Latest TABs Address Confirmation, Procedure for Payment under UCP600
In the latest rollout of its Technical Advisory Briefings (TABs), the ICC Banking Commission has issued TAB No. 13, “Confirmation
ICC Banking Commission meets in Singapore to discuss UCP revision, Basel III advocacy, ICC Trade Register expansion, and digital trade finance.
The ICC Banking Commission held a half-day strategic meeting on 4 September 2025 for purposes of sharing views on local initiatives of ICC National Committees and key priorities of the Commission regarding regulatory strategy for trade finance, enhancement of the ICC Trade Register, and digitalisation of trade finance. Hosted by the Singapore Business Federation (SBF), attendance was open to those participating in-person and others joining via Zoom.
In his welcome remarks, ICC Banking Commission Chair Florian Witt reminded of the Commission’s role and mission of promoting trade finance through advocacy & representation, collaboration, data, and – most importantly – market practice. Witt highlighted the cost and time-saving utility of UCP. Without this rule set, parties would have to agree bilaterally on each deal.
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