesses to enhance transparency, reduce costs and improve efficiency.

Sustainability also emerges as a growing consideration. Corporates are increasingly aligning their operations with decarbonisation goals and renewable energy initiatives to meet stakeholder expectations and regulatory requirements. “Sustainability needs to be embedded in all aspects of trade finance,” a UAE-based respondent remarks, emphasising the importance of integrating green practices into trade strategies. “At the same time, we must balance sustainability with profitability,” adds a France-based corporate treasurer in the technology industry.

Demand for strategic support

Corporates’ frustrations with banks highlight issues like fees, service responsiveness and operational inefficiencies. For many businesses, the pain points are more than just transactional. “Credits and invoice financing continue to be challenging areas,” observes a Saudi Arabia-based respondent in a consumer staples corporate. A UK-based respondent in the automotive sector adds: “Clients increasingly expect faster and more tailored services. Banks must understand our business needs rather than applying one-size-fits-all solutions.”

In Singapore, where logistics is a cornerstone of trade, the sentiment is echoed. “Banks need to shift their approach to provide more value-added products,” notes a respondent. These frustrations are not limited to one industry or region. “What we need is not just financing, but advisory and technological solutions that streamline our processes,” explains a Brazil-based treasurer in an agribusiness corporate.

Corporates are demanding a more strategic partnership with their trade finance providers.

Sustainability needs to be embedded in all aspects of trade finance

Survey respondent, United Arab Emirates

Adapting to the new normal

To navigate the challenges of an ever-changing trade world, corporates are adopting a range of strategies. Strengthening financial resilience through diversified funding sources and hedging strategies has become a priority. “Collaboration with banks on custom financing models has been key to managing volatility,” remarks an India-based treasurer in an FMCG corporate.

Additionally, businesses are leveraging technology to improve operational agility. “Adopting robust digital tools has helped mitigate some of the complexities in trade finance,” explains a UAE-based trade specialist. “Technology integration has allowed us to speed up processing and improve transparency,” adds a Canada-based finance director in a mining corporate.

Shifts in trade volumes

Data from the Euromoney Trade Finance Survey 2025 shows significant variations in trade volumes over the past 12 months. Approximately 60% of corporates reported increases in trade volumes, with the majority citing favourable market conditions, demand growth and currency stabilisation as key drivers. For instance, an Indonesia-based trade specialist in the energy sector explains: “The improving national and regional economic conditions have opened up more business opportunities. Assistance from banks, especially in funding, also helps stabilise the company’s financial condition.”

On the other hand, around 8% of respondents experienced a decline in trade volumes. Geopolitical instability, inflation and rising interest rates frequently emerge as critical challenges, compounding the difficulties faced by corporates in maintaining trade volumes. A Brazil-based respondent in a materials corporate notes, “rising financing costs and supply chain disruptions significantly impact our ability to meet demand.” Another respondent, responsible for the trade finance activities of a South African mining company, explains, “our export volumes have been hit hard by energy shortages and rising operational costs.” A respondent from Turkey, who is managing the treasury activities of a corporate in the energy sector, highlights the increased economic pressure his company faces: “Post-Covid-19, projects face delays due to inflationary pressures and higher working capital requirements.” Such challenges underline the need for adaptive strategies in an ever-changing macroeconomic environment.

Source: 1 Euromoney Trade Finance Survey 2025. Based on approx. 7320 responses to the question “How did your volume of trade finance change in the past 12 months?”; 2 Euromoney Trade Finance Survey 2025. Based on approx. 4550 responses to the question “How do you expect your trade finance needs to evolve in the next 12–18 months?”

Trade Finance products most impacted by the changes in volumes in 2024

Source: Euromoney Trade Finance Survey 2025. Based on approx. 4,075 responses to the question “Which trade finance products were impacted by this change?” Net impact is calculated as the difference between the percentage of respondents who reported that a product was positively impacted by an increase in trade activities and those who reported it was negatively impacted by a decrease in trade activities.

