Impact of Fintech on Liquidity in Global Trade & Supply Chain Finance

This report investigates the impact of financial technology (fintech) on liquidity within global supply chains, highlighting the limitations of traditional banking platforms in processing modern financial transactions. Fintech facilitates faster, real-time money transfers, benefiting ventures and investors alike. The study explores fintech's role in international trade and supply chain finance, emphasizing its ability to enhance liquidity and profitability for suppliers by enabling quicker payments and access to broader markets. It also addresses challenges such as cyber threats and money laundering, suggesting future research should focus on minimizing these issues. The report concludes that fintech's real-time capabilities have revolutionized financial operations, while also acknowledging the need for ongoing improvements to address its inherent risks and maximize its potential.

Running head: FINTECH AND LIQUIDITY
Fintech and Liquidity
Name of the Student:
Name of the University:
Author Note:

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FINTECH AND LIQUIDITY
1. Abstract:
The research brings into light that fact that
traditional banking platforms are no more
sufficient to process the millions of financial
transactions. Financial technology or fintech
is the newly emerging technology which can
process several transactions per second.
Fintech enables faster and real time transfer
of money. The report then goes onto show
that fintech due to its real time transfer of
funds my using laptops and smart has
facilitated high liquidity in terms of finance
in the global supply chains. The ventures
can avail finance more easily from investors
using fintech platforms and provide ROI on
real time basis using the platform. However,
the report also highlights that fintech suffers
from issues like cyber threats, money
laundering and lack of invetsments. The
study further closes by mention future works
in the fintech area should emphasise on
finding minimising these issues.

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Table of Contents
1. Abstract:.......................................................................................................................................1
2. Introduction:................................................................................................................................3
2.1. Motivation:...........................................................................................................................3
2.3. Research question:................................................................................................................4
2.4. Contribution:.........................................................................................................................4
2.5. Impact and implication:........................................................................................................5
3. Related work:...............................................................................................................................7
3.1. Financial technology:............................................................................................................7
3.2. Fintech and international trade:............................................................................................8
3.3. Fintech and supply chain finance:........................................................................................9
3.4. Trade financing and fintech:...............................................................................................12
3.5. Challenges and threats to implementation of fintech:........................................................15
4. Research methodology:.............................................................................................................17
Justification of using realism:....................................................................................................17
5. Results:......................................................................................................................................18
6. Conclusions and future works:..................................................................................................18
7. Bibleography:............................................................................................................................20

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2. Introduction:
2.1. Motivation:
Global business environment has become
extremely dynamic and integrated with
immense amount of the revenue from one
country to another. The growth of
international trade and the ecommerce have
led to the need to process multiple payments
by the existing systems. The traditional
banking platforms are not capable of
handling this immense number of payment
requisitions (Bruton et al. 2015). Clavijo et
al. (2019) strengthen the discussion by
mentioning that business organizations,
especially the multinational companies
today require continuous flow of capital to
support their global operations. Gomber et
al. (2018) throw further light on the
discussion by mentioning companies in
order to diversify their risks of investments
today diversify their asset portfolio among
various types of securities both in their
home countries as well as foreign nations.
Chaney (2016) points out in this respect that
companies in order to ensure high liquidity
often sell their inventories to foreign
markets. Thus, it is evident that the present
global economic situation is characterized
by immense flow of financial resources
which traditional payment processing
platforms fail to process. This gap between
the needs of the business organisations and
the traditional payment processing payment
is served to fintech or financial technology.
Financial technology consists of technology
which enables processing of immense
number of payments which enables the
movement of immense amount financial
resources in the global (Bodenstein, Erceg
and Guerrieri 2017). The increasing role in
financial technology in the global business
processing and the benefits which it

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ushers has motivated to conduct a research in the area.
2.2. Context of the research:
Financial technology plays a very significant
role in mobilisation of the financial
resources in the global economy. Korpela,
Hallikas and Dahlberg (2017) mention that
fintech comes under external market
environment factors like technology and
economic structure. Further, it can also be
mentioned that use of fintech invites scope
of cyber threats. The advantages which
fintech is capable of attributing to the global
economy and the threats or challenges which
business organisations would face while
implementing fintech would form the
context of the research.
2.3. Research question:
The main research question will be:
Will fintech enable suppliers to achieve more liquidity and profit compared to the
traditional banking channels?
2.4. Contribution:
Financial technology contributes to liquidity
and profitability of commercial
organisations in several ways. The business
organisations are able to market their goods
in several markets and receive payments.
Similarly, the companies are able to pay
dividends to investors on the online
platforms and receive payments. The third
way in which fintech contributes to the
liquidity and profitability is by enabling the
companies invest in foreign assets which in
turn diversify their risks. Thus, fintech
enables the business organisations to

