Treasury Management Internation Logo

BNY Mellon joins Asian Development Bank’s Trade Finance Program

Published 

In a signing ceremony taking place today (October 18, 2017), BNY Mellon will become a partner bank in the Asian Development Bank’s (ADB) Trade Finance Program (TFP).

The agreement covers a range of trade finance instruments, including loans and guarantees, and will allow BNY Mellon to continue its strong growth in Asian trade services by facilitating support to a wider range of customers, including small and medium-sized enterprises (SMEs).

Backed by the ADB’s AAA credit rating, the TFP enables companies throughout Asia to engage in import and export activities through the provision of loans and guarantees by ADB’s partner banks. Since 2009, the program has supported over 9,200 SMEs across developing Asia – totaling over 13,000 transactions valued at over US$25.5 billion. Sectors range from commodities and capital goods, to medical supplies and consumer goods.

“The ADB’s extensive work within Asia has provided immense opportunity for SMEs within the region – helping to alleviate Asia’s US$692 billion worth of unmet trade financing demand,” said Dominic Broom, BNY Mellon’s Head of Trade Business Development. “Over half of our trade financing is facilitated within Asia, and we’re thrilled to further contribute to Asia’s economic growth through the TFP.”

Steve Beck, ADB’s Head of Trade Finance, said: “Trade finance is a critical component to Asia’s economic growth and the global economy, especially to small and medium-sized enterprises. To further support interregional and global trade through our Trade Finance Program, it is imperative to partner with global leading banks like BNY Mellon to increase trade and trade finance in Asia. As one of the world’s most respected trade finance banks, we very much welcome this partnership with BNY Mellon.”

Joon Kim, BNY Mellon’s Head of Trade Product and Portfolio Management, said: “Given the increasing importance of providing trade finance support, our signing the TFP agreement and cementing of our partnership with ADB gives us an additional trade finance channel and capacity through which to assist our correspondent banks and their respective trade clients. We look forward to utilizing the program actively.”

The signing will take place at BNY Mellon’s stand (I12) at Sibos in Toronto.
 

Most recent episodes

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...

25:12

HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...

16:24

The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...

33:16

HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....

20:58

Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...

34:25

HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...

25:48

Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...

28:21

Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...

16:54

Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...

23:55

Instant Payments: Instant Rewards

TMI’s Eleanor Hill sits down in the virtual TreasuryCast studio with J.P. Morgan’s Global Head of Real-Time Payments, Cyrus Bhathawalla, to discuss how treasurers can capitalise on the evolving nature of real-time payments. Our guest contemplates the elements...

23:55