Empowering Women in Trade Finance and Treasury: Insights from Women in Working Capital Network Event

International Women’s Day is a timely reminder of the strides made towards gender equality and the challenges that persist. This year, the Women in Working Capital (WWC) network, in collaboration with Demica, hosted an event that not only highlighted the accomplishments of women in finance but also shed light on the existing gender disparities within the industry and the wider working world.

The event featured Joy Macknight, former editor of The Banker, who brought her wealth of experience and insights to the discussion. The gathering, introduced by Demica CEO Matt Wreford and Shikha Kalra, Senior Director for Corporate Solutions, served as a platform to discuss the journey of women in trade and treasury, and Joy’s narrative resonated with the diverse audience present.

Shikha began the session by asking Joy about her background. Joy started her journey in a field seemingly unrelated to finance, having completed a degree in biological sciences in her native Canada. However, she embarked on a five-year travel adventure, which eventually led her to a career in journalism. Her initial foray into writing included contributions to Computer Weekly and various other publications, leading her to The Banker, where she specialised in Trade and Transaction Banking.

Throughout her career, Joy has had the unique opportunity to meet and report on very senior bankers and CEOs of major financial institutions. Her experiences navigating the intricacies of the industry provided valuable insights into the challenges faced by women aspiring to leadership roles in the male-dominated world of finance.

One of the key themes of Joy’s address was the importance of representation. She emphasized the glaring gender disparity within the banking sector, noting that we are still 140 years away from achieving wage parity. Only 14% of bank CEOs are women, highlighting the need for concerted efforts to bridge this gap.

Despite her affection for the relationship-centric style of banking, Joy acknowledged the underrepresentation of women across all forms of banking. She stressed that this lack of representation extends beyond the boardrooms, affecting over a billion women who are either underrepresented or underbanked. This, she argued, is not just a social issue but a missed business opportunity for banks.

In the quest for new business lines, Joy suggested that female-centric products could be a lucrative revenue stream. By catering to the unique financial needs and preferences of women, banks could tap into an untapped market and foster a more inclusive financial ecosystem.

The event concluded with an electric atmosphere, as women of all ages, ethnicities, disciplines, and seniorities were represented. The shared sense of empowerment and solidarity was palpable, emphasizing the importance of strong female visibility in the finance sector. Joy Macknight’s journey from a biology degree to becoming a senior leader in finance served as an inspirational story, reinforcing the notion that women in trade and treasury finance can thrive at any stage of their careers.

The overarching message was clear – to propel the next generation forward, a combination of strong female visibility and robust male allyship is essential. The room buzzed with the energy of possibility, highlighting that the momentum for women in the trade and treasury finance space is building, and with it, the industry will only go from strength to strength. The call to action is evident – it is time for financial institutions to embrace diversity and empower women, not just as a matter of equality but as a strategic imperative for sustainable growth. As we celebrate International Women’s Day, let’s commit to fostering an environment where everyone, regardless of gender, can contribute their unique perspectives to shape the future of finance.