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1、1 The future of trade andB2B payments?2028 market forecasts:emerging trends andopportunitiesfor businesses?Contents Executive summary 3 Methodology 6 2019-22 post-pandemic review 8 2023-28 global forecasts 13 Conclusion and considerations 24 B2B payments trends 20 2 converaholdings|ExploreConvera Ex
2、ecutive summary+24%+30%+44%+7%+33%42%$30.3trn+$6.9trn+$3.2trn value of global cross border trade from 2019-22 value in global goodstrade2023-28?value of global servicestrade 2023-28?volume of global trade 2019-22 value of capital goods sector trade 2023-28?combined share of ICT and B2B services(othe
3、r)by 2028?(share of totalservices)?value of global trade in 2022 value of global goodstrade 2023-28?value of global servicestrade 2023-28?Global commerce resilient despite trade shocks Cross-border B2B services to accelerate post-pandemic growth Low-carbon transition will transform goods trade patte
4、rns 3 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionExecutive summary converaholdings|ExploreConvera |Global commerce resilient despite trade shocks Despite the global shocks of the pandemic,the war in Ukraine,and inflation,international
5、business remained?remarkably resilient.After the pandemic downturn in 2020,international trade rebounded strongly in 2021 and further increased during 2022.Trade also rose 7%in volume terms over this period.Over the 2019-22 period,total trade increased by 24%in value terms(current prices),reflecting
6、 the inflationary?environment economies have endured over the past two years.In particular,traded goods and services such as commodities and freight transport saw higher inflation than the wider economy.?Cross-border B2B services to accelerate post-pandemic growth The post-GFC trend of services trad
7、e growing nearly twice as fast as goods trade should reassert itself,as accelerated digitalization and automation continue to increase tradability of business-related services globally.Services trade is forecast to grow by an average of 7.2%per year in value terms over the next five years,?compared
8、to 5.6%over the previous decade(2010-19).When compared to 2019 levels,the growth of digitally deliverable services is expected to be superior to that of total services.Rapid growth in knowledge-intensive,ICT-enabled services categories will tend to favor those advanced economies with the digital inf
9、rastructure,innovation ecosystems and workforce skills necessary to succeed in this environment.The US is positioned to post the largest absolute increase in services exports by 2028,given its global?leadership in many categories of professional services,as well as its investments in digital infrast
10、ructure and technological innovation.Low-carbon transition will transform goods trade patterns Goods trade is forecast to grow by 3.8%per year?compared to 4.2%over the previous decade(in value terms).The global economy looks set for a sustained period of weakness through 2023-24,which will in turn w
11、eigh on the outlook for trade in goods.However,longer term prospects for global trade look brighter.There will be shifts in traditional patterns of trade driven by factors such as efforts to improve supply chain resilience and trade policies of governments becoming increasingly interconnected with o
12、ther objectives,such as the low-carbon transition or national security.As the global economy recovers in the medium-term(2025-28),labor markets in developedeconomies will?likely remain tight.The limited spare capacity will mean firms need to accelerate business investment,?which in turn will boost c
13、apital goods trade.The net zero transition will further boost capital and consumer goods trade due to increased demand for products like renewables components and electric vehicles.Capital goods trade is forecast to accelerate through the rest of this decade,growing by a third by2028.?Raw materials
14、trade is forecast to grow only modestly in value terms over the coming years.This is partly a price effect,as the price of some commodities eases off the highs seen in 2022,but also driven by plateauing(and in some cases declining)demand for commodities,particularly fossil fuels.These factors will t
15、ilt export growth in favor of economies producing capital and consumer goods such as China and Germany,with large raw materials producers like Australia seeing much slower growth.However,certain raw materials will remain in high demand,especially materials required for the energy transition(e.g.,lit
16、hium,copper).Over the 2019-22 period,traded goods and services such as commodities and freight transport saw higher inflation than?the wider economy.4 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionExecutive summary Government policies wil
17、l re-shape commerce EU Carbon Border Adjustment Mechanism(CBAM)US Inflation Reduction Act?EU Markets in Crypto Assets(MiCA)Explicit alignment of trade policies to geopolitical ties,and climate/environmental goals,will also determine trade flow patterns going forward.?Rivalries of Western governments
18、 around flows of?technology and knowledge with China should boost other trade corridors in particular the emerging economies of Asia(e.g.,South Korea)which have relatively low costs and increasingly sophisticated manufacturing capabilities.Equally,Asia is an increasingly important driver of growth i
19、n global demand due to its rising population and improving standards of living.An alignment of trade policy with environmental and climate objectives may materialize in the form of explicit tariff-based measures such as the EU Carbon Border Adjustment Mechanism(CBAM).Further,industrial policies with
20、 trade implications such as the USs Inflation Reduction Act have various clauses on?trade explicitly addressing sustainable development issues.These policies could pose a downside risk to certain traditional trade patterns(e.g.,in fossil fuels trade)and potentially increase regionalized trade.Across
21、 B2B international payments,global institutions continue to address demand from businesses for simplification and reduced friction when transacting?across borders in foreign currency.Both the Financial Stability Board(FSB)and the Bank for International Settlements(BIS)are laying paths towards real-t
22、ime business payments and potentially CBDCs.Meanwhile,the EU plans to launch its new Markets in Crypto Assets(MiCA)policy by 2024 to address the use ofcryptocurrencies.?Discover how Converacan help?Has your need for cross-border payments increased post-pandemic?converaholdings|ExploreConvera |2019 2
23、022 2023 2028 2019-22 2023-28 2019-28 Total trade 24.5 30.3 29.8 39.8 24%33%62%Total goods trade 18.2 23.6 22.7 29.5 29%30%62%Raw materials 2.2 3.5 3.2 3.6 62%15%67%Intermediate goods 7.5 10.1 9.6 12.3 35%29%64%Consumer goods 4.0 4.4 4.4 6.1 11%40%53%Capital goods 4.6 5.5 5.6 7.4 20%33%63%Total serv
24、ices trade 6.3 6.8 7.1 10.3 8%44%64%Travel 1.5 1.1 1.3 2.7-27%105%86%Transport 1.0 1.4 1.2 1.7 35%37%64%B2B services(other)2.1 2.3 2.4 3.0 9%27%46%Financial services 0.7 0.8 0.8 1.0 14%26%54%ICT 0.7 0.9 1.0 1.3 33%36%90%Other services 0.3 0.3 0.4 0.4 4%27%42%Capital goods and B2B services(other)trad
25、e look set to?acceleratebeyondpandemic?Table 1:2028 global trade forecasts,nominal$US trn,current prices?Source:Oxford Economics,Convera April 2023 5 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionExecutive summaryconveraholdings|ExploreCo
