Global trade has faced successive "once-in-a-generation" disruptions since 2020: the Covid-19 pandemic, Donald Trump's "liberation day" tariffs in 2025, and the US-Israeli war on Iran. Paper-based processes remain complex; 85 per cent of trade uses open-account instruments, and new supplier relationships can take up to three years to establish.

The pandemic accelerated digitization. Sriram Muthukrishnan at DBS recalls weekend payments to China for medical gear. Digital letters of credit surged from 16 per cent to close to 70 per cent. DBS rerouted an Indonesia–India shipment via Singapore using digital documents, demonstrating flexibility for SMEs.

The Middle East conflict tested this resilience. Natasha Condon at JPMorgan Payments reactivated pandemic protocols: remote work, digital documentation, and "non-standard operational procedures." Strait of Hormuz blockages disrupted food and construction imports, but banks maintained support with heightened transaction scrutiny.

Digitization has built systemic resilience. As Condon notes, "We know that we can respond quickly and flexibly when it really matters, and without compromising on our risk and control standards."