Nextrade CEO Engages on Trade Finance, Ecommerce, and Trade Facilitation at World Trade Symposium
On 7-8 June 2016, Nextrade Founder and CEO Kati Suominen joined the central point for leaders in the global trade and supply chain ecosystem, the World Trade Symposium, in London. Co-sponsored by the Financial Times and MISYS, the leading financal services software provider, the exclusive high-level forum featured global and regional leaders in business, finance, technology, politics and economics – to inspire, educate, and foster the future of connected commerce
Suominen spoke on a panel "Trade and globalisation: What’s working and what needs to change as trade, finance, technology and people converge?" featuring Ken Ash, Director of Trade & Agriculture, OECD; Robert Koopman, Chief Economist and Director of Economic Research and Statistics Division, World Trade Organisation (WTO); Michael Gidney, Chief Executive, The Fairtrade Foundation, and Douglas Lippoldt, Senior Trade Economist, Global Research, HSBC Holdings. Alexander Malaket of OPUS Advisory Services International moderated.
Suominen discussed ideas for:
Export credit agencies to work with a broader set of players than banks (such as alternative finance platforms) to help export-driven SMEs secure credit
Why venture capital and private equity funds hould view export-driven companies as an outperforming asset class
The critical importance of new sources of growth capital for companies' global competitiveness now that many companies are "born global" and unbankable during their first inroads into international markets
Importance of public-private partnerships to undo bottlenecks to ecommerce, illustrated by the multi-stakeholder initiative Aid for eTrade to accelerate ecommerce in developing world she ideated and is building with the United Nations and leading corporations; and
Measures to facilitate trade in low-cost items, such as through a plurilateral agreement on de minimis.
Suominen also had the opportunity to moderate a roundtable discussion among banks, SMEs, and trade finance experts on ways that banks could better service SME clients amid the growing capital requirements and tight KYC/AML requirements.