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mobilise more financial resources, thus ensuring their liquidity.
Figure 1. Global Credit (disbursements) via Fintech platforms
(Source: Clavijo et al. 2019)
2.5. Impact and implication:
Fintech has strong impacts on the financial
liquidity in the business organisations.
Financial technology enables the business
organisations mobilise their funds towards
business operational areas like
manufacturing and marketing more swiftly.
Similarly, fintech also enables the
companies to invest in offshore assets which
enables them to earn higher rate of interests.
This implies fintech paves way for
companies to generate higher interests of
revenue, which they can channelize into the
manufacturing operations. This implies that
fintech enables organisations to boost their
business operations.

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Investors
Companies using fintech
Suppliers
Customers
Foreign
securities
Figure 2. Conceptual diagram showing use in fintech in commercial organisations
(Source: Authors)
Note on the figure:
Red arrow: Flow of return on investments from companies to investors
Green arrow (deep): Flow of investments from investors to companies.
Blue arrow (deep): Flow of payments from companies to suppliers
Orange arrow: Flow of goods from suppliers to companies
Green arrow (light): Investment of companies in foreign securities
Violet arrow: Flow of ROI for market to companies
Yellow arrow: Flow of finished products to consumers
Brown arrow: Flow of revenue from consumers to companies

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3. Related work:
3.1. Financial technology:
Farboodi and Veldkamp (2017) mentions
that the term financial technology
abbreviated as fintech refers to use of
technology in the facilitating financial
transactions. Fntech involves use of
technologically advanced devices like
laptops, smart phones and mobile banking to
conduct financial transactions. The use of
financial technology include use of
electronic devices which enables companies
to manage their financial conditions more
effectively that traditional banking
platforms. Crosby et al. (2016) throw light
on another aspect of financial technology
which is block chain technology. The
logistics companies use block chain to
ensure efficient management of their
business information to ensure strict
management of the financial resources to
ensure reduction of expenditures and
increase of profit. The firms supplying
goods and services use fintech to receive
prompt payments for the supply of
inventories to their business customers. The
investors can view real time share market
data on their laptops and smart phones. The
investors can invest in the shares of the
companies as per their discretion. Thus, it
can be inferred from the discussion that
fintech plays important roles in financial
management of business organisations.

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Figure 3. Drivers of fintech
(Source: Riemer et al. 2017)
3.2. Fintech and international trade:
Fintech plays a very important role in
international trade and revenue generation in
the business organisations. Okere (2017)
mentions that customers can purchase goods
on the ecommerce platforms. They can
make payments using internet banking and
mobile banking network which gets credited
to the bank accounts of the companies
marketing the goods concerned. Fang and
Zhang (2016) strengthens the argument by
pointing out that customers while making
payment input their details like names. The
companies can acquire immense amount of
customer data which they can use to predict
the patterns of customer preferences. Curtis
and Sweeney (2017) support the argument
by pointing out that fintech enables the
companies to make real business strategies
based on the customer information acquired
using the technologically advanced
platforms. Carney (2017) agrees the fintech
makes more financial resources to both start-

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ups and existing companies. This
encourages product innovation which makes
more goods and services available to
customers. These facts are more applicable
for multinational companies which serve
global consumer base. The global companies
are able to sell their products in several
markets and receive huge amount of revenue
for sale of products on the ecommerce
portals. They are able to channelize portions
of revenue towards making payments to
suppliers and ROI to investors. The
companies in return are able to obtain more
raw materials and capital from suppliers and
investors as a result (Gomber et al. 2018).
Thus, in other words fintech provides a
strong base for global flow of revenue and
capital, thus empowering international trade.