26、nvera Methodology 6 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionMethodologyconveraholdings|ExploreConvera Methodology This report offers insights into how global?trade will evolve in the face of shifting?geopolitical,economic and enviro
27、nmental?realities.It builds on previous studies and?provides a holistic view of trends across?goods and services trade,as well as offering?2028 market forecasts.Whether diversifying?physical and financial supply chains,or?re-evaluating future business models and?growth opportunities,the goal of this
28、 study?is to provide business executives with?forward-looking market insights.This may?help inform the decisions they are making?now which will re-shape their international?operations over the next three to five years.?The report offers a global outlook as well as in-depth country-level forecasts fo
29、r eight countries,namely Australia,Canada,China,France,Germany,Singapore,United Kingdom and United States.Collectively,the selected sample of countries made up 41%of total global exports in 2022(40%of goods exports and 44%of services exports).Goods trade is defined by three?broad categories(raw mate
30、rials,intermediate goods and final goods,further disaggregated by capital and?consumer goods)representing different stages of the value chain.Services trade is defined by six categories:?ICT services,financial services,other B2B services,?travel,transport and other services.We have taken historical
31、trade data on goods from the United Nations(UN Comtrade Database)and services from the World Trade Organization(balance of payments database).We have then used this historical data to model future forecasts for trade over the next five years.We then benchmarked our findings against GDP forecasts and
32、 other data sources to ensure consistency.This top-down macroeconomic forecasting approach is less prone to data inconsistencies than a bottom up(micro)approach.The latter is vulnerable to over or underestimation when based on a small sample of firm-level data.?The trade forecasts in this report rel
33、ate to economic value being exchanged across borders,rather than total cross-border payment forecasts that include large volumes of P2P transactions.Weve taken?this approach to focus more attention on business transactions,with special attention on uncovering B2B trends.The trade forecasts are repor
34、ted in nominal USD terms,which will be affected by inflation and?exchange rate movements.We have provided forecasts at an aggregate level in volume terms to account for these movements.We have considered assumptions on several themes from economic growth to inflation and the banking crisis.This mean
35、s?any forecasts are subject to material changes to these assumptions.However,we will refresh this study annually to provide updates.The econometric forecasting uses statistical models based on historical data and was led by our partners Oxford Economics who provide forecasting expertise to governmen
36、ts and consultancy firms such as?McKinsey.This report is further supplemented by unique trade and payments data and analysis from Converas Market Insights team.The goal of this study is to provide business executives with forward-looking market insights.7 Executive summaryMethodology2019-22 post-pan
37、demic review2023-28 globalforecastsB2B payments trendsConclusionMethodologyconveraholdings|ExploreConvera 2019-22 postpandemicreview?8?Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2019-22 post-pandemic reviewconveraholdings|ExploreConver
38、a Global commerce resilient despite trade shocks International trade flows recover?as value of cross-border trade hits record$30.3trn in 2022 The structure of international trade has undergone seismic shifts over the past few years.This is due to the global shock triggered by the Covid-19 pandemic,a
39、s well as the subsequent uneven economic recovery due to the Russian invasion of Ukraine andhighinflation.?Following a pandemic-related downturn in the value of global trade to$22.1trn in 2020(a 10%decline?relative to 2019),international trade rebounded strongly to$27.2trn in 2021.It increased again
40、 in 2022,?reaching$30.3trn(+11.4%).Our estimates indicate?that the value of global trade in goods and services was 24%higher in 2022 than it was in 2019 and,when measured as a share of GDP,cross-border trade?reached a post-global financial crisis high last year.?Value of cross border trade in 2022?$
41、30.3trn In constant prices which adjust for inflation,world?exports grew 7%between 2019 and 2022,at an average growth rate of 2.2%per year.This was slightly faster than average annual world GDP growth of 1.9%,?underscoring the resilience of world trade despite various disruptions.Prices of traded go
42、ods soared even faster than generalinflation?The gap between growth in trade value(current prices),and trade volume(constant prices)is growing due to the high inflationary environment the global?economy has faced since the Covid-19 outbreak.High inflation has materially amplified the value of trade?
43、data aggregate trade in nominal terms exceeded inflation-adjusted trade volume by 10%in 2022.?In particular,the pricing of traded goods and services rose even faster than general inflation due to factors?such as supply disruptions and soaring freight rates.Furthermore,weve all experienced rising ene
44、rgy and commodity prices fueled by the Russian invasion of Ukraine,Covid-19 related disruptions in China and labor shortages.Consequently,the value of trade in certain categories of goods and services was also boosted by price surges of the goods/services that make up key inputs.The gap between grow
45、th in value and volume terms widened post-pandemic?Chart 1:World total trade value vs.volume and world commodity price index,excl.fuel,2019=100 146 124 107 2019 2020 2021 2022 80 90 100 110 120 130 140 150 World commodity index price Value(current prices)Volume(constant prices)Source:Oxford Economic
46、s,WTO,UN Comtrade,Haver Analystics,Convera April 2023 9 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2019-22 post-pandemic review Both demand and inflation factors?droverapid growth?inthe value of global?raw materials trade.2019-22 goods
47、 trade driven by raw materials and intermediategoods?While total trade rose in both value and volume terms over the 2019-22 period,recent global disruptions have affected industries and economies in different ways.Firms toward the end of the production process,which produce consumer or capital goods
48、(e.g.,electronics),tend to be more impacted by supply?chain disruptions than those producing intermediate goods,as they have longer chains and can be exposed to more potential sources of interruption.From a government policy perspective,sectors such as autos and steelmaking have been the most-freque
49、nt targets for new protectionist measures over recent years,according to Global Trade Alert.As illustrated in Chart 2,after surging in 2021,trade infinal or finished goods(capital and consumer?goods)grew at a much more modest pace moving into 2022.Meanwhile both demand and inflation?factors droverap
50、id growth in the value of global raw?materials trade,which increased by 205%between 2020 and2022.?converaholdings|ExploreConvera |Final goods trade has grown slower than raw materials and inputs?Chart 2:Global goods trade by sector,in US$trn,current prices?2.2 1.7 2.6 3.5 7.5 6.9 9.1 10.1 4.0 3.8 4.
