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From YouTube: Legal and Regulatory Barriers to Digital Trade - Dr. Maria Mogilnaya, EBRD & Andrea Frosinini
Description
Legal and Regulatory Barriers to Digital Trade - Dr. Maria Mogilnaya, EBRD & Andrea Frosinini, Trade Finance Freelance
The global coronavirus pandemic has put a spotlight on the urgent need to move away from paper documents in trade transactions. And while trade and trade finance transaction across the developing countries are still very much paper-based, the future of trade is digital. When developed countries make the shift to digital processing of trade and trade finance transactions, it will be up to development banks to ensure that local commercial banks across developing countries are not left behind! This session will present the results of the 2021 survey of the legal/regulatory readiness by the developing countries in the EBRD regions to embrace digitalisation in trade and trade finance as well as the intrinsic barriers to digital trade and the development of ecosystems to support digital solutions. This session will also offer ideas on the adoption of legal frameworks to enable digital trade.
Session Details & Slides (if available)-
Access All Sessions: https://events.linuxfoundation.org/hyperledger-global-forum/program/schedule/
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A
A
I
am
a
principal
banker
in
the
trade
facilitation
program
at
the
european
bank
for
construction
and
development
in
london,
one
of
the
multilateral
development
banks
and
the
only
bank
that
is
still
growing
its
membership.
I
am
very
proud
to
to
represent
the
ebid
today
and
I'm
joined
by
andrea
andre.
Would
you
like
to
introduce
yourself.
B
A
A
Pleasure
is
all
mine,
so
just
a
few
housekeeping
or
session
keeping
things
we
will.
The
session
will
go
on
for
30
minutes
and
andre,
and
I
will
talk
for
about
20
minutes
and
we
will
be
very
happy
to
take
your
questions
at
the
end.
Please
use
the
chat
function
and
send
them
to
us,
and
we
will
then
read
them
out
so
that
everyone
can.
A
Whoever
is
watching
the
recording,
knows
the
questions
and
we
will
try
to
answer
everything
that
you
want
to
know
and
if
we
do
not
know
the
answer
or
we
cannot
answer
today,
we
will
for
sure
do
that
and
we'll
try
to
get
back
to
you.
So
I'm
going
to
share
my
screen
right
now,
andrea.
I
know
that
I
will
stop
seeing
you
good.
A
That
this
session
is
on
legal
and
regulatory
virus
to
digital
trade,
and
that's
what
we're
going
to
talk
today
about.
As
far
as
I
know
from
the
agenda,
this
is
one
of
only
three
sessions
during
this
global
forum
on
trade
finance.
So
I'm
very
happy
andrea
that
we
can
talk
about
it
today
and
that
it's
it
was
included
in
the
program
and
the
agenda,
because
it's
very
important.
A
So
I
would
like
to
show
you
this
picture,
those
of
you
who
may
have
seen
it.
It
first
appeared
on
reddit
and
then
was
circulated
in
social
media
by
the
by
a
lot
of
trade
finance
specialists
around
the
world.
As
you
can
see
here,
there
is
a
lot
of
paper
and
I
counted
for
you,
so
you
don't
need
to
count.
There
are
71
pieces
of
paper
in
this
photo
and
this
is
the
amount
of
paperwork
required
for
one
single
shipment
of
pet
food
or
food
for
animals
for
domestic
animals
from
the
uk
to
croatia.
A
A
A
lot
of
goods
were
not
cleared
in
customs
because
of
paper,
and
that's
one
of
the
major
problems
in
trade
finance
at
the
moment
and
in
terms
of
digitalization
or
digital
transition
and
trade
finance.
So
as
a
little
preview
andre.
Would
you
like
to
tell
us
now
what
is
currently
happening
in
the
digitalization
and
trade
finance?
Sure.
B
Sure
mariah,
thank
you
so
much
for
handing
this
to
me.
As
you
said,
tree
finance,
I
call
it
a
vintage
industry.
Actually,
it's
a
very
ancient
one.
Let
me
have
one
thing
when
you
think
about
trade
funds,
you
think
about
paper.
Basically,
as
you
show
perfectly
in
that
picture,
you
also
think
about
you
know
middle
ages,
not
because
it's
mentioned
one
but
okay.
B
B
B
B
So
far,
actually,
at
the
beginning
of
2020,
this
smaller
low
was
only
accepted
by
one
single
country
which
is
in
the
middle
east.
It
was
bahrain,
the
kingdom
of
marine
and
it
was
only
accepted
at
one
point
I
mean
it
was
accepted
by
the
customs
by
the
institutional
law,
but
not
the
situation
has
changed.
Other
countries
have
joined
this
small
law,
and
you
know
the
situation
is
constantly
involved.
As
you
can
see
here
we
saw
singapore
through
the
national
law
and
abu
dhabi
global
markets.
B
B
A
B
Those
two
led
in
parallel
and
you
know,
are
heavily
impacting
the
industry
by
you
know
introducing
this
new
form
of
instruments
on
the
other
side
of
the
oceans.
