Issue link: https://maltatoday.uberflip.com/i/1521430
13 maltatoday | WEDNESDAY • 29 MAY 2024 NEWS BANK of Valletta successfully hosted a comprehensive Trade Finance Seminar earlier this month at Giardini Lambrosa in Rabat. This event was designed to provide local businesses and entrepreneurs with essential knowledge and tools to navigate the complexities of international trade. The seminar was led by Joseph Rodgers who heads the Bank's Trade Finance arm. Among the key topics covered, there were the benefits of trade finance, in- coterms, methods of payment, and pre- and post-shipping fi- nancing. Unlocking the Benefits of Trade Finance The seminar kicked off with a detailed presentation on the various benefits of trade finance. Attendees learned how these financial instruments can help mitigate risks, improve cash flow, and offer security for both importers and exporters, as well as manufacturers. Rodgers showcased the Bank's products, illustrating how they facilitate smoother and more efficient international trans- actions. Joseph Rodgers high- lighted the team's customised advisory services and custom- er-focused approach. "With years of experience in facilitating international trade transactions, the Bank has nur- tured a team of seasoned pro- fessionals who understand the intricacies of global markets. This wealth of knowledge allows us to offer tailored solutions that address the specific needs of businesses at every stage of their trade cycle." Selecting the Right Incoterm Understanding International Commercial Terms (Incoterms) is crucial for any business en- gaged in global trade. The seminar provided an ex- tensive overview of these terms, explaining the obligations of the buyers and the sellers, the shift- ing of risk from seller to buyer (where and when the seller 'de- livers') and which and who bears the costs involved. This session aimed to reduced disputes and ensure clarity in international trade agreements, a vital aspect for any successful business relationship. Navigating Methods of Pay- ment Various methods of payment, such as Documentary Credits (DCs), Documentary Collec- tions, Advance Payments, and Open Account transactions, were explained in detail. The session highlighted the ad- vantages and potential risks of each method, enabling business- es to make informed decisions tailored to their specific needs. Exploring Pre- and Post-Ship- ping Financing Options The seminar also covered fi- nancing options available both before and after the shipment of goods. Trade financing solutions such as back-to-back documen- tary credits, Collateral Man- agement Agreement (CMA), Stock Monitoring Agreement (SMA), Security by Title Trans- fer Agreement (STTA), bill of lading financing, invoice dis- counting, factoring and reverse factoring were discussed. International experiences were also shared with attendees to elaborate on the importance of such trade financing. These op- tions are designed to provide liquidity and support business growth, ensuring that compa- nies have the necessary funds at every stage of the trade process. Supporting Local Businesses "We are committed to sup- porting our customers' interna- tional business ventures by pro- viding the necessary knowledge and financial tools to help them navigate this often complex but crucial part of their business", explained Kenneth Farrugia, the Bank's CEO during his brief intervention. "Understanding the intrica- cies of trade finance is crucial for mitigating risks and max- imising opportunities, and this is an area where we can really offer our support. At the heart of our success in trade finance is our dedication to building strong, long-term relationships with customers. We maintain open lines of communication and prioritise client needs. Our professional experts understand the intricacies of the global markets and are therefore able to offer tailored solutions that address the specific needs of the individual customer." The seminar concluded with an interactive Q&A session, where attendees could address specific concerns and gain per- sonalised insights. Feedback from participants was positive, with many praising the practical approach and valuable informa- tion shared. Businesses and entrepreneurs wishing to discuss trade finance solutions or other financing requirements are encouraged to reach out to the Bank on 2275 1122 or businessdevelop- ment@bov.com. Alternatively, they may use the Bank's Online Booking system on bov.com. Unlocking liquidity & mitigating risks: BOV leads discussion in trade finance seminar "We are committed to supporting our customers' international business ventures by providing the necessary knowledge and financial tools to help them navigate this often complex but crucial part of their business."