51、3 4.4 4.6 4.4 5.1 5.5 2019 2020 2021 2022 0 5 10 15 20 25 Raw materials Intermediate goods Consumer goods Capital goods Source:Oxford Economics,Convera April 2023 10 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2019-22 post-pandemic revi
52、ew In goods trade,European economies have lagged Asia and North America From a regional perspective,European economies have lagged Asia and North America recently due to a larger share of trade in final goods,which have greater?reliance on global supply chains.In addition,European economies have a l
53、ower world share of exports in raw materials and fuels which have seen large price rises.Asian countries with a greater share of intermediate goods exports,and even more so raw materials exports,appear to have been less affected by global supply chain congestion.European countries like France and Ge
54、rmany have faced more supply chain disruption,as capital and consumer goods accounted for 60%of exports(by value in 2019)in those two European countries,compared to just 35%in Canada and 45%in the US.China stands out for achieving substantial growth in its final goods sectors between 2019-22.This is
55、 likely?because Chinese producers of final goods have easier?access to the Chinese intermediate goods supply chain than producers in other economies,where port blockages and other issues have disrupted production.Also,demand for specific goods that?China produces,such as consumer electronics and pha
56、rmaceuticals,soared during the pandemic.+34%Growth value of Chinas?finalgoodsexports(2019-22)?converaholdings|ExploreConvera |European exporters have lagged Asia and Americas through pandemic era?Chart 3:%change in nominal US$exports by country,2019 vs 2022?France Germany UKUSCanada China Singapore
57、Australia Volume Value-10%0%10%20%30%40%50%Source:Oxford Economics,Convera April 2023 11 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2019-22 post-pandemic review Transport and travel services sectors have faced very different recoveries
58、 The value of transport services was 35%higher in 2022 compared to pre-crisis levels in 2019,reflecting?a transitory boost to sea transport due to temporarily inflated shipping rates in the first half of the year.In?contrast,the value of air transport services,largely covering passenger transport,re
59、mains well below pre-pandemic levels.Indeed,despite a strong rebound last year,the travel sector has not yet recovered from the steep declines caused by the pandemic.As a result,the economies most reliant on international travel and tourism have taken the biggest hit to their exports.Within our fore
60、cast sample,Australia experienced the sharpest decline in the value of services exports,down 28%in 2022 compared to 2019(Chart 4).Australia had a?particularly high share(50%)of travel and tourism in total services exports prior to the pandemic,and a large portion of this was driven by education.Stri
61、ct Covid-19 restrictions and closed borders in Australia had asignificant?impact on international student-based travel flows.?Services exports driven by rapiddigitalization?If we overlook a likely transitory boost from inflated values of sea transport services,the best?performing countries within ou
62、r forecast sample over the past three years(namely Canada,UK,Singapore,and China)have been those that have benefitted from large exports of Financial,?ICT and B2B services(other)-see Chart 4.This underscores the enduring benefits to these?sectors from rapid digitalization over this period.Services t
63、rade has been profoundly affected as the pandemic shifted attitudes towards more online business interactions,thus fast-tracking the digitalization of the economy.New data networks,digital tools and platforms have enabled digital services providers to expand their customer base beyond national bound
64、aries.Learn how Converacan help?Has technology increased the amount of business you conductinternationally?converaholdings|ExploreConvera |Countries with large Transport,B2B and ICT services sectors outperform?those reliant on travel?Chart 4:Services export growth by country and sector,2022 vs 2019,
65、%change in nominal US$value?-40%-30%-20%-10%0%10%20%30%40%50%60%Australia US World France Germany Canada UK Singapore China Travel Transport B2B services(other)Financial services ICT Other services Total services Source:Oxford Economics,Haver Analystics,Convera April 2023 12 Executive summaryMethodo
66、logy2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2019-22 post-pandemic reviewconveraholdings|ExploreConvera 2023-28 global trade forecasts 13 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2023-28 globalf
67、orecastsconveraholdings|ExploreConvera B2B,ICT,China to outperform others Global economic downturn will initially weigh on trade in 2023-24 While some of the shocks that took a toll on the world economy over the past few years have eased,they have been replaced by new obstacles to growth.Most notabl
68、y,fiscal and monetary policies combined?look set to have a bigger negative impact on global growth this year than in 2022.Also,risks in the global banking system could lead to a tightening of financial?conditions.And while high inflation rates appear to be?moderating,inflation will remain above cent
69、ral bank?targets this year.In fact,still-high policy interest rates and tight financial conditions look set to constrain an?economic recovery in 2023-24,so the global economy looks set for a sustained period of weakness,which will in turn weigh on the outlook for global trade.Forecasted value of?cro
70、ss border trade in 2028?$39.8trn International businesses must navigate an increasingly complex geopolitical landscape Although prospects from 2025 and beyond look brighter for the global economy and international trade,we are likely to see some shifts in trade relationships in coming years.This wil
71、l reflect efforts by multinational?corporations to diversify their supply chains to improve resilience and increase flexibility,often with partners?from economically and politically aligned nations.As an example,tension between US and China over security is increasingly visible at a corporate level.
72、Hikvision,a Chinese surveillance tech giant,is at the forefront in Western media over claims for illegally disguising its products sold to the US government to enable Chinese espionage.Meanwhile,US based Apple Inc.continues to diversify away its iPhone production from China to India.?The geography o
73、f international commerce will be shaped by trade policies of Western governments becoming increasingly interconnected with other objectives,such as the low-carbon transition or national security.US government policy has for some time now been directed toward promoting domestic manufacturing and enco
74、uraging diversification of supply chains,with?recent examples including the Inflation Reduction?Act as well as the CHIPS and Science Act.Many of?these policies are effectively reducing US trade ties with China.Similarly,the EUs relationship with China is undergoing a transformation.The Diplomatic Se
75、rvice of the EU has raised concerns about Chinas countermeasures to EU sanctions on human rights,as well as Chinas position on the Russia-Ukraine war.Global trade maps are beingredrawn?Western trade with China is likely to slow in coming years due to this rivalry centered around flows of?technology
76、and knowledge.Oxford Economics forecast models suggest that in the event of a technological decoupling(where international flows of high-tech products are restricted),?economic costs fall disproportionately on China and Russia.As the worlds largest exporter and manufacturer,China is highly dependent
77、 on global trade and a decoupling of the US-China technology supply chain could have significant economic?repercussions for China.However,this also means that other trade corridors are likely to strengthen,as Western trade is diverted towards other emerging economies of Asia such as South Korea home
78、 to companies such as Samsungand LG who are among the most?innovative technology companies in the world.These Asian economies have relatively low costs and increasingly sophisticated manufacturing capabilities,making them well placed to step into Chinas role as a supplier of manufactured goods to th
79、e West.Equally,the region is becoming an increasingly important driver of growth in global demand due to its rising population and improving standards ofliving.?The global economy looks set for a sustained period ofweakness,which will in turn weigh on the outlook for global trade.14 Executive summar
80、yMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2023-28 globalforecasts Global trade policies will be used to support national climate policies In addition to using trade policy as a tool for navigating geopolitical relationships,countries are seeking to a
81、lign their trade policies with national climate objectives.Recent examples include the EU Carbon Border Adjustment Mechanism and the US Inflation?Reduction Act.New trade agreements are increasingly likely to explicitly address sustainable development and environmental issues.This is supported by an
82、upward trend in environment-related trade policy notifications to the World Trade Organization(WTO)?(2020 trade report).Geopolitics and the use of goods trade as part of global disputes are a key reason why we expect to see global services trade growth continue to outperform goods trade growth betwe