Product-specific emerging patterns

Documentary services, such as letters of credit and guarantees, are one of the most impacted products. As the most used set of trade products globally, documentary services play a critical role in reducing risk exposure and bringing trust between buyers and suppliers. “The flexibility and assurance offered by letters of credit have been crucial in securing international deals,” explains a UK-based trade specialist in a manufacturing corporate. Especially for smaller companies that are looking to diversify their suppliers, banks play a critical role in supporting them in risk management. This is underlined by one Germany-based respondent from the automotive industry, who says: “Building trust with new suppliers is critical, and banks’ ability to facilitate secure exchanges gives us confidence to expand our sourcing network.” A Singapore-based corporate treasurer from the logistics sector also explains how the pricing and terms of these trade instruments impact strategic decisions: “Declines in trade often come due to limits in credit lines and guarantees, making it harder to sustain operations.”

Foreign exchange (FX) products were particularly impacted among corporates facing volume reductions, with many citing volatility in FX rates as a key challenge.” Currency fluctuations have eroded profit margins, requiring constant adjustments to our financial strategies,” remarks a South Africa-based treasurer in an agribusiness corporate.

Building trust with new suppliers is critical, and banks’ ability to facilitate secure exchanges gives us confidence to expand our sourcing network.

Survey respondent, Germany

A common theme across regions and industries is that currency stability is a critical factor. An Egypt-based respondent highlights that, “currency stabilisation allows us to expand into new markets and increase export volumes.”

For corporates with an increase in trade volumes, FX services also see an increase, proving that much of the expansion is done cross-border, in countries where an FX element is required.

Higher interest rates in 2024 drove more corporates to seek liquidity and working-capital solutions, emphasising tools that improve visibility and analytics. “Increased visibility into our working capital helped us manage cash flow more effectively,” explains a Canada-based treasurer in the consumer goods sector. Similarly, a UAE-based respondent notes: “Real-time analytics have been a game changer, allowing us to forecast and allocate resources with precision despite rising costs.”

Regional perspectives

Geographical differences further emphasise the uneven impact of macroeconomic shifts. Asia remains a bright spot, with corporates in countries like Indonesia, India and China reporting a strong expectation to increase their trade volumes. This growth is supported by stable currency conditions and government-led infrastructure initiatives. As a China-based respondent explains: “The early stages of economic recovery have increased the demand for factoring and trade finance solutions.”

In contrast, regions like Latin America see a smaller number of respondents showing intention to increase their trade volumes. A Uruguay-based respondent in the consumer staples sector shares that, “exchange rate challenges remain a constraint for trade activities.”

Meanwhile, Europe sees a mix of corporates citing expected volume growth and declines, reflecting the varied impact of energy prices and geopolitical uncertainties. Countries heavily reliant on energy imports faced significant cost pressures, while nations with diversified energy sources showed more resilience. Additionally, lingering supply chain disruptions from geopolitical tensions have hampered recovery efforts. “Navigating the volatility in energy costs and adjusting supplier relationships have been critical,” explains a France-based corporate treasurer in the automotive industry.

Anticipating new market realities

Looking forward, the expectations for trade volumes remain cautiously optimistic. Survey data indicates that approximately 70% of corporates anticipate growth in the coming year, driven by technological advancements, increasing adoption of digital trade tools, changes in business models, rethinking of supply chains, and focus on international expansion. However, challenges like geopolitical tensions and economic uncertainty will require corporates to remain agile.

As one India-based respondent in the information technology sector observes: “Our focus is on leveraging digital solutions to streamline operations and improve efficiency, enabling us to navigate market complexities effectively.”

Similarly, a Germany-based materials corporate highlights the importance of collaboration, stating: “Building partnerships with banks and leveraging tailored financing solutions are critical for sustaining growth.”

Difference between % of corporates which noted an increase of trade finance volume vs those which noted a decrease.