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Companies
Goods and services
Customers
Online payment through banks
Premium and interest
on invetstment
Investors Investments
Suppliers
Online payment for materials
Raw materials
Figure 4. Diagram showing international trade in miniature form
(Source: Author)
3.3. Fintech and supply chain finance:
Fintech enables the supplier companies to
enhance their liquidity and profitability.
This is evident from the graph below which
shows that consumers in developed markets
like the United States and the United
Kingdom by 33 percent and 42 percent. This

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is because financial technology is also
highly acceptable among consumers due to
use of advanced technology like smart
phones to make fund transfers using the
fintech platforms. This means that the
fintech is relevant to suppliers.
(Blogs.worldbank.org. 2018). The graph
shows the time period (2017) which
corresponds to time series method of
quantitative and unsupervised method
data collection process. The motivation of
using this method lies in the fact that both
the global market and financial technology
are undergoing drastic advancements. The
time series would enable the study the
chronological advancements of fintech to
cater to various industries and how it has
already outpaced traditional banking
channels in turns of utilities. The consumers
in the emerging markets like India at 52
percent and China at 69 percent have
surpassed their developed counterparts as on
2017. This high acceptance of fintech
among consumers means that companies
offering goods and services to these
customers are also using fintech to acquire
more goods from suppliers from all over the
world to expand their customer life cycle.
The suppliers are also able to offer more
trade credit to their corporate customers to
avail more liquidity of inventory. Thus, it
can be inferred that fintech has a very strong
impact on trade and supply chain in the
global economic system. This synergy of
customers, suppliers and companies
facilitated by fintech platforms has boosted
global supply chains
.

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FINTECH AND LIQUIDITY
Figure 5. Global adoption of Fintech
(Source: Businessinsider.com. 2019)
The central government of different
nations like the US are also taking steps to
strengthen NBFC finetch companies. This is
evident from the fact that the Office of
Controller of the Currency, the US
Department of Treasury announced that it
would begin accepting national bank
charters from non-depository fintech
companies engaged in the banking networks
(Occ.gov. 2018). This empowerment of
fintech companies would attribute to profits
and liquidity to supplier companies. Kwon,

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Kim and Martin (2016) mention in this
regard that suppliers can obtain payments
from companies on the online banking
platforms. They as a result are able to
channelize the revenue generated towards
acquisition or production of more raw
materials which they can sell to their
customers. Neubert, Ouzrout and Bouras
(2018) mention that fintech also enables the
suppliers to hold meetings with the
companies buying inventories from them.
This enables the supplier companies to
supply inventories according to the business
requirements of companies which generates
high revenue for the former. Hackius and
Petersen (2017) strengthens the opinion by
mention that smooth flow of revenue to
suppliers and the channelization of the same
towards the supply business provides
liquidity to the supply business
organisations. The diagram below shows
that suppliers can use artificial intelligence
in management of their operations. Tunca
and Zhu (2017) in their work add to the use
of fintech by showing the fintech and
artificial intelligence can also be integrated
with inventory models and financial
management on the seventh page of their
work. It can be also be traditional cannot
process financial transactions and update
accounting records simultaneously as fintech
can do. Thus, it can established that fintech
has brought about disruption in the supply
chain financing by making the payment
transfer from companies to supplier real
time and dynamic. They mention that while
studying the role of fintech and AI in
supplier functions it is assumed that the
suppliers are competitive and offer credits to
companies buying inventory from them at
breakeven point. Thus, in this respect it can
be pointed out that fintech does not only
boost financial liquidity in supply chains but
also in inventory liquidity. Soleimani (2018)
can again be reiterated that fintech and AI
hold great importance in future of the supply

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chains. The third figure shown points out
that while in the next three years around 15
percent firms would use personal financial
management platforms (PFM), it is
predicted in the next five around 20 percent
of the firms would use PFM which would be
linked to the respective bank accounts.
Zheng et al. (2016) though do not contradict
the benefits of fintech, AI and block in
boosting the liquidity of the supply chains,
point out to the darker sides of using fintech-
the main challenges. They opine that the
first challenge which fintech and blockchain
face are scalability. This is because with
more and more information being fed into
the system and increasing number of
financial transactions being processed on the
fintech platforms, the storage capability of
the system is getting saturated. It must also
be pointed out that the fintech systems can
processes can process around ten
transactions per second. Thus, the immense
flow of transactions results in extreme
pressure on the systems which may also lead
the systems to crash or stop temporarily. The
second challenge with the both the fintech
and the supplier companies face is the need
to redesign their fintech platforms to suit to
their ever increasing business requirements.
This require immense investments in the
fintech in terms of finance, technology and
human resources. Thus, fintech increases the
cost of operations of business operations. It
can be inferred on the basis of the discussion
above that fintech holds great significance to
supplier companies in terms of liquidty.
However, the challenges of scalability and
recurring financial investments cannot be
undermined. Thus, it can be established that
fintech has disrupted the traditional supply
financing systems and made the entire
supply chain financing dynamic and real
time based.

