Open account trade overcomes obstacles to march forward

Despite a lack of regional credit insurance cover and a simple failure by some local banks to understand the process, open account trade volumes are set to increase this year.

The growth in open account trade in Asia is expected to continue its march forward this year. That’s despite some regulatory concerns, a lack of regional credit insurance cover and a simple failure by some local banks to understand the process. “In 2010 open account exceeded 2008’s peaks by between 15% and 17% by contrast, letters of credit grew by only a few percent in 2010 over 2008,” said Ashutosh Kumar, Standard Chartered Bank’s global head of local corporate products...

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