Source: Euromoney Trade Finance Survey 2025. Based on approx. 7320 responses to the question “How did your volume of trade finance change in the past 12 months?” and on approx. 4550 responses to the question “How do you expect your trade finance needs to evolve in the next 12-18 months?”. Calculated as % difference between corporates mentioning increase and decrease in volume of trade finance activities.

Digitalisation – a monumental task

Trade finance has long been characterised by its reliance on paper-based processes, a historical relic that has hindered efficiency and transparency. As Francisco Javier Fernández de Trocóniz, head of global trade finance and international banking at BBVA, notes: “Trade is, by definition, a paper-based industry. It’s complex because you have a lot of people involved in different countries, with different standards and interests.” However, the industry is now transitioning from analog to digital, driven by technological advancements and global initiatives.

The introduction of electronic trade documentation – such as e-bills of lading (EBLs) and electronic guarantees – has been pivotal in reducing reliance on physical documents. Pamela Mar, managing director of the digital standards initiative (DSI) at the international chamber of commerce (ICC), highlights the importance of EBL adoption: “the legal framework is a key prerequisite. Therefore, we are working hard with UNCITRAL and others to drive awareness and provide support for countries to implement this legal reform. Today, countries accounting for 37% of global GDP are aligned, and another 27% are in the pipeline. The trend is very positive.”

Trade requires multiple parties. Without orchestration and integration, digital solutions remain theoretical.

Patrick DeVilbiss, CGI

While these advancements promise substantial benefits, challenges persist. Standardisation and interoperability across platforms remain significant hurdles. Angela Koll, director and senior business expert for trade and supply chain finance at Commerzbank, emphasises: “we need standards and interoperability because the industry offers a lot of platforms in trade finance that do not speak to each other. Without standardised data models, solutions remain in silos and cannot expand.”

DSI’s Mar adds: “global adoption of digital standards for trade documents is picking up – for example, EBL usage has grown from 31% of users having selectively adopted EBLs in 2022, to 49.2% in 2024. There is progress, but we need more efforts directed towards scaling adoption and ensuring interoperability.”

While scalability might take time, Patrick DeVilbiss, director and head of product, trade and supply chain finance at CGI, encourages trade actors to start digitisation today: “Commercial solutions like intelligent process automation in back offices are not just theoretical, they are already delivering measurable efficiencies, particularly in processing speed and accuracy.”

Leveraging advanced technologies

Beyond digitising documents, advanced technologies such as artificial intelligence (AI), robotics and generative AI (GenAI) are revolutionising trade finance. These technologies address inefficiencies and enhance decision-making by automating complex processes while also contributing to operational resilience.

Raju Singha, senior vice president and global product head trade finance at Intellect Design Arena, outlines the transformative impact of AI: “GenAI-powered platforms can read, understand and interpret trade documents of varying formats, significantly reducing manual intervention. This has led to faster processing times and lower operational costs.” GenAI’s ability to generalise across formats without specific retraining adds flexibility and scalability to trade processes, especially for global banks operating across diverse markets.

DeVilbiss of CGI highlights the practical advantages of intelligent process automation: “Solutions like discrepancy detection under letters of credit or streamlined document scanning address labour shortages and ensure consistency across regions. These tools scale efficiency while enabling staff to focus on value-added tasks.” AI’s contributions extend beyond automation, enabling enhanced compliance and risk management.

We can possibly receive everything digitally, but if the infrastructure isn’t prepared to facilitate it, the transformation remains incomplete.

Joon Kim, BNY

Deutsche Bank’s Jain points out: “we’ve used digitisation to create scale in compliance analytics, sanction screening, and AML controls, enabling us to address regulatory challenges more efficiently.”

When it comes to the future of digital trade, Intellect Design Arena’s Singha is hopeful: “Future advancements in AI, particularly GenAI, will further reduce inefficiencies by dynamically interpreting documents and automating compliance processes, helping us meet client needs faster and more effectively.”

