The Missed Moment

The COVID-19 pandemic could have been trade’s digital tipping point. With borders closed and staff working remotely, the need to ditch paper became obvious. Unfortunately, the industry was not ready with solutions to meet the sudden demand so while there was a flurry of new development, when restrictions lifted, many reverted to old habits. The moment passed.
Unlike consumer sectors where digital change is swift and intuitive, trade operates across complex ecosystems. The benefits of digital adoption are often shared, slow to materialise, and require alignment across multiple parties – making the business case hard to prove for any one actor. When the actors are seasoned professionals who have experienced many industry failures to launch in the past, getting started can be even more of a challenge.

Collaboration Is the Goal – But It Can’t Be the Prerequisite

A persistent hurdle is the need for collaboration across buyers, sellers, financiers, shipping lines, ports, and customs agencies. Without shared standards and interoperability, even the most capable digital platforms struggle to scale.

But waiting for full alignment isn’t realistic. Digital trade platforms must offer tangible value today – whether through automation, pricing transparency, or better decision-making data. The best solutions do both: deliver immediate utility while building toward a more connected future.

Too often, interoperability becomes an excuse for inaction. We believe it should be a destination – not a requirement for starting the journey.

Laws Are Changing. Mindsets Must Too.

The UK’s Electronic Trade Documents Act (ETDA), passed in 2023, is a major step forward. By making electronic trade documents legally equivalent to paper, it removes a key roadblock to digitisation. The potential benefits are enormous: ICC UK estimates the Act could save British businesses over £225 billion in efficiency gains and drive £25 billion in new SME-led trade growth.

But legal reform is only one piece of the puzzle, and digital documents are only one tool that platforms can use to made trade finance simpler and more accessible. Policymakers must go further – through tax incentives, public-private pilots, and stronger messaging that encourages adoption of technology more broadly in trade finance. Clarity from government helps de-risk decisions and empowers first movers to act.

This is the heart of the issue – many corporates want to stay informed but not lead with action. That’s understandable, given the costs and complexity. But if we want change, someone must go first. Getting the attention of decision-makers will be critical, and providing a clear incentive needs to follow. If benefits accrue over time for whole economies, policy makers will need to subsidize early adopters.

Moving up the Ladder

There are promising signs. Platforms like Mitigram are using historical and live data to help corporates benchmark trade finance pricing and manage counterparty risk while providing AI-powered automation for some of the most manual processes in trade finance. We believe that this kind of solution – immediate value creation, data-driven, and user-centric, is exactly what trade finance needs.

As more firms realise the value their data holds, we expect that trade finance will receive increased attention from senior management stakeholders, which has traditionally been a challenge with trade, providing the incentives and momentum to build around tools that combine workflow automation with strategic visibility.

From Potential to Progress

Trade doesn’t lack innovation. It lacks scale. The tools exist, and the benefits are proven. What’s needed now is focus: platforms that solve real problems, policies that push for adoption, and leadership that isn’t afraid to act early.

The ICC UK Corporate Digitalisation Task Force will continue to advocate for all three. We believe digital trade isn’t just a way to modernise what already exists – it’s a chance to make global commerce more inclusive, resilient, and accessible to all.