Scotiabank announced Thursday a five-year gift agreement in support of research at UWindsor’s Cross-Border Institute (CBI) to help Canadian firms from all economic sectors participate in the global marketplace.
Scotiabank’s $500,000 donation will fund the Scotiabank Global Financial Transactions Initiative, which focuses on small and medium enterprises that concentrate on the role transaction banking plays in advancing Canada’s trade agenda.
The Cross-Border Institute will research emerging technologies; political and policy impacts on global business; as well as supply chain finance and the international policy environment.
Scotiabank’s Dyanne Carenza, vice-president of head trade finance and supply chain, said the funds will support investigation into how banks and other service providers can help clients transition to new technology with an eye to speeding up global transactions, goods movement and trade regulation, and protect the integrity and security of financial and trade data.
Carenza said trade agreements and changing political environments will also be studied to identify what financial and other services are necessary to maximize trade opportunities.
“Scotiabank also wants to address the working capital challenges of supply chain trade,” Carenza said. “We want to find ways to help Canadian suppliers take advantage of optimal financial services so they can keep production flowing and expanding.”
University of Windsor interim president Douglas Kneale praised the collaboration for providing research opportunities for students and faculty.
“The integrated and efficient flow of people, goods, services, and money across borders nowadays is of vital importance to global business and trade,” he said. “We thank Scotiabank for its investment in this new research and education centre for international financial transactions.”