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Figure 6. Figure showing fintech and artificial intelligence (AI) in supply chain
(Source: Soleimani 2018)
Figure 7. FinTech innovation impact in the five years in the future

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(Source: Soleimani 2018)
3.4. Trade financing and fintech:
Fintech plays a great role in trade financing
in case of both established businesses and
entrepreneurial ventures. Haddad and
Hornuf (2016) throw light into the matter.
They point out that likelihood of debt
defaults has discouraged many venture
capital investors and crowd funding
investors for investing in new businesses.
The default of debt to some extent can also
be attributed top to traditional banking
platforms which take a long time to transfer
return on investments from the ventures to
investors. They point out that fintech
platforms enable real time movement of
financial resources from investors to venture
and back as shown below (Lukonga 2018).
This easy availability of trade funds has
encouraged entrepreneurial ventures both in
other sectors like automobile and IT as well
as in the fintech sector. This availability of
finance using the fintech has enabled small
and medium scale entrepreneurs get access
to financial investments. Thus, it can be
inferred from the discussion that fintech has
proved to be more efficient in providing
capital to SMEs compared to traditional
banking platforms. This availability of
finance in fintech platforms would also
enable the SMEs sustain in the long run.
Thus is evident from the fact that apex banks
like the Reserve Bank of Australia in
different countries are supervising the
fintech platforms to ensure smooth financial
transactions (Rba.gov.au. 2018). The
Reserve Bank of India, the central bank of
the country, in its statement has mentioned
initiatives like setting up of innovation
laboratories to test the different factors like
risks attached to fintech to determine their
appropriateness for introduction into the
Indian market (Rbidocs.rbi.org.in. 2019).
This intervention of apex banks would make

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the fintech platform more effective for
SMEs because this would lead to reduction
of illegal activities like money laundering.
The graph below shows that the
fintech has also emerged as a profitable
market giving high returns to investors. It
shows that that the emerging Asian markets
like India have evolved into more profitable
markets for investments in fintech. North
America, dominated by the US and
European economy stand at 23 percent and
14 percent respectively. Thus, it is evident
that fintech provides higher returns on
investments compared to traditional banking
platforms.
Figure 8. Expected ROI from fintech investments
(Source: Pwc.in. 2019)

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Figure 9. Forecast of bank spending on new technologies in 2015 and 2017, by region (in $bn)
(Source: Statista.com. 2019)
The banks in different markets are
investing in fintech as shown in the graph
above (figure 9). This is because fintech
market is growing and giving higher ROI.
Haddad and Hornuf (2016) mention that
fintech owing to high capital acquisition are
able to support more entrepreneurial
ventures. They in fact point out that
development of large number of
entrepreneurial ventures empowered by
easily available trade finance on the fintech
platforms has transformed the markets
where these ventures are located into
entrepreneurial hubs. Schindler (2017)
points out that fintech platforms enable the
financial regulatory authorities exercise

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control over the entire transfer of money,
thus ensuring minimising of frauds and
wilful debt defaulters. The opinion of the
author can be ratified by the fact that apex
banking authorities in different countries can
regulate the fintech platforms using different
policies and regulations. For example, the
Federal Reserve Bank of San Francisco on
its official mentions that the Federal Reserve
provides the payments and settlement
systems within the United States. The body
then goes on to mention that the financial
transactions made within the US are subject
to supervision of several other government
bodies like the Office of the Comptroller of
Currencies and the Federal Deposit
Insurance Corporation (Frbsf.org. 2019).
The Bank of England, the apex bank of the
United Kingdom echoes the voice of the
Federal Reserve Bank of San Francisco. The
Bank of England is the apex authority within
the United Kingdom which supervises and
controls the transactions which take place on
the fintech platforms. The apex bank of the
United Kingdom mentions that it control the
financial market and acts a settlement agent
for the financial transactions
(Bankofengland.co.uk. 2019). The Reserve
Bank of Australia, the Australian
counterpart of the Bank of England
establishes that it has the power to control
the payment systems including online
payments in Australia (Rba.gov.au. 2018).
Thus, it can be established that the fintech
enforces the control of government bodies
on the on the financial transactions which
minimises the scope of frauds. Wang (2018)
points out that fintech platforms help
government bodies like apex banks detect
fraudulent financial activities. The fraud
detection system, according to the author
consist of rule-based approach, Bayesian
network and machine based techniques.
Yoon and Jun (2019) argues against the
previous author point out that the increasing
number of financial transfers on the fintech

