Mon, Jun 27, 2016

Business, Banking & Finance
BSF sponsors trade finance summit

Banque Saudi Fransi (BSF) will once again sponsor the upcoming Saudi Trade Finance (STF) Summit, which will be held in Jeddah later this year.

Organised by Dubai-based QnA International, the annual summit has cemented its position as the premier gathering to discuss financial regulations, strategies and services development and trends shaping the economy and the business landscape in the kingdom. 

Now in its fourth edition, the summit will be held Jeddah on November 15 and 16, after being held in Riyadh for three consecutive years. 

The invitation-only event will feature key stakeholders including government and regulatory authorities, financial institutions, technology providers, trade credit insurers, consulting and advisory firms along with finance professionals from mid and large enterprises.  

The platform is set to focus on enabling opportunities in the diversification of non-oil based economic development and services that will fuel growth in line with Saudi Arabia’s Vision 2030 for creating a thriving economy.

A platinum sponsor at the 2015 edition, BSF has confirmed its platinum sponsorship for the upcoming edition in November. 

Anjum Noman Mirza, Head of the Trade Finance Sales and Solutions Department, Corporate Banking Group, BSF, said: “Saudi Arabia is a large global trading partner, and the trade business is a dominant contributor to the country’s GDP (gross domestic product). However, as global trade and markets evolve continuously, appropriate trade related solutions catered to clients through new concepts, products, and solutions need to be provided. But, the knowledge of these new methods is lacking in Saudi Arabia and the Middle East. Our sponsorship is guided by our desire to help in the dissemination of knowledge.’’

He continued: “Trade finance provides the best medium and tool for businesses to venture into new markets. By using banks to provide the trade finance products and services to mitigate various risks associated with their new ventures, organisations can tap into new and diverse markets. In today’s world the quick cross-border trade solutions are a necessity. Trade finance conferences such as the STF Summit can increase awareness of the latest developments in this important field.”

At the summit in November, there will be a shift in focus as the organizers move towards a platform of exchanging ideas on market trends, current situations and disruptions in trade finance transactions.

Sidh N C, Director, QnA International, said: “In the context of the global economy and forecasts for trade in the future, it is prudent for us to discuss the current outlook and emphasise on the diversification of the economy and the role of financial institutions in the kingdom’s vision to achieve sustainable growth.”

Mirza added: “Trade remains the core medium of business. Liquidity for corporates as well as lending institutions will be a major player in the economic conditions in 2016. The government’s effort to raise liquidity will be a key factor for the sustainability of its various development endeavours. 

In general, there exists a liquidity gap in the region, which has hindered the progress of various businesses, especially SMEs, he said. “Trade finance is one of the best solutions for raising working capital. It has also become the first choice for financial institutions during economic downturns as most trade transactions ascertain short term maturities offering better liquidity management, are self-liquidating in nature, carry lower risk for the lender, and helps clients focus on their core business,” he concluded.

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