BNY Mellon partners with ADB
BNY Mellon has announced it has become a partner bank in the Asian Development Bank’s (ADB) Trade Finance Program (TFP), a move that is expected to help BNY grow in Asian trade services by facilitating support to a wider range of customers, including small and medium-sized enterprises (SMEs).
TFP was designed to enable companies in Asia to engage in import and export activities through the provision of loans and guarantees by ADB’s partner banks.
According to BNY, over half of its trade financing was facilitated within Asia while the ADB’s work in Asia helped to “alleviate US$692 billion worth of unmet trade financing demand”.
BNY Mellon’s head of trade product and portfolio management, Joon Kim, said: “Given the increasing importance of providing trade finance support, our signing the TFP agreement and cementing of our partnership with ADB gives us an additional trade finance channel and capacity through which to assist our correspondent banks and their respective trade clients.
“We look forward to utilising the program actively.”
Recommended for you
Almost 70 per cent of asset managers are planning to control costs via product rationalisation, according to a global survey by Northern Trust, as they seek to offer clients a best-in-class experience.
Fund managers should work collaboratively with data providers to minimise greenwashing risks in their products as a positive ESG score can be a “gamechanger” for a fund’s demand with advisers.
Asset manager Janus Henderson has made two acquisitions in the ETFs and emerging markets space as it takes strategic steps to meet client needs.
Self-reporting issues to ASIC could lead to a reduced charge for a fund manager but it may not exempt them from enforcement action altogether, according to ASIC chair Joe Longo.