83、en 2023-28.?Services trade?7.2%is forecast to grow faster?than goods?trade in 2028 vs 2023?3.8%Goods Services trade trade Sectoral mix of global trade will resume its shift towards faster services growth In the years following the Global Financial Crisis,services trade grew nearly twice as fast as g
84、oods trade,as digitization and automation increased tradability of business-related services globally,whilst travel services benefitted from improved?air connectivity and lower air fares.We expect this trend of a rising share of services in global trade will reassert itself in coming years,as online
85、 business services continue to benefit from the tailwinds of?accelerated digitalization of the economy during the pandemic.Demographic trends such as the expanding global middle class should also boost demand for services more broadly.There will be some downside pressures on services trade growth.Di
86、minishing product demand,falling consumer spending,and mean reversion of firms?valuations are among factors putting pressure on tech companies to cut costs and improve profitability.?By contrast,growth in the value of goods trade is likely to face several headwinds from shifting global value chains
87、and more regional patterns of production.As Chart 5 shows,while both goods and services trade grew faster than world GDP in?the 2010s,goods trade is forecast to lag world GDP?growth over the next five years,while services trade?will continue to outpace it.converaholdings|ExploreConvera |Services tra
88、de to outpace goods amid global geopolitical issues?Chart 5:Global GDP and trade CAGR comparison?Global GDP Trade in goods Trade in services 12%10%8%6%4%2%9.9%9.6%Forecast 7.2%6.1%6.4%5.6%4.2%3.7%3.8%0%1995-2008 2010-2019 2023-2028 Source:Oxford Economics,Haver Analystics,WTO,Convera April 2023 15 E
89、xecutive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2023-28 globalforecasts Net zero transition will influence?the future composition of tradeby sector?The net zero transition will bring major structural changes in the global economy as existing
90、 industries adjust or face decline.In turn,this will have implications for the volume and composition of international trade flows mainly for goods,but?also for services such as transport and travel.While the pathway to net zero remains uncertain,what is clear is that international cooperation is re
91、quired for successful climate action,with international trade driving the exchange of environmental goods and the distribution of climate-friendly technologies.Economic cycle and the netzero transition will drive?goods trade to 2028 Although the world economy is undergoing a period of weak growth in
92、 2023-24,our view is that 2025 and beyond will see a rebound,as the impacts of price shocks in 2022 fade and monetary policy can start to ease.But unlike previous downturns,we expect labor markets in most economies will remain tight through 2023,meaning little spare capacity as the recovery starts.S
93、o,firms will need to accelerate capital investment to?keep pace with demand.Six out of the eight economies in our study will see faster business investment growth through the coming five years than in the past five,and?in one of the remaining two(the US)the shortfall versus 2016-2022 is modest:15%cu
94、mulative growth to 2028,?compared to 20%between 2016-2022.Renewables and electric vehicles a big opportunity for capital goods trade growth The pace of capital spending will be further boosted by the transition towards net zero.The transition to renewables capacity will underpin faster trade in capi
95、tal goods,as countries seek to build out both domestic production capacity in the sector,and in the immediate future source turbines and solar panels from countries where capacity already exists.We anticipate the buildout of renewable capacity to accelerate notably in China,the US,Germany,and the UK
96、 through the years ahead-adding 10-20 percentage points of total electricity generation capacity across these economies by 2028.In Germanys case(rising from 51%in 2022?to 72%by 2028)the renewables share will rise almost?three times faster than between 2016 and 2022.The net zero transition will also
97、be felt in consumer goods trade,as motorists around the world switch to electric vehicles(EV).The switch to EV needs to gather pace rapidly in the coming years if net zero is to be achieved.The International Energy Agency(IEA)estimates 60%of light vehicles sales(including cars and light goods vehicl
98、es)need to be hybrid or all-electric powered by 2030,and 80%in the case of?2-3 wheelers in a net zero 2050 scenario.converaholdings|ExploreConvera |Capital and consumer goods will drive future trade growth?Chart 6:Predicted growth in goods exports by country and sector contribution,2023 vs 2028?0 0.
99、24 0.48 0.72 0.96 1.2 0%20%40%60%80%100%Australia UK Canada Singapore France Germany USA China Raw materials Intermediate goods Consumer goods Capital goods Total goods(rhs)%sector contribution to change Total change,$trn Source:Oxford Economics,WTO,Convera April 2023 16 Executive summaryMethodology
100、2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2023-28 globalforecasts converaholdings|ExploreConvera |Germanys renewables share to rise?from 51%in 2022 to 72%by 2028?72%51%2022 2028 Countries with heavy raw materials export concentration face a slower trade outlook
101、China led fifty percent of the total gains in goods?exports across our featured economies through 2016-2022,with the US accounting for a quarter of the total,and the remainder spread evenly across European economies producing a mix of final and intermediate?goods,and commodity exporting economies.Lo
102、oking?ahead,global demand will tilt export growth in favor of economies producing capital and consumer goods,with raw material producers experiencing slower growth.Indeed,Australias exports are projected to remain flat in value terms,reflecting the high share of?raw materials(especially coal,gas and
103、 iron ore)in its exports,where global prices are expected to decline after sharp rises experienced in 2021-22.Raw materials trade,which more than doubled from 2016-2022,is forecast for modest growth(+15%)in value?terms between 2023-28.This is partly a price effect,as?the price of some commodities ea
104、ses off the highs seen in 2022,but also driven by plateauing(and in some cases declining)demand for commodities,particularly fossil fuels.Economies with the greatest export concentration in raw materials,and least integration to global manufacturing supply chains in growth and transition sectors,wil
105、l face a slower trade outlook.Canadas trade outlook will be supported by its close integration to US manufacturing,but Australia is less integrated with Asia-Pacific industry,putting pressure on Australias?government to address goods export growth.Net zero targets and EVs will?boost capital goods tr
106、ade The transition to zero emissions in electricity and EV has substantial implications for the patterns of trade in our forecasts.Capital goods trade is forecast to accelerate through the rest of this decade,growing by a third in nominal terms by 2028 meaning B2B trade?will see a big boost from cap
107、ital goods trade over the coming decade.Consumer goods exports are forecast to grow 40%,while intermediate inputs,which underpin both sectors,are forecast to grow 30%.In the auto sector,countries which are most successful in developing gigafactory capacity to produce batteries for electric vehicles
108、will be best placed to assemble vehicles for their home market and export.Germany starts from a commanding position in Europe,with more gigafactory capacity existing or under construction than France,Italy,Spain,and the UK combined according to Battery Atlas.In the US,incentives in the Inflation Red
109、uction?Act drove a 35%increase in planned capacity in 2022.China also has a strong position in the EV exports market.Chinese EV exports increased by 50.4%CAGR between 2017 and 2021,and the country also became the second largest global EV exporter as of 2021,accounting for 15.5%of global EV exports c
110、ompared to just 1.3%in 2017.China dominates key parts of the global battery supply chain,and this important strategic advantage will contribute to growth in EV production and exports.Raw materials trade,which more than doubled from 2016-2022,is forecast for modest growth(+15%)in value terms between2
111、02328.?17 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2023-28 globalforecasts converaholdings|ExploreConvera |Renewable manufacturing capacity will boost export potential for capital goods China starts from a strong position in the glob
112、al energy transition the IEA estimates China exceeds 80%of world capacity for all key manufacturing stages?of solar panels(such as polysilicon,ingots,wafers,cells and modules).Capacity in the wind sector is more evenly spread,with several European economies hosting top-ten global players,led by Germ
113、any,Spain,and the UK.European economies(boosted by NextGen EU funding)are well-placed to gain from the renewables roll-out,while the Inflation Reduction Act?in the US will support the expansion of renewables manufacturing capacity,and export potential in thesesectors.?Cross-border B2B services(other
114、)trade to hit$3trn by 2028 Services trade growth is forecast to be strongest in the travel sector over the next five years,reflecting the?delayed recovery of international tourism after the pandemic(Chart 7).Some of this will also be impacted by fare inflation.For example,US air travel costs?increas
