You want to be able to move data into the system and automate it. Browser-based technology should help with the heavy lifting. But even that may not be enough to convince skeptical CFOs in Asia to make the switch to digital trade. Much will depend on the cost. Zhou says she doesn't see paperless trade catching on in Asia anytime soon.
People have to get out of their old mindset.
They may have no choice. The main push for paperless trade, according to bankers, will come from customers. With some customers dealing with as many as 5,000 suppliers, the onus will be on the suppliers to upgrade their systems to meet customer requirements. So it's not surprising that banks in Asia are now flogging an array of digital trade finance products. For importers, Hexagon software generates and amends letters of credit, makes loans to pay for imports, and handles requests for shipping guarantees.