By: Baldev Bhinder and Joyce Fong, Blackstone and Gold
This article was originally published by Blackstone and Gold.

The current conflict in Iran is a stark reminder of how quickly physical trade can grind to a halt. Disruption in the Strait of Hormuz has triggered a domino effect, choking deliveries from the Middle East and starving Asian refineries of critical feedstock (see our earlier Force Majeure Survival Guide). A waterfall of force majeure (FM) notices has followed, with inevitable disputes over the validity of FM positions now rippling down the supply chain.

On 12 May, 200+ delegates from 90 organisations in the global export finance industry gathered for Berne Union’s Spring Meeting in Astana, Kazakhstan. The meeting, themed “Crossroads”, highlighted the challenges that export credit agencies (ECAs) and investment insurers face amid significant changes in global trade and finance. The Berne Union also announced a Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) and shared cross-border trade data for 2025.

The International Finance Corporation (IFC), the World Bank Group’s private-sector arm, has announced the signing of its inaugural Trade Finance Synthetic Securitisation (TFSS), a transaction designed to mobilise private capital to support trade and job creation in emerging markets. This transaction complements the recent launch of IFC’s Emerging Market Securitisation Program (EMSP), a strategic initiative to channel private investment into emerging economies.

By: Akber Datoo, CEO and Founder, and Jason de Mink, Head of Digital Assets, at D2 Legal Technology.
Cryptoassets, digital financial assets that have quickly gained prominence since first emerging in the aftermath of the 2008 financial crisis, now sit crucially at the intersection of financial innovation, consumer risk, and regulatory authority. Following high-profile failures such as the Terra/Luna stablecoin collapse and the bankruptcy of crypto exchange FTX, political and public pressure to impose outright bans on cryptoassets has intensified. Yet the instinct to prohibit crypto activity entirely risks misunderstanding the reality of crypto market behaviour.

By: Karen Fagan, Head of Treasury Consultancy Service, AccessPay
For scaling businesses, finance transformation is a fundamental piece of the growth puzzle. Yet projects to implement or upgrade enterprise resource planning (ERP) systems don’t always live up to their promise to deliver end-to-end payment automation. Often, this is due to a late realisation that bank connectivity hasn’t been included in the project scope, which risks derailing ERP implementations in their last mile. For chief financial officers (CFOs) embarking on an ERP migration, it’s vital to understand where bank connectivity fits within the project plan during the scoping phase.

The Japan Blockchain Foundation is set to launch EJPY, a yen-backed stablecoin that will enhance Japan’s regulated digital finance infrastructure. Designed primarily for business settlements, remittances, and digital asset payments, EJPY aims to support real-world commercial activities rather than retail speculation.

Societe Generale has announced an acceleration in the development of institutional blockchain-based financial infrastructure on the Canton Network (“Canton”), focusing on tokenised collateral, on-chain financing, and institutional-grade digital settlement solutions. This initiative is powered by its digital assets subsidiary, Societe Generale-FORGE (“SG-FORGE”).

Salim Nemouchi Head of Equity Derivatives Americas and Global Head of Prime Services at Societe Generale, said, “This initiative directly responds to growing institutional demand within the Prime Services environment, which is at the core of our franchise.”

Viv Diwakar, Head of the Canton Foundation, added, “Welcoming Societe Generale as a strategic partner and Super Validator underscores the continued momentum of Canton as the network of choice for institutional finance."

Jean-Marc Stenger, CEO of Societe Generale - FORGE, said, “Bringing our regulated stablecoins to the Canton Network represents a major milestone in advancing institutional tokenised finance.”

Reports Devanshee Dave, from Trade Treasury Payments (TTP)

Yesterday, Trade Treasury Payments (TTP) was on the ground in Amsterdam as media partner for TXF Amsterdam 2026 - Global Natural Resources & Commodities Finance.

The day brought together leading insurers, brokers, banks, and traders to explore the geopolitical forces shaping the CPRI market, evolving commodity finance dynamics, and emerging opportunities across Latin America.