115、ed by 42.9%y/y in 2022 according to the US Bureau of Labor Statistics.?However,when compared to 2019,and overlooking the pandemic-related disruption,we expect ICT services to be one of the strongest categories of services trade between 2023-28,and this will enable continued?growth in cross-border B2
116、B services trade.We expect the B2B services(other)sector to grow by 27%between 2023-2028 to reach a total global value of$3trn flows.?Travel sector forecast growth?by2028 vs 2023?+105%B2B services(other)set to breach$3trn by 2028 and remain largest services sector?Chart 7:Total value of services tra
117、de by sector,US$bln,current prices?0.0 0.5 1.0 1.5 2.0 2.5 3.0 B2B services(other)Travel Transport ICT Financial services Other services Increase in value of flows between 2023-28 27%105%37%36%26%27%2019 2023 2028 Source:Oxford Economics,Haver Analystics,WTO,Convera April 2023 18?Executive summaryMe
118、thodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2023-28 globalforecasts converaholdings|ExploreConvera |The US will post thelargest overall?increase in services exports during the forecast period.Benefits of services trade?growth will be harnessed by digitall
119、ycompetitive countries?Rapid growth in knowledge-intensive,ICT-enabled service categories will tend to favor those advanced economies with the digital infrastructure,innovation ecosystems and workforce skills necessary to succeed in this environment.Many of these countries also host companies with v
120、ery strong market positions in certain digital services.As shown in Chart 8,the US?will post the largest overall increase in services exports during the forecast period,the result of its global leadership in many categories of professional services,as well as its investments in digital infrastructur
121、e and technological innovation.Other countries in our study such as China and Germany are also expected to post strong gains,however,with services increasing as a share of overall trade.For most countries,other B2B services will be the main driver of export growth in coming years,in countries with t
122、raditionally strong financial sectors such as the US,?UK and Singapore,financial services will boost growth.?UK,Germany and China will benefit from growth in other business services?Chart 8:Predicted growth in services exports by country and sector contribution,2023 vs 2028?0.00 0.08 0.16 0.24 0.32
123、0.40 0%20%40%60%80%100%Canada Australia Singapore France UK Germany China US B2B services(other)Travel Transport Financial services ICT services Other services Total services(rhs)%sector contribution to change Total change,$trn Source:Oxford Economics,WTO,Convera April 2023 Sign up for Converas Curr
124、encyConvo?Are geopolitical issues impacting costs associated with international operations?19 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusion2023-28 globalforecastsconveraholdings|ExploreConvera B2B payments trends 20 Executive summaryMeth
125、odology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionB2B payments trendsconveraholdings|ExploreConvera Enabling simplification and reducing crossborder frictions?Businesses shift towards faster,more automated global payment solutions As international trade and cross
126、-border business continues to grow,it is critically important for global institutions to develop solutions that address frictions in cross-border payments.Enabling faster,more secure,and cost-effective payments is an area where businesses continue to focus attention,as legacy manual processes hold f
127、irms back from the scale?and efficiencies they need to grow.Whilst the global?payments industry addresses the need to transition towards solutions like real-time international payments,many businesses are still adopting more efficient cross-border payment methods?availabletoday.?At Convera,we have s
128、een demand for automated payment solutions increase over the past five years.?The share of payment volumes weve processed via automated payment methods(e.g.,API)increased?globally from 36.8%in 2019 to 49.1%by 2023.?Regionally,this growth was driven by North America and APAC.In North America,weve see
129、n an increase in?the share of processed automated payment volumes increase from 58.0%in 2019 to 73.4%in 2023.?SWIFT gpi another step towards real-time cross-border payments Improvements in cross-border payment solutions have been further bolstered in recent years by SWIFTs global payments innovation
130、(gpi)which was launched in 2017.The initiative improves interoperability by providing an enhanced common standard for cross-border payments.It has helped boost transparency,enable faster payments,and improve integration across payment systems and networks.This helps to facilitate interoperable payme
131、nts between different banks and payment systems,making it easier and more efficient?for businesses to transact overseas.To help reduce friction in global trade,SWIFT gpi has cut the median processing time of cross-border payments to less than two hours and has been adopted across sixty market infras
132、tructures and 4,000 financial institutions.?SWIFT gpi also uses the latest ISO 20022 payment messaging standards,enabling its end-to-end international payments tracking feature which helps businesses track payments and fees across intermediary banks.However,as the US prepares to launch its domestic
133、real-time payments initiative,FedNow,like the EUs Single Euro Payments Area?(SEPA),business demand for more innovation in?international payments is still outpacing the global regulatory framework which supports complex processing of compliance checks.Consumer payment methods,such as mobile wallets,h
134、ave raised expectations businesses have for international payment experiences.Automated payment solutions gain 12%processing share?Chart 9:Converas global payment transaction volumes by share of payment solution,2019 vs 2023 36.8%49.1%63.2%50.9%0%20%40%60%80%100%2019 2023 Automated(e.g.API,integrate
135、d)Non-automated(e.g.checks,platform)+12.3%Source:Convera April 2023 21 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionB2B payments trends converaholdings|ExploreConvera |Anticipating this,global institutions such as the Financial Stability
136、 Board(FSB)and the Bank for International Settlements(BIS)are actively engaged in promoting the development of real-time payments for international transactions.Furthermore,nine central banks globally are developing their own Central Bank Digital Currencies(CBDCs),according to analysis by the Atlant
137、ic Council.These nine countries account for over 95%of world GDP.The Peoples Bank?of China has developed a digital yuan,known as its Digital Currency Electronic Payment(DCEP),which?is currently being piloted in several cities and is set to expand in 2023.The European Central Bank has been investigat
138、ing the optimal design for a digital euro since 2018.?Consequently,SWIFT is already developing a way to connect CBDCs that will likely be based on different technologies and standards.Multilateral interoperability will be needed to connect CBDCs and existing payment systems globally,to allow digital
139、 currency transactions to move instantly across borders with little friction.To assess CBDC interoperability,SWIFTs development work already involves 18organizations including central banks and is based?on leveraging distributive ledger technology as well as its current ISO 20022 payment messaging s
140、tandards.Is Cryptocurrency a sustainable business solution?Many small business owners are already leveraging cryptocurrency and blockchain as a solution for real-time payments.However,cryptocurrency is decentralized,meaning it operates independently of banks and financial institutions.While this can
141、?make cross-border payments faster and cheaper,not all cryptocurrency exchanges are compliant with regulations.To address some of the challenges around regulatory requirements,fraud,and money laundering,the Markets in Crypto Assets(MiCA)regulation was proposed by the European Commission in September
142、 2020 with the aim of having the regulation in place by 2024.In Asia,countries like Japan have also established legal frameworks for crypto assets,while China outright banned the use of cryptocurrencies for international payments as it develops its own digital yuan.The regulatory framework governing
143、 international payments remains critical and is a driver for secure international business,and therefore growth.For example,sanctions already affected over 7%of global trade in 2015(KIEL Institute for the World Economy)?while the number of sanctions globally have increased by more than 270%between 2
144、017 and 2022,following escalatory factors like the Russia-Ukraine war(Refinitiv,Global Sanctions Index).?Blockchain and distributive ledger technology(DLT)?more broadly could provide material solutions to improve regulatory compliance.For example,DLT?can help protect CBDCs from counterfeiting,hackin
145、g,and other forms of fraud by leveraging cryptographic security measures such as digital signatures and dataencryption.?Business interoperability remains a key challenge as businesses often need to work with multiple banks and payments systems,in different countries and currencies.These global proce
146、sses and connections can be very complex and also lead to unexpected risks whether at the front end with customers,in the middle with compliance operations,or at the back end with regulators.Companies increase hedging tofuture proof payments?amidFX risk?Global uncertainty about exchange rates has in
147、creased in the past two years as central banks globally raised interest rates to counter high inflation.?In 2022,39 of the worlds major central banks raised interest rates 219 times the highest number of rate hikes over a one-year period since 2001.This has The regulatory framework governing interna
