This year’s Global Trade Review (GTR) Asia 2024 was a hive of activity, renewing connections and delivering new insights. Speaking at a keynote panel discussion, Mizuho Bank’s Ashutosh Kumar, Managing Director, Head of Global Transaction Banking, Asia Pacific was optimistic yet measured on the global trade growth, signalling a positive yet cautious recovery ahead.
Joined by other industry peers, the panel discussion focused on Asia being a global growth engine for trade. From addressing key regional trends to exploring opportunities that industry players can tap, Ashutosh remarked that while trade is unlikely to exceed the historical average growth of 6-7%, it is expected to perform better than the last two years.
He added that he saw significant shifts occurring in global trade, such as the dislocation of supply chains and accelerating need for digitalisation of trade documents.
Ashutosh also highlighted the accelerating need to streamline processes in general through digitalisation. With industries progressing towards full digital integration in their businesses, it is expected that we will witness rapid advancements in areas such as customs compliance and documentation, among other areas. He emphasised that the shift to digital is vital to enhance efficiency and stay competitive in the evolving trade landscape.
Ashutosh also shared a number of rising trends noticed in B2B payments such as companies seeking to stretch their payment terms, the heightened awareness of counterparty risks, and the increase in requests for inventory financing solutions. These trends serve as opportunities to stakeholders, such as Mizuho Bank, to think of new solutions to meet clients’ needs.
Mizuho at the forefront of trade evolution
Mizuho Bank’s participation at GTR Asia 2024 reflects our deep commitment to staying ahead and evolving alongside the trade landscape. Our prominent presence at the event, which included an engaging photo booth and an experienced transaction banking sales team, showcased our proactive approach in understanding and addressing the evolving needs of our clients. In addition to our transaction banking team, colleagues from the corporate banking division were also on hand to help with client conversations.
“Mizuho Bank has unique solutions in many fronts and they are also constantly working towards staying ahead of the curve in terms of technology and other things,” said Mr. Manish Kumar Tibrewal, Chief Financial Officer from Aditya Birla Global Trading (Singapore) Pte Ltd, a client of Mizuho’s. He added, “One solution they provided recently was aiding us in financing a ship, and we truly appreciate our partnership and their services.”
Our efforts have not gone unnoticed, with Mizuho’s Global Transaction Banking securing prestigious awards on a recurring basis, reinforcing our standing as an industry leader. As recently as June this year, we were recognised as the Best Asian International Transaction Bank in Asia Pacific at The Asian Banker Transaction Finance Awards 2024. Read more about the award here.
“This year’s GTR – we find it to be bigger and better. We have many, many clients welcoming us and it was completely packed,” said Ashutosh, as he reflected on the two-day event. “We had great discussions with our clients. They also enjoyed the panel discussions, which I think served as great insights for them.”
Watch the highlight video to catch all the key moments at #GTRAsia 2024! Learn more about how we can support your trade needs by connecting with us on LinkedIn.