A huge thank you to all the speakers and panellists who shared their insights throughout the day, including Rakesh Ranchhoddas (ADM), Alexander Klepp (Credendo), Arthur Goldman (TRANSAMINE), George Bellord (BPL), Eduardo Bartolomei (OAK Commodities), Nicolas Diaz de Lezcano Ley (BBVA), Gonzalo Cisterna, CFA (Santander), Inigo Flores Piran, and Trade Treasury Payments (TTP) Editor-in-Chief Deepesh Patel.

Alongside the event, TTP and TXF also launched our latest publication, Billion-dollar deals in a top-heavy commodity market, exploring the growing concentration of capital across commodity finance and what it means for the wider market.

Catch up on the latest event updates and download the publication. Links in the comments.

UK Export Finance (UKEF), the UK government’s export credit agency, has provided crucial insurance cover to Masters Speciality Pharma, a Hertfordshire-based specialist pharmaceutical company. This support has enabled the company to secure and deliver contracts worth over £2.3 million to supply lifesaving medicines to Saudi Arabia.

Tim Reid, CEO at UK Export Finance, said, “British businesses like Masters Speciality Pharma are doing vital work—not just for the UK economy, but for patients around the world who depend on access to critical medicines.”

Simon Clarke, Chief Operating Officer at Masters Speciality Pharma, said, “UKEF’s support made the difference—it meant we could take on these contracts that otherwise would have been beyond our reach or would have stretched working capital to the detriment of the rest of the business.”

James Cundy, Head of Corporate and Leveraged Finance at HSBC UK, said, “We know customers exporting overseas often struggle with freeing up working capital, so we were delighted to work with UKEF and increase our facilities to allow Masters Speciality Pharma to continue their vital work without disruption.”

Reports Devanshee Dave, from Trade Treasury Payments (TTP)

🔸 The Asian Development Bank (ADB) signed a Risk Participation Agreement with Security Bank, marking the first such partnership between ADB and a Philippine bank.

🔸The agreement enables ADB to share credit exposure through its Trade and Supply Chain Finance Programme, allowing Security Bank to extend additional financing to local suppliers and businesses.

🔸The initiative aims to improve SMEs’ access to working capital, facilitate earlier payments, and enhance cash flow management, while strengthening domestic and regional supply chain resilience.
 🔸 Many SMEs face challenges securing affordable and timely financing despite established relationships with larger corporate buyers; this agreement seeks to address those financing gaps.

🔸 ADB’s Trade and Supply Chain Finance Programme collaborates with over 200 partner banks globally to provide guarantees and loans that facilitate international trade and improve financing access.
 🔸 The partnership reflects broader efforts to strengthen SME financing ecosystems and support economic activity through enhanced trade finance infrastructure.

Commodity finance is shifting toward larger deals and fewer lenders, raising concerns about access, volatility and growing concentration risk across the market.

A concise analysis of why the WTO’s MC14 negotiations collapsed, the role of the US and India, the rise of plurilateral agreements, and how the UK can shape global trade reform over the next two years, based on insights from ICC UK’s Chris Southworth.

Commodity finance has entered a new era, with the average deal size surpassing one billion dollars for the first time. This publication examines how a market once defined by smaller, fragmented transactions has consolidated into larger structures, driven by rising prices, heightened uncertainty, and a growing reliance on major traders. Drawing on TXF’s 2025 data and insights from a London roundtable, it explores why mega‑deals now dominate volumes and how banks are reshaping their client strategies around scale, reliability and regulatory pressures.

The discussion also highlights the widening gap between the largest commodity houses and the smaller traders that once formed the backbone of supply chains. As banks concentrate on fewer, bigger clients, SMEs face shrinking access to finance, raising concerns about long‑term resilience and economic security. The publication underscores that while the billion‑dollar milestone is significant, the sustainability of global supply chains depends on ensuring capital reaches all tiers of the market.