148、tional payments remains critical and is a driver for secure international business,and therefore growth.22 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionB2B payments trends represented a complete shift from the 102 interest rate cuts that
149、 were delivered by central banks to support economies through the pandemic(Chart 10).Future interest rate expectations remain a critical driver in the value of exchange rates.This has meant that businesses dependent on foreign currency exchange in payments have experienced a high level of disruption
150、 from volatile conversion rates over the past 12 months.For example,in 2022 the euro/US dollar exchange rate collapsed to below parity(20-year low)as the Russia-Ukraine war triggered a European energy crisis.Furthermore,the EUR/USD exchange rate also fluctuated in a 21%price range?from high to low t
151、he type of movements we last saw back in 2009.The EUR/USD currency pair is the worlds most traded,and volatility in this exchange rate has significant spillover effects on the value of?other important exchange rates such as USD/JPY?orGBP/USD.?Consequently,we have seen customers at Convera seek more
152、support to mitigate currency risk,and future-proof their payments and profit margins.?Converas hedging transaction volumes increased by 53.5%between 2019 and 2022 with the largest rise occurring between 2021 and 2022(+29.4%y/y).?The surge in demand for risk management and hedging solutions coincided
153、 with the start of whats now known as the fastest global monetary policy tightening cycle(interest rate hikes)on record.Economic slowdowns and banking turmoil now top of mind Many firms remain highly exposed to sudden shifts in?exchange rates and the variable costs of doing business globally.There s
154、till needs to be more awareness of the practical solutions available to businesses especially SMEs to help them protect their finances from sudden market?fluctuations,such as forward contracts for currency.?This is an important consideration for business growth given the outlook for markets in 2023-
155、24.According to the International Monetary Funds(IMF)April 2023 forecasts,it expects advanced economies collectively to see a pronounced economic growth slowdown,from 2.7%in 2022 to just 1.3%in 2023.In addition,the IMFs alternative forecast scenario suggests that with further financial sector stress
156、 following on from the?collapse of Silicon Valley Bank and the Credit Suisse rescue,advanced economy growth could even fall below 1%in 2023 amid recessions.The potential for economic recessions leading to yet another turnaround in interest rates this time rate cuts to stimulate growth,could pose ong
157、oing challenges for international businesses.On one hand currency volatility can present opportunities for businesses to achieve their objectives by taking advantage of fluctuations in exchange rates.On the other hand,?fluctuations can cause unpredictable swings in the?value of assets and liabilitie
158、s denominated in foreign currencies,or costs of inputs which can make it difficult to forecast and set profit margins.?converaholdings|ExploreConvera |2022:highest number of interest rate changes since 2001?Chart 10:Interest rate changes made by 39 major central banks 77 89 110 72 231 46 0 50 100 15
159、0 200 250 2018 2019 2020 2021 2022 YTD Sum#of interest rate increases#of interest rate cuts Total Source:BIS,Convera April 2023 23 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionB2B payments trendsconveraholdings|ExploreConvera Conclusion
160、and considerations 24 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionConclusionconveraholdings|ExploreConvera Global opportunities and risks to factor into business planning Opportunities Business digitalization and ICTinnovation.?Net-zero
161、 low-carbon economytransition.?Automation and simplification of?internationalpayments.?Growing middle class in emerging economieslike Asia.Risks Trade policies used in geopolitical issues.Reshoring/regionalization of supply chains to increase speed or adapt to geopolitics.US-China technological deco
162、upling Net-zero transition impact on raw materials and decarbonization ofsupply chains.Policies Environmental trade policies(e.g.,CBAM)will hit imports of carbon intensive products Nationalistic industrial policies(e.g.,US Inflation Reduction Act,CHIPS Act,?Made in China2025)?Chinas 2025 Five-Year P
163、lan pivot focus away?from exports to consumer spending 25 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionConclusionconveraholdings|ExploreConvera Global trade landscape to be disrupted by multiple factors,creating business opportunity Glob
164、al trade has remained remarkably?resilient in recent years despite significant?disruptions from the pandemic,war,and?a shifting geopolitical landscape.Going?forward,trade will remain an engine of?global economic growth,however,there?will be a reconfiguration of the global trade?landscape to adapt to
165、 emerging geopolitical,?economic,and environmentalrealities.?Most global trade transactions occur between businesses which are either final users or intermediaries using?or repackaging the goods and services traded.B2B relationships are,and will continue to be,a critical component of global trade gr
166、owth,supported by enablers such as currency exchange.Government policies will be key in this area.However,any products and technologies that help to simplify and reduce cross-border frictions will also play a pivotal role in driving healthy global trade.Many post-pandemic government objectives inclu
167、de supply-chain resilience,re-aligning trade relationships with geopolitical relationships,and emphasis on national industrial policy for self-reliance and net zero targets.In the wake of the Russia-Ukraine war,Germany is set to replace all Russian energy imports by mid-2024,while the US continues t
168、o push its Made in America narrative to reduce reliance on foreign supply chains.Companies that have had a high historical reliance on goods trade sectors such as raw materials may need to re-think diversification as well as the opportunities?in high growth goods sectors such as capital goods and co
169、nsumer goods.The growth of digitally deliverable services is expected to be superior to that of total services,with Financial Services,B2B services(other)and ICT services some of the sectors set to benefit most from?technological innovation.Companies that can become an integral part of the value cha
170、ins in these growth sectors could help accelerate and improve the sequence of activities that a company will perform to create value for itscustomers.?The opportunity to add value in these sectors may be through offering digital infrastructures,innovation ecosystems,global payments,as well as knowle
171、dge and skills be necessary to help them meet their growth ambitions.Geopolitical issues such as trade conflicts,economic sanctions,and?political instability could create significant disruptions in global trade?and payments,affecting both the volume and pattern of trade flows as?well as currency exc
172、hange.Brexit is one recent example of how trade policies can have significant consequences for?international companies across trade,investment,currency,and labor supply.Companies must anticipate these factors on a more frequent basis,and project their potential impact on their own global operations
173、as well as their customers through regular scenarioanalysis.?Business considerations 26 Executive summaryMethodology2019-22 post-pandemic review2023-28 globalforecastsB2B payments trendsConclusionConclusion27 Access a payment solution that is seamless,sophisticated and global.Learn more about Conver
174、a?|converaholdings|ExploreConvera About Convera Convera is one of the largest non-bank B2B cross-border payments company in the world.Leveraging decades of industry expertise and technology-led payment solutions we deliver smarter money movements to our customers helping them capture more value with
175、 every transaction.Powered by a sophisticated and expansive global settlement network,Converas capabilities are built on efficiency,accuracy and compliance at its core,alleviating risk and accelerating smarter decision making.Convera serves more than 30,000?customers ranging from small business owne
176、rs to enterprise treasurers to educational institutions to financial institutions to law firms to NGOs.Our mission is to make moving money so easy that any company in the world can grow with confidence.?1103844462-2023-06?Disclaimers 2023 Convera Holdings,LLC.All rights reserved.?All other logos,tra
177、demarks,service marks and trade names referenced in this material are the property of their respective owners.Australia?Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in Australia through Convera Australia Pty Ltd(“Convera”)ABN
178、24 150 129 749 and AFSL?404092.Convera is the issuer of the financial products(if any)referred to?in this communication.A Product Disclosure Statement and Target Market Determination is?available for each of the financial products that Convera issues and can?be obtained by visiting https:/ informati
179、on provided in this communication is factual information only and does not take account of your financial?situation,objectives or needs.You should therefore consider whether the?information that we provide is appropriate for you having regard to your own objectives,financial situation and/or needs.?
