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- TTP Liquidity Brief | Issue 66 - Old lessons, new challenges
TTP Liquidity Brief | Issue 66 - Old lessons, new challenges
From American Express and letters of credit to AI, critical minerals, and the latest in global trade.
🌟 A note from the Deputy Editor
History has a funny habit of sticking around.
This week's slow read tells the story of how American Express transformed itself from a freight forwarding company into one of the world's best-known financial brands. It’s a fun historical tale with some relevant takeaways for today’s challenges.
That idea carries through much of this week's newsletter. We revisit one of trade finance's oldest instruments to ask what letters of credit can still teach us in today's geopolitical environment, while the ICC's Trade Register begins a new chapter under its Global Trade Intelligence Report name.
Elsewhere, we've covered developments ranging from coordinated currency intervention by the US and Japan to financing for critical minerals, alongside a new pre-shipment finance topic page for anyone looking to brush up on the fundamentals.
From the studio, we caught up with the founder of Cleareye.ai to discuss the role of AI in trade finance, before sitting down with SMBC's Kawamura to talk about risk, resilience, and where the industry is heading next.
As always, there's plenty to read, watch, and learn.
Until next time — history has more to teach us yet.
— The TTP Editorial Team

Country of the Week: Papua New Guinea
Did you know that Papua New Guinea's currency takes its name from a shell once used in trade? The kina shell was traditionally exchanged as a form of wealth across parts of the country, long before the arrival of modern banking. Today, the national currency still carries the name, reflecting the country's long history of commerce.
Papua New Guinea trade stats (2024):
Total exports: $13.9B | Total Imports: $5.48B |
Largest export destination: China ($3.26B) | Largest import partner: Australia ($1.59B) |
Largest Export: Petroleum Gas ($5.36B) | Largest Import: Refined Petroleum ($886M) |
Source: OEC
Slow Read
The company that left freight behind: How American Express turned letters of credit into a new opportunity
By: James Dorman
The successes of the past have a lasting impact. Sometimes, this impact is obvious, and you can trace a lineage of imitators back to an original who broke the mould. Other times, the influence is more subtle – the nature of a success sends ripples that appear to establish a sort of blueprint and new normal for practices and behaviours, even without conscious imitation.
The study of history can be illuminating in any field; looking backwards can help us forge forward, presenting us the opportunity to dissect how the great successes navigated uncertainty or why the failures were not equipped to do the same.
In short, lessons can be learned.
In the trade world, where digitalisation marks the way forward and billions of dollars are invested in engineering modern rails for centuries-old instruments, we can certainly look to the past for lessons in ingenuity and adaptability.
One, perhaps less expected, place we can look is at the story of American Express.
Trade digest
Treasury, payment and global banking digest
Topic of the week: Pre-shipment finance
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