They
are
not
sleeping
on
laurel.
Things
also
is
evolving
thanks
to
the
activity
led
by
banks,
association,
finance
and
trade.
The
baeft,
which
recently
introduced
a
new
standard
for
international
trade
and
trade
finance,
which
is
called
distribute
payments,
which
is
a
new
standard
dlt,
so
which
is
specifically,
was
created
for
being
run
on
dlts
and
it's
open
source
utilizable
by
anybody
interesting.
B
B
B
B
B
B
Last
of
the
meetings
that
we
have
was
the
one
on
may
this
year
we
guessed
a
very
interesting
speech
by
having
antonin
from
north
finland,
and
it
gave
us
plenty
of
details
about
what's
going
on
in
northern
europe
in
this
respect,
as
well
as
well
in
terms
of
digitization
in
terms
of
creating
new
patterns.
New
semantics,
for
you
know,
transmission,
for,
let's
say,
enhancing
transmission
of
electronic
transferable
records.
So
this
is
the
activity
of
our
six.
A
B
A
Yes,
I
would
would
like
to
talk
about
this,
and
maybe
you
could
talk
for
on
the
next
one.
So
here
is
a
snippet
from
a
report
from
2018.
I
don't
think
anything
has
changed.
Unfortunately,
since
then,
so
it
would
be
as
relevant
as
in
2018,
a
report
by
bain
and
company
commissioned
by
hsbc,
where
they
actually
went
through
all
the
processes
and
trade
and
trade
finance.
A
So
this
is
an
example
of
an
issuance
of
a
letter
of
credit,
so
we
spoke
a
bit
about
paper
and
the
drive
to
make
trades
of
trade
and
trade
finance
industry
paper
less,
but
there
are
other
benefits
that
blockchain
can
bring
to
trade
finance,
and
this
is
an
example
where
you
could
potentially
reduce
the
processing
time
by
80
percent
and
to
illustrate
it
in
a
different
way.
Andrea,
would
you
like
to
talk
about
this?
A
B
Exactly
maria
consider
these,
you
know
we
based
our
argumentation
on
the
basic
fact
that
you
know
we
stuck
on
a
picture
that
is
based
on
an
lc
on
a
letter
of
credit,
so
a
lot
of
work
to
be
done
on
procedures
in
documents.
You
know
it's
a
straight
line
connecting
the
buyer
and
the
seller.
Actually
the
salary
and
the
bias,
so
there
are
so
once
assistant
is
in
place
the
side
to
the
beneficiary
which
ships
the
goods.
B
So
you
know
you
have
several
intermediate
steps
to
undergo
once
you
ship,
you
have
to
produce
the
documents.
Documents
shall
be
sent
physically
in
a
physical
form
to
the
beneficiary
of
the
letter
of
credit.
They
have
to
be
checked
on
their
side.
They
have
to
be
forwarded
to
the
confirming
bank
which,
from
her
side
herself,
she
checks
the
documents.
B
B
B
These
are
in
a
physical
space
nowadays
operations
once
it
digitizes.
You
see
that
three
operations
are
clear,
literally
canceled,
so
ergonomically,
it's
a
large
advantage
for
anybody
and
see
that
the
margins
are
affected
positively.
Once
you
go
through
the
blockchain,
the
line
gets
shorter
and
shorter.
So
you
see
basically
three
intermediate
steps.
B
B
B
Considering
that
you
have
so
many
sources
of
information
in
the
letter
of
credit
yeah,
so
you
have
packing
lists
you
have
you
know
you
have
the
bill
of
lading.
You
have
the
invoices
all
of
these
to
be
matched
between
them.
You
have
a
number
of
the
lc
which
should
be
quoted
in
each
and
every
document.
If
you
post
blockchain
in
the
picture,
this
allows
you
to
reconcile
all
this
information
in
a
much
quicker
way
than
it's
done
in
physical
space
and
also
in
the
barely
digital
way.
A
Yes-
and
I
mean
the
other
things-
the
benefits
could
be
not
only
instant
and
transparent
communication
between
importers,
exporters,
banks
and
all
other
participants.
As
andrea
mentioned,
there
are
a
lot
of
them
a
lot.
Trade
is
a
very
complex,
complex
chain
and
trade
finance.
On
top
of
this
makes
it
even
more
complex.
A
B
A
I
only
pick
the
countries
that
are
in
our
region
and
you
can
see
the
acceptance
of
digital
documents,
and
these
are
all
the
types
of
documents
that
you
can
see.
Letter
of
credit
bill
of
lading
bill
of
exchange
insurance
policy,
promissory
note
that
can
be
required
or
can
be
part
of
a
trade
finance
transaction,
and
you
can
see
that
the
respondents
to
the
survey,
which
would
be
usually
banks-
some
of
them
did
not
know,
were
not
not
sure
whether
there
is
a
paper
or
digital
allowance.