As data is a fundament for any AI-driven processes, DSI’s Mar adds: “standardising data is crucial to aggregating it securely at scale, creating trust across the supply chain. The HKMA’s [Hong Kong Monetary Authority] Commercial Data Interchange demonstrates how aggregated data can deliver more financing, more efficiently, to SMEs who might not otherwise have access.”

However, Joon Kim, global head of trade finance, cash management, and solution structuring platform group at BNY Treasury Services, cautions that internal readiness is just as critical: “we can possibly receive everything digitally, but if the infrastructure isn’t prepared to facilitate it, the transformation remains incomplete.” His statement underscores the importance of modernising back-end systems to complement front-end digital advancements, ensuring that technology investments result in seamless operations.

The journey towards transformation

Corporates play a crucial role in driving the adoption of digital trade solutions. However, many businesses remain hesitant due to costs, complexity, and a lack of clear incentives. DSI’s Mar highlights this challenge: “banks play an important role in educating their clients. corporates need to be shown the value of digital tools, just as they were with sustainability practices five years ago. Starting now ensures they won’t be left behind.”

BNY’s Kim is of the same opinion: “banks need to educate their clients and internal teams on digital transformation – it’s about improving the experience and scale while aligning with regulatory requirements.”

Banks play an important role in educating their clients. corporates need to be shown the value of digital tools, just as they were with sustainability practices five years ago. Starting now ensures they won’t be left behind.

Pamela Mar, Digital Standards, Initiative, International Chamber of Commerce

Mar also emphasises the importance of starting small: “Corporates should begin piloting digital initiatives, even if the grand design isn’t fully set. Experimentation now will prepare them for the future.”

Moreover, digitisation aligns with sustainability goals, as digital processes reduce the environmental impact of paper-based trade. Koll of Commerzbank notes: “The combination of standards, interoperability, and customer demand is key to advancing digital trade while supporting sustainability.”

The journey toward a fully digitised trade ecosystem is a multi-year endeavour that requires coordinated efforts from all stakeholders. While progress has been made, there is still much to achieve. As Mar notes: “the foundation is in place, but we have a lot of work to do. Scaling digital trust and aligning standards globally are essential next steps.”

Sustainability as a growth opportunity

Banks are increasingly recognising sustainability as an integral part of their offerings. BBVA’s Fernández de Trocóniz sees sustainability as both a responsibility and an opportunity: “we need to transition, and it’s a huge opportunity for banks to finance the transition of our clients to a better world. It’s about focusing on what they can control by themselves while helping others interacting with them (suppliers among others) manage their transition accordingly.”

Incorporating sustainability into trade finance involves innovative approaches such as ESG-linked advisory services and sustainability-linked loans. Deutsche Bank’s Jain explains: “we offer ESG-linked advisory, helping clients set KPIs not just on environmental goals but also social measures including job creation and human rights. By embedding these frameworks into our platforms, clients can track progress and report to shareholders.” Jain also highlights the concept of transition finance, which helps clients move from high carbon to sustainable practices over time: “we work with corporates to create a documented pathway for the next five to ten years, committing to support their financing needs through this journey,” he adds.

Corporates’ traditional trade finance volume replacement with ESG/sustainability-linked business.

Source: Euromoney Trade Finance Survey 2025. Based on approx. 6520 responses to the question “What percentage of your trade finance volume or facilities is ESG / sustainability-linked?”

Scaling sustainability

Standardised data aggregation enables banks to track and report ESG performance. DSI’s Mar highlights: “the key to sustainability in trade finance lies in the alignment of standards and frameworks, to create better and more data that can drive efficiency and better decision making. By fostering collaboration between governments, corporates, and financial institutions, we can create a more transparent and sustainable trade ecosystem.”

The integration of sustainability into trade finance requires collective action from stakeholders. Corporates need to prioritise ESG metrics, while banks must guide them through the transition.

