February 2025 ICC Banking Commission Meeting: Executive Summary

Welcome Address

In welcoming participants to the city and the venue, ICC UAE Secretary General Hassan Al Hashemi emphasized Dubai’s key role in pursuing the meeting’s theme, “Connecting the Trade World; Shaping the Future”. Al Hashemi noted Dubai was hosting the Banking Commission Meeting for the third time (2009, 2014) at a point when the world of trade is evolving at an unprecedented pace. He added that Dubai Chambers is also striving to open avenues for expansion of trade and that it operates three chambers: commerce; digital economy; and international.

Opening Address

In delivering opening remarks, ICC Banking Commission Vice-Chair Surath Sengupta cited two instances he believes really propelled world trade forward: same-size containerization and bank-formulated rules governing LC practice. Now, Sengupta contends, the industry has a real opportunity to advance trade further. Reflecting on the Banking Commission’s purpose, Sengupta said heated debate and discussion are part of the formula for revitalizing the Commission toward a common purpose. Sengupta stressed the importance of the Commission’s recently crafted definition of trade finance as a means for helping specialists in other industries understand what it entails, including support of services. In reinforcing its role to promote trade finance, the Commission will deepen its engagement with leading international organizations and enhance its operating model.

Keynote Addresses

Speaking on the vision of “The UAE as a Hub for International Trade Finance”, Jamal Saleh, Director General of the UAE Banking Federation referenced UAE’s best-in-class infrastructure and its aim to elevate trade. Presently, UAE is among the world’s Top 20 in trade and aspires to be Top 10. With more than 60 banks, UAE possesses great capacity to finance trade, but Saleh remarked the country does not want to do it “the old-fashioned way”. UAE has launched a test ecosystem with other countries and its Central Bank Digital Currency (CBDC) strategy is now in its second phase. The UAE Banks Federation (UBF) has utilized technology to address know-your-customer challenges and has eKYC processes which can be updated and amended as necessary. Saleh acknowledged there will be some hiccups. The UAE has introduced “Sanadak”, an ombudsman unit now responsible for consumer complaint-handling duties previously under the purview of the Central Bank. UAE is also striving for 20% of its GDP to come from digital sources; it is now at 10%.

Addressing the meeting’s theme, “Connecting the Trade World; Shaping the Future”, Stefan Tryggvason, CEO of China Systems Corporation, reflected on the monumental role of ICC in the UAE. Founded in 2004, the ICC UAE National Committee laid a foundation and continues to shape the future of trade through innovation and collaboration in confronting challenges. Tryggvason, who has lived in the country since 1982, has seen UAE become one of the world’s fastest-growing trade centres. Although “game-changer” is an overused label, digitalization is just that, and Tryggvason credited the ICC Digital Standards Initiative as a main pillar for transforming the trade landscape going forward.

ICC Banking Commission & Evolving Trends in Global Trade Finance

In the meeting’s first working session, a panel of ICC Banking Commission Vice Chairs discussed ICC’s role amid prevailing trends impacting trade finance. Bhriguraj Singh of HSBC opened by identifying major trends including the re-shaping of supply chains, fluctuating order cycles, dealing with shocks effecting inventories, and the meteoric rise in services trade.