180、Before you decide to acquire a financial product from Convera you should?read and consider the relevant product disclosure statement and target market determination.This communication has been prepared solely for informational purposes and does not in any way create any binding obligations on either
181、 party.Relations between you and Convera shall be governed by the applicable terms and conditions provided to you before you trade.No representations,warranties,or conditions of any kind,express or implied,are made in this communication.Convera has based the opinions expressed in this communication
182、on information generally available to the public.Convera makes no warranty concerning the accuracy of this information and specifically disclaims any?liability whatsoever for any loss arising from trading decisions based on the opinions expressed and information contained in this communication.Such
183、information and opinions are for general information purposes only and are not intended to present advice with respect to matters reviewed and commented upon.This communication is not directed to,or intended for distribution to or use by,any person or entity who is a citizen or resident of or locate
184、d in any locality,state,country or other jurisdiction where such distribution,publication,availability or use would be contrary to law or regulation or which would subject Convera and/or its affiliates to?any registration or licensing requirement within such jurisdiction.Canada In Canada,services ar
185、e provided by Convera Canada ULC(“Convera Canada”).?This brochure does not create any binding obligation on any party,nor does this brochure constitute an offer or a solicitation of an order.Any such offer or solicitation will only be made,and the relationship between you and Convera Canada shall be
186、 governed by the applicable terms and conditions and any transaction-specific documentation entered into?between you and Convera Canada.No representations,warranties,or conditions of any kind,express or implied,are made herein.Convera Canada is the issuer of the products discussed herein and would b
187、e a counterparty to any transaction you undertake with Convera Canada.This brochure is not directed to,or intended for distribution to or use by,any person or entity who is a citizen or resident of or located in any locality,state,country or other jurisdiction where such distribution,publication,ava
188、ilability or use would be contrary to law or regulation or which would subject Convera Canada or its affiliates to any registration or licensing?requirement within such jurisdiction.Customers may be required to meet certain eligibility requirements in order to enter into foreign exchange transaction
189、s with Convera Canada.Claims regarding the products discussed and other information set out herein are general in nature and do not take into account your specific?objectives,financial situation,or needs.This brochure does not constitute?financial advice or a financial recommendation.You should use
190、your?independent judgment and consult with your own independent advisors in evaluating whether to enter into a transaction with Convera Canada.Convera Canada has based the opinions expressed herein on information generally available to the public.Convera Canada makes no warranty concerning the accur
191、acy of this information and specifically disclaims any?liability whatsoever for any loss arising from hedging decisions based on the opinions expressed and information contained herein.Such information and opinions are for general information only and are not intended to present advice with respect
192、to matters reviewed and commented upon.Hong Kong Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in Hong Kong through Convera Hong Kong Limited.?Convera is a licensed money service operator under the Anti-Money Laundering and Cou
193、nter-Terrorist Financing Ordinance(Chapter 615,the?Laws of Hong Kong).?Convera is not licensed with the Securities and Futures Commission in Hong Kong.Convera is not licensed and does not hold itself to be licensed to conduct any regulated activities under the Securities and Futures Ordinance(Chapte
194、r 571,the Laws of Hong Kong).Nothing in this?communication is intended or should be construed as an offer to provide any services or an offer to sell any products,or a solicitation,invitation,or inducement to invest or to engage in any services provided by Convera.Convera has based the opinions expr
195、essed herein on information generally available to the public.Nothing in this communication is intended to amount to an offer,inducement,opinion,recommendation or advice on contracts or arrangements for the purposes of foreign exchange trading,whether on a leveraged basis or otherwise.Convera makes
196、no warranty concerning the accuracy of this information and specifically?disclaims any liability whatsoever for any loss arising from trading decisions based on the opinions expressed and information contained herein.Such information and opinions are for general information only and are not intended
197、 to present advice with respect to matters reviewed and commented upon.This communication is not directed to,or intended for distribution to or use or access by,any person or entity who is a citizen or resident of or located in any locality,state,country,or other jurisdiction where such distribution
198、,publication,availability,or use would be contrary to law or regulation or which would subject Convera or its affiliates to any?additional registration or licensing requirement within such jurisdiction.This information has been prepared solely for informational purposes and does not in any way creat
199、e any binding obligations on either party.Relations between you and Convera shall be governed by the applicable terms and conditions.No representations,warranties,or conditions of any kind,express or implied,are made in this communication.Japan?Convera is a global leader in providing foreign exchang
200、e productsandservices?and payment solutions and operates in Japan through Convera Japan KK(“Convera”).This communication has been prepared solely for informational?purposes and does not in any way create any binding obligations on either party.Relations between you and Convera shall be governed by t
201、he applicable terms and conditions.No representations,warranties or conditions of any kind,express or implied,are made in this brochure.Malta?Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in Malta through Convera Malta Financia
202、l Limited(“Convera”)a limited company registered?in Malta(Company Number C22339)with its registered office at W?Business Centre,Level 5,Triq Dun Karm,Birkirkara By-Pass,Birkirkara,BKR?9033,Malta and which is licensed and regulated by the Malta Financial Services Authority to undertake the business o
203、f a financial services in?terms of the Financial Institutions Act).This brochure has been prepared solely for informational purposes and does not in any way create any binding obligations on either party.Relations between you and Convera shall be governed by the applicable terms and conditions.No re
204、presentations,warranties or conditions of any kind,express or implied,are made in this brochure.New Zealand?Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in New Zealand through Convera Australia Pty Ltd,NZ branch(company number
205、 3527631 and FSP?168204)(“Convera”)and is the issuer of the financial products(if any)referred?to in this communication.A Product Disclosure Statement is available for?each of the financial products that Convera issues and can be obtained by?visiting https:/ information provided is factual informati
206、on only and does not take account of your financial situation,objectives and/or needs.Because of?this,before you act on it(including making any decisions and/or trading)you should consider its appropriateness having regard to your own objectives,financial situation and/or needs.?This communication h
207、as been prepared solely for informational purposes and does not in any way create any binding obligations on either party.Relations between you and Convera will be governed by the applicable terms and conditions provided to you before you trade.No representations,warranties or conditions of any kind
208、,express or implied,are made in this communication.Convera has based the opinions expressed in this communication on information generally available to the public.Convera makes no warranty concerning the accuracy of this information and specifically disclaims any?liability whatsoever for any loss ar
209、ising from trading decisions based on the opinions expressed and information contained in this communication.Such information and opinions are for general information purposes only and are not intended to present advice with respect to matters reviewed and commented upon.This communication is not di