According to the results of the Euromoney Trade Finance Survey 2025, corporates are already embarking on this journey. The survey shows a critical shift in the trade finance landscape, with corporates starting to replace traditional trade finance volumes with ESG or sustainability-linked activities. This transition presents some challenges, as ESG-linked activities often generate lower margins compared to traditional trade finance, creating pressure on banks to adjust their operations and revenue models. Larger banks tend to be better positioned to navigate this shift, while investing in R&D and operational improvements to support corporates with adopting sustainable instruments.

We work with corporates to create a documented pathway for the next five to ten years, committing to support their financing needs through this journey.”

Atul Jain, Deutsche Bank.

Despite these challenges, the data reveals progress on the corporates side. While 33% of corporates report replacing 0%-20% of their trade finance volume with ESG-linked business, over 20% have already replaced more than 60% of their traditional volume. This indicates that a growing segment of corporates is embedding sustainability into their core operations.

Bridging the trade finance gap

Addressing the trade finance gap remains a central priority. Dirk Besdziek, senior trade advisor, institutional clients advisory & analytics at Commerzbank, explains that “the growing complexity of trade finance is leaving some companies in peripheral markets behind, as increased regulatory demands and risk management challenges make it harder for them to access financing and maintain competitiveness.”

Co-developing solutions with corporates, especially small and medium enterprises (SMEs), will be essential. As Mencía Bobo, global head of global transaction banking at Santander CIB, notes: “we already see some initial trends towards it, but it still needs to mature. Digitalisation, artificial intelligence, and new market entrants are setting up a better environment to close the trade finance gap.” Co-developing solutions with corporates, and especially SMEs, will be essential. Collaboration with corporate ecosystems, including suppliers and clients, can ensure access to appropriate financing and infrastructure, enabling inclusive growth.

Digitalisation, artificial intelligence, and new market entrants are setting up a better environment to close the trade finance gap.”

Mencía Bobo, Santander CIB.

Embedded finance and new trade corridors

Embedded finance – the integration of financial services directly into non-financial platforms – is expected to reshape trade finance. HSBC’s Ramachandran stresses: “The future of trade finance is embedded finance. It’s early days, but embedding sustainability into trade journeys will be key. To truly move the needle, supply chains must integrate sustainability across all emission scopes, scaling change at every level.”

Trade corridors are also shifting, influenced by geopolitical changes and regional economic policies. Santander’s Bobo highlights potential impacts: “the reconfiguration of trade corridors, nearshoring and regional approaches will create uncertainty, but also opportunities. Understanding and adapting to these changes is crucial for future success.”

Digitalisation – the foundation of tomorrow

The role of digital technology in shaping trade finance cannot be overstated. AI and automation will streamline processes, making compliance, reporting and operations more efficient. “Digitalisation has to be complemented by a readiness to transform infrastructure,” adds BNY’s Kim. “Without modernising backend systems, the benefits of digital advancements will remain incomplete.”

CGI’s DeVilbiss sees digital innovation as an immediate priority: “trade actors need to adopt intelligent process automation today to enhance processing speed, accuracy and scalability. The technology is here; what’s needed is the commitment to implement it.”

Sustainability as a catalyst

Sustainability is no longer a secondary consideration – it is foundational to the future of trade finance. Ramachandran underscores this shift: “Sustainability must be embedded across all trade finance operations to drive meaningful change. Reshaping supply chains to align with sustainability goals will define how the industry evolves.” Banks are expected to take the lead in this transition, offering advisory services and innovative solutions to corporates.

A future defined by collaboration and innovation

As this study has explored, the trade finance industry stands at the crossroads of digitalisation, sustainability and shifting trade dynamics. The path forward will require collaboration across stakeholders, from banks and corporates to regulators and technology providers. By embracing innovation and embedding purpose into their operations, the industry can create a more resilient and inclusive global trade environment.

In the words of Ramachandran: “We may overestimate short-term impacts but often underestimate the transformative changes achievable in the medium term. By focusing on sustainability, embedded finance and digital transformation, trade finance can unlock its full potential.”

Trade Finance Survey 2025

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