A senior executive at one of Asia’s biggest banks has said the $9 trillion trade finance industry needs to be digitized in order to tackle fraud, according to a Bloomberg article published on May 5.
Ng Chuey Peng, managing director and head of global commodities finance at Singapore’s Oversea-Chinese Banking Corp Ltd. (OCBC), criticized the industry’s reliance on paper receipts, and warned forgeries have become so sophisticated that can be difficult to spot fake documents.
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