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

Follow us on LinkedIn for the latest updates!

Don’t miss your chance to join the Trade Treasury Payments (TTP) x Sullivan & Worcester LLP Commodities Finance Breakfast Club on 15 September.


Structuring commodity trade finance deals in 2026 and beyond!

From 8.30 to 10.00 AM, the breakfast clubs will bring together leaders from across commodities and trade finance, and we would like you to join us at The Lansdowne Club in London!

For the first time, the average commodity finance deal has crossed the $1 billion mark. Much of that volume is concentrated at the top of the market. Larger players negotiate better rates, faster financing, and more favourable terms simply by virtue of size.

As global commodities markets are more fragmented than ever and financial access is concentrated among top players, this is putting pressure on SMEs and startups, constraining capital access and limiting growth in global economies.

TTP and Sullivan are thrilled to invite professionals across industries to join the conversation to unlock these financing gaps and explore how commodity financing can enhance collaboration for global economic growth!

If you have any questions, please don’t hesitate to reach out. We look forward to welcoming you on 15 September!

👇 Register now.
https://tradetreasurypayments.com/events/ttp-x-sullivan-breakfast-club-structuring-commodity-trade-finance-deals-in-2026-and-beyond

🗓️ Upcoming events

Advancing digital trade in Indonesia

  • Date: 20 August 2026

  • Location: TBC, Indonesia

  • Apply here

The Central Bank Payments Conference (CBPC)

  • Date: 31 August - 2 September 2026

  • Location: Istanbul, Turkey

  • Apply here

  • Date: 9 September 2026

  • Location: Singapore

  • Apply here

The ITFA 52nd Annual International Trade and Forfaiting Conference – Split, Croatia 2026

  • Date: 9-11 September 2026

  • Location: Rome, Italy

  • Apply here

TTP x Sullivan Breakfast Club: Structuring commodity trade finance deals in 2026 and beyond

  • Date: 15 September

  • Location: The Lansdowne Club, London

  • Apply here

BAFT 2026 virtual trade finance workshop

  • Date: 22-24 September 2026

  • Location: Online

  • Apply here

2026 BAFT Global Councils Forum

  • Date: 27 September 2026

  • Location: Virtual

  • Apply here

Sibos 2026

  • Date: 28 September - October 1 2026

  • Location: Miami Beach Convention Center, Miami, United States

  • Apply here

TTP x Surecomp Sibos Pool Party

  • Date: 29 September 2026

  • Location: Grand Beach Hotel, Miami Beach, Florida, USA

  • Apply here

TTP Corporate excellence awards 2026 for trade, treasury & payments

  • Date: 7 October 2026

  • Location: The Lansdowne Club in London

  • Apply here

2026 annual meetings of the International Monetary Fund and World Bank Group

  • Date: 12-18 October 2026

  • Location: Bangkok, Thailand

  • Apply here

Money 20/20 USA 2026

  • Date: 18-21 October 2026

  • Location: The Venetian Resort, Las Vegas, Nevada, USA

  • Apply here

60th FELABAN Annual Congress (Assembly)

  • Date: 3-6 November 2026

  • Location: Lima, Peru

  • Apply here

ICC Global Banking Commission Meeting

  • Date: 9-11 November 2026

  • Location: London

  • Apply here

From the Studio

🚀 Our latest publication

Trade Treasury Payments (TTP)