210、rected to,or intended for distribution to or use by,any person or entity who is a citizen or resident of or located in any locality,state,country or other jurisdiction where such distribution,publication,availability or use would be contrary to law or regulation or which would subject Convera and/or
211、 its affiliates to any registration or?licensing requirement within such jurisdiction.Singapore?Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in Singapore through Convera Singapore Pte Ltd(“Convera Singapore”)and/or Convera Sin
212、gapore?Financial Pte Ltd(“Convera Singapore Financial”)(Convera Singapore and?Convera Singapore Financial are collectively referred to as“Convera”).?Convera Singapore Financial is a capital markets services licence holder for dealing in capital markets products and an exempt financial adviser for?ad
213、vising others on over-the-counter derivatives contracts and spot foreign exchange contracts other than for the purposes of leveraged foreign exchange trading within the meaning of the Securities and Futures Act,Cap 289(“SFA”).?Convera Singapore is a Major Payment Institution licensed under the?Payme
214、nt Services Act 2019.All payment services referred to in this?communication are offered under Convera Singapores Payment Services?Licence issued by the Monetary Authority of Singapore(“MAS”).?Nothing in this communication is intended or should be construed as an offer to provide services,solicitatio
215、n,invitation to or inducement to engage in services provided by Convera,save where the provision of the services by Convera will not violate or give rise to any requirement under any relevant law,including the laws of Singapore.Convera has based the opinions expressed herein on information generally
216、 available to the public.Nothing in this communication is intended to amount to opinion,recommendation or any other advice on contracts or arrangements for the purpose of foreign exchange trading,whether on a leveraged basis or otherwise.Convera makes no warranty concerning the accuracy of this info
217、rmation and specifically disclaims any liability whatsoever for?any loss arising from trading decisions based on the opinions expressed and information contained herein.Such information and opinions are for general information only and are not intended to present advice with respect to matters revie
218、wed and commented upon.This communication is not directed to,or intended for distribution to or use by,any person or entity who is a citizen or resident of or located in any locality,state,country or other jurisdiction where such distribution,publication,availability or use would be contrary to law
219、or regulation or which would subject Convera and/or its affiliates to any registration or?licensing requirement within such jurisdiction.This information has been prepared solely for informational purposes and does not in any way create any binding obligations on either party.Relations between you a
220、nd Convera will be governed by the applicable terms and conditions.No representations,warranties or conditions of any kind,express or implied,are made in this communication.Switzerland?The information contained within this document does not constitute financial advice or a financial recommendation,i
221、s general in nature and?has been prepared without taking into account your objectives,financial?situation or needs.Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in Switzerland through Convera Switzerland,LLC,Zurich Branch(“Conv
222、era”).Convera has a?registered place of business at Werdstrasse 2,P.O.Box 2063,8021 Zurich,?Switzerland.Convera is organized in the United States.Therefore,it is subject to United States rules and regulations with respect to certain transactions with its clients.However,Convera is not registered wit
223、h the U.S.Commodity Futures Trading Commission as a Commodity Trading Advisor,as a Swap Dealer,or in any other capacity.Convera is not a member of the U.S.National Futures Association.Protections that would otherwise be?available under the U.S.Commodity Exchange Act,the rules of the U.S.Commodity Fu
224、tures Trading Commission,or the rules of the U.S.National 28?Futures Association will not be available in connection with a clients relationship with,or transactions with,Convera.This document has been prepared solely for informational purposes and does not in any way create any binding obligations
225、on either party.Relations between you and Convera shall be governed by the applicable terms and conditions.No representations,warranties or conditions of any kind,express or implied,are made in this document.United States Money transfer and foreign exchange Services in the US are provided by Convera
226、 USA,LLC(NMLS ID:907333)(referred to as“Convera”.For?additional information about Convera including a list of state licenses held visit https:/ accepts payments and provides foreign exchange services on behalf of its clients and not as a payment service provider for payment recipients.This brochure
227、does not create any binding obligation on any party,nor does this brochure constitute an offer or a solicitation of an order.Any such offer or solicitation will only be made,and the relationship between you and Convera shall be governed by the applicable terms and conditions and any transaction-spec
228、ific documentation entered into?between you and Convera.No representations,warranties,or conditions of any kind,express or implied,are made herein.Convera is the issuer of the products discussed herein and would be a counterparty to any transaction you undertake with Convera.This brochure is not dir
229、ected to,or intended for distribution to or use by,any person or entity who is a citizen or resident of or located in any locality,state,country,or other jurisdiction where such distribution,publication,availability or use would be contrary to law or regulation or which would subject Convera or its
230、affiliates to any registration or licensing requirement?within such jurisdiction.Convera is not registered with the Commodity Futures Trading Commission as a Commodity Trading Advisor,as a Swap Dealer,or in any other capacity.Convera is not a member of the National Futures Association.Protections th
231、at would otherwise be available under the?Commodity Exchange Act,the rules of the Commodity Futures Trading Commission,or the rules of the National Futures Association will not be available to you in connection with your relationship with or transactions with Convera.Customers may be required to mee
232、t certain eligibility requirements in order to enter into foreign exchange transactions with Convera.Claims regarding the products discussed and other information set out herein are general in nature and do not take into account your specific?objectives,financial situation,or needs.This brochure doe
233、s not constitute?financial advice or a financial recommendation.You should use your?independent judgment and consult with your own independent advisors in evaluating whether to enter into a transaction with Convera.Convera bases recommendations only on general industry knowledge and the client profi
234、le you have provided,and Convera is not undertaking to?assess the suitability of any recommendation for your particular hedging needs.Convera has based the opinions expressed herein on information generally available to the public.Convera makes no warranty concerning the accuracy of this information
235、 and specifically disclaims any liability?whatsoever for any loss arising from hedging decisions based on the opinions expressed and information contained herein.Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and
236、 commented upon.United Kingdom Convera is a global leader in providing foreign exchange products and services and payment solutions and does business in the UK through Custom House Financial(UK)Limited(“Convera”).?Convera(registered in England and Wales,Company Number 04380026,?Registered Office Add
237、ress:Alphabeta Building,14-18 Finsbury Square,?London EC2A 1AH)is authorised by the Financial Conduct Authority under?the Payment Services Regulations 2017(Register Reference:517165)for?the provision of payment services and is registered as a Money Service Business with HM Revenue&Customs(Registered
238、 No:12140130).This document has been prepared solely for informational purposes and does not in any way create any binding obligations on either party.Relations between you and Convera shall be governed by the applicable terms and conditions.No representations,warranties or conditions of any kind,express or implied,are made in this document.29