A
For
this
document
you
see
orange
are
all
of
ones
that
must
be
in
paper,
and
you
will
see
green
ones
where
digital
is
allowed.
So
it's
not
the
only
option,
but
at
least
it's
allowed,
and
I
would
like
to
draw
your
attention
to
egypt,
which
seems
to
be
at
least
based
on
this
data
is
the
country
that
is
ahead
of
others
in
our
region,
and
I
would
like
to
give
you
an
example
of
the
actual
application
from
july
this
year.
A
They
will
be
able
to
know
that
the
goods
the
incoming
cargo
has
been
registered
properly,
which
means
that
egyptian
customers
will
not
turn
the
goods
away,
and
I
would
really
have.
I
really
encourage
you
to
follow
this
and
see
whether
there
will
be
a
lot
of
news
about
cargo
not
being
accepted
at
the
egyptian
customs,
I'm
definitely
watching
it
from
the
1st
of
july.
I
find
that
really
fascinating
as
an
example
of
application
of
blockchain,
and
I'm
really
happy
that
it
comes
from
the
region
where
the
ebrd
works
so
andrea.
B
B
There
are
too
many
standards,
whether
coming
up
with
a
single
one
or
maybe
acknowledging
each
other's
standards
will
play
a
definite
role
in
succeeding.
You
know,
I
often
maria,
if
you
remember,
we
will
mention
these.
This
is
a
very
regulated
field,
a
highly
regulated
one
thing
about
the
ucp
think
about
the
eucp,
the
international
standard,
banking
practice.
B
B
Second
thing
is,
you
know,
promoting
an
inclusive
approach.
We
talk
about
technology
with
different
stakeholders
involved
in
base.
If
one
of
the
stakeholders
is
left
behind
in
terms
of
technology,
it
wouldn't
work.
You
have
to
play
on
the
same
level,
otherwise
one
is
up
there.
The
other
is
up
here.
It
won't
work
if
you
want
to
create
a
seamless,
workflow,
a
seamless
flow
of
data
between
one
point
to
another
pawn
one
period
to
another
period,
so
democratize
technology
make
it
available
include
everybody
in
the
creature
and.
A
Because
they
have
a
budget
for
this
because
they
have
a
digital
strategy:
local
banks-
who,
for
example,
are
the
only
ones
in
some
countries
that
finance
smes,
small
and
medium
enterprises.
They
are
the
ones
who
will
not
have
a
budget
for
digital
solutions.
They
will
not
have
a
strategy
and
someone
needs
to
help
them
and
development.
Banks
have
a
really
important
role
to
play
here,
but
they
cannot
only
help
some
banks
if
the
country,
specific
legal
and
regulated
environment
is
not
enabling
this
transition.
A
That's
that's
also
something
that
development
banks
really
have
to
step
up
and
help
countries
that
want
to
pioneer
these
technologies,
for
example
like
egypt.
I
wish
we
would
have
helped
them
to
pass
the
new
customs
law,
but
they
were,
they
were
really
on
the
ball
there.
They
wanted
to
do
this.
There.
B
Were
also
they
needed
this,
let's
say
we
have
other.
You
know
maybe
places
that
we
can
enhance.
Yes
and,
of
course,
this
summarizes
all
the
rest
of
the
points
you
know
we
mentioned
in
this
when
you
say
this.
Let
me
end
this.
I
mean
through
this,
which,
I'm
I
mean
can
picture
perfectly
with
blockchain
and
plus
blockchain
is
include,
don't
exclude,
make
it
available
for
anybody
involved
in
a
picture.
You
mentioned
micro,
small
and
medium
enterprises.
B
This
is
the
core
of
you
know
the
area
ebr
dean
manages,
you
know,
think
about
the
mediterranean
countries,
think
about
middle
east.
Think
about
africa,
which
is
deeply
the
new
frontier
in
doing
this.
If
you
don't
make
it
available,
if
you
don't
make
it
inclusive,
you
won't
come
up
with
any
good
result.
A
A
So
if
you
develop
a
solution
that
will
revolutionize
trade
finance
and
you
want
to
go
to
a
new
market-
be
prepared
that
for
some
time
you
may
need
to
run
digital
and
paper-based
processes
in
parallel,
and
it's
not
a
joke
at
the
beginning
of,
for
example,
implementation
of
bolero
and
the
electronic
documents
of
bolero
in
turkey,
banks
were
printing
all
the
documents
exchanged
on
bolero
and
paper
form
to
comply
with
local
regulatory
environments.
So
this
is
something
that
will
be
inevitable.
A
A
B
B
You
can
easily
do
by
running
the
mail
to
the
address
that
you
can
find
on
top
of
the
page
and
you'll
be
automatically
directed
so
feel
free
to
come
to
us.
It's
free
space,
as
I
mentioned
you're,
all
welcome
to
give
your
insights
into
to
this
I
mean
we'll
be
glad
to
contribute
to
the
discussion.
Of
course,.