trade

Payments, global trade head for digital ‘tipping point’ as coronavirus pandemic forces shift in business environment

Digitisation in payments and global trade has reached a “tipping point” as a result of the challenges created by the coronavirus pandemic, creating a new level of comfort and trust in digitally driven transactions, according to a panel of fintech experts.” data-reactid=”28″Digitisation in payments and global trade has reached a “tipping point” as a result of the challenges created by the coronavirus pandemic, creating a new level of comfort and trust in digitally driven transactions, according to a panel of fintech experts.

Global trade has entered a new era where the digital economy is going to be the centre of the world’s economic structure, according to Jack Zhang, chief executive and co-founder of Tencent Holdings-backed payments operator Airwallex.

Airwallex saw usage by its customers jump by 53 per cent in the second quarter from the first, with some of its e-commerce customers experiencing 200 per cent growth

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China says US damaging global trade with Huawei sanctions

BEIJING (AP) — China accused Washington of damaging global trade with sanctions that threaten to cripple tech giant Huawei and said Tuesday it will protect Chinese companies but gave no indication of possible retaliation.

Rules confirmed Monday by the Commerce Department block suppliers from using U.S. technology to produce processor chips and other components for Huawei. The company, China’s first global tech competitor, is the biggest supplier of switching equipment for phone companies and a leading smartphone brand.

The foreign ministry demanded the Trump administration “stop suppressing Chinese companies.”

Huawei Technologies Ltd. is at the center of a worsening row between Washington and Beijing over technology and security. U.S. officials say Huawei is a security risk, which the company denies, and are lobbying European and other allies to avoid its technology as they upgrade to next-generation networks.

The United States is “violating international trade rules, and undermining the global industrial

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Global trade in services ‘set to surge by $2 trillion’ by 2025

City of London
City of London

More countries adopting technology and switching to remote working after the Covid-19 pandemic will drive a $2 trillion (£1.5 trillion) surge in trade in services over the next five years, according to new analysis.

Oxford Economics and Western Union modelled what effect coronavirus will have on cross-border trade, projecting that international trade in services will rise 31pc from $6.1 trillion last year to $8 trillion by 2025.

The US, France and the UK are set to see the largest increases in the value of cross-border trade in services over the next five years, the study said. In Britain, total services exports are expected to jump by $104bn, primarily driven by a boom in “digitally-deliverable services”, such as IT and financial services. 

Already in the UK, services are a dominant part of the economy, thanks to the country’s role as a leading financial and business services hub.

However,

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