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#MENASCF24 – Soundbites: Panel Discussion: Digital Transformation – from narrative to action Moderator: Simon Cook, Partner, Sullivan & Worcester UK Panellists: Saloi B., Head of Enterprise Alliance and Ventures, XDC Network; Head of Institutional Partnerships and Working Group Committee, Tradefinex;  Sean Edwards, Managing Director, Head of Legal - EMEA, Planning Department, Legal Group EMEA, SMBC International, Chairman, ITFA;  Reda Ezzat, Senior Vice President, Head of Structured Trade Finance, Masreq Bank, Huny Garg, Executive Director and Country Head, KSA and Bahrain, SWIFT, Sarah Mikhail, CITF, CSCF, Trade and Working Capital Product “DIFC is being used as a center for third-party trade, so it is easier to adopt digital trade within the context of DIFC,” Huny Garg. “When looking at digital trade, people mainly focus on shipping documentation, but in the context of DIFC, the focus is on the financial side, so it is less important where the goods actually are located,” Sean Edwards. “Increasingly, businesses are starting to use the law of countries that recognize digital assets, but not the law of their own jurisdictions,” Sean Edwards. “In most OECD economies, documented trade is declining, but it is still growing in countries like India, China, and Bangladesh. However, even there, we see governments working on initiatives to facilitate trade digitisation,” Huny Garg. “At JP Morgan, we are still testing technology in London. Unless we achieve it as a success story, we don’t foresee it happening soon in the Middle East and Africa,” Sarah Mikhail. “We need standardisation to implement MLETR and ETA,” Saloi Benbaha. #supplychainfinance #digitisation #digitaltrade

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