The MoU is signed to create a global digital network in trade finance.  The Australia and New Zealand Banking Group ANZ (ANZ.AX), BNP Paribas (BNPP.PA), Citibank (C.N), Standard Chartered and Deutsche Bank (DBKGn.DE) also agreed to join the digital trade information network expected to be operational by the third quarter of next year.

Seven banks, including HSBC (HSBA.L) and Banco Santander (SAN.MC), have signed a Memorandum of Understanding (MoU) to create a global digital network in trade finance aiming at allowing cheaper and easier funding for corporates, a Santander manager said on Wednesday.

“It is the first time that these banks come together to set a standard (...) that will allow cheaper access to finance because the risks are going to be reduced,” Rogier Schulpen, global head of trade and working solutions at Banco Santander, said in a phone interview. Read more . . .