The International Bank for Economic Co-operation presented a project of a blockchain platform for trade finance at the 41st Online Banking Conference of the Banking Association for Central and Eastern Europe (BACEE) "Lessons from the pandemic – how the banking sector prepares for the post-COVID period".
The conference was held online with over 500 participants from the international banking sector. The event aroused great interest not only among the members of the Association, but also among financiers from Western Europe, Southeast Asia, Africa, and North America. At the business sessions the participants discussed various aspects of the pandemic impact on the development of the financial sector, the specifics of changes in certain areas of the banking business, new approaches to government regulation.
Executive Deputy Chairman of the IBEC Board Vladimir Liventsev presented a new development strategy of the Bank for the period 2021-2025, key business areas, products and opportunities that the updated IBEC offers to its clients and partners. Vladimir Liventsev noted the growth of all the Bank’s key indicators at the end of 2020, which is reflected in the upgrade of the IBEC international ratings.
The pandemic has seriously accelerated the adoption of digital solutions in a wide variety of sectors of the economy. The banking sector was no exception, and the issues of transactions efficiency and trust between counterparties are still relevant. Among the most promising and interesting IBEC developments is a trade finance platform based on blockchain technology. The conference participants were presented with the key principles of the project, which is being carried out by IBEC together with the international IT company Rebit – transparency and speed of operations, their low cost and protection from errors and fraud. The platform, which is to be fully launched by the end of 2022, will automate the entire range of trade finance products offered by IBEC. Mr. Liventsev invited member banks of the Association and other conference participants to join the project now and take part in testing the platform. (link to speech and presentation)