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platforms between institutions and
individuals has made total regulations of
financial transactions impossible. This is
evident from the mounting incidences of
monetary frauds. The authors then go on to
point out that lack of facilities or
infrastructure to diversify the losses incurred
due to fraudulent activities often discourage
institutions to participate fraud checking.
Haddad and Hornuf (2016) can be reiterated
here to mention that the increasing chances
of incurring losses due to frauds and lack of
anti-fraud infrastructure also contribute
towards discouraging the trade financing
bodies from investing in new and to some
extent existing ventures. Thus, it can be
inferred from the discussion that the fintech
has strengthened trade-financing by making
transfer between the investors and ventures
faster. It can also be established that
participation of apex bodies of the Bank of
England has made the fintech platforms
more secure which has encouraged investors
to invest in ventures, thus making trade
finance more accessible to the latter.
However, it can also be pointed out that
increasing number of fraudulent activities
and lack of loss diversification infrastructure
discourage investors from investing, thus
affecting availability of trade finance to
ventures.

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Figure 10. Architecture of the Fintech Industry
(Source: Lukonga 2018)
3.5. Challenges and threats to implementation of fintech:
Fintech face several challenges and
threats while being implemented in the
banks to modernise their respective
traditional platforms. The Forbes reports that
the fintech has disrupted the traditional
banking platforms. The report also reports
that new types of banks challenger banks
and non-bank payments institutions have
made entry into the banking sector thereby
revolutionising the entire landscape of the
banking operations. PWC as shown below
points out that fintech finds use in strategic
areas like raising capital and investment
management in corporate organisations and
in fact in global economy. Thus, it is evident
that the fintech platforms facilitate
movement of large sum of business
information and money. It is also evident

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from this that the securities and challenges
which fintech faces affects the entire global
economy. Lukonga (2018) mention that
cyber threats are one of the biggest threats
faced by fintech platforms. The authors goes
on to mention that risks to fintech platforms
have serious implications and attract other
types of risks. Clavijo et al. (2019) to
describe the level of risks mention that the
risks to fintech have macroeconomic
impacts. This is because considering the
number of financial payments all-round the
globe taking on the financial platforms, it
would not be inappropriate to mention the
immense amount of strategically important
which is shared can be give rise to privacy
issues. The second threat or challenge which
the fintech platfroms face are entry of large
number of companies into the sectors,
especially in the emerging and developed
markets make it challenging for regulatory
bodies to exercise control over them, thus
leaving higher scopes for cyber-attacks.
Arner, Barberis, and Buckley (2015) point
out to the third challenge which fintech
faces, rate of economic development. This is
evident from the fact that most of the
financial technology are concentrated in the
developed and emerging markets. The
underdeveloped countries on the other hand
are not able to maintain their fintech
platforms, thus inviting more cyber threats.
Lukonga (2018) points out that fourth
challenge which fintech platforms which is
administrative in nature. The banks in order
to retain the importance of their traditional
platforms, do not invest in the fintech
platforms like their respective net banking
platforms, thus inviting risks of cyber threats
and money laundering. Thus, the discussion
can be summed by reiterating that the main
issues or challenges which financial
technology or fintech platforms face are data
safety issues, lack of sufficient investment,
lack of economic development in the
countries in which the technology in used,

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deliberate lack of investment by banks and money laundering.
Figure 11. Table showing applications of fintech
(Source: Pwc.in. 2019)
4. Research methodology:
There are three main research philosophies
which are considered in research
methodology are positivism, realism and
interpretivism. Positivism involves in-depth
analysis of the research to identify the issue
on grounds on quantitative analysis while
interpretivism involves taking into
consideration qualitative aspects of the
issues. The realism approach consider both
the positivism and interpretivism (Mackey
and Gass 2015). The research under
consideration would take into account
realism.

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FINTECH AND LIQUIDITY
Justification of using realism:
It can be justified that realism is the most
appropriate approach of the three
approaches mentioned above. This is
because the scope of fintech is both
qualitative and quantitative in nature
corresponding to positivism and
interpretivism respectively. This is because
as already, the immense number of financial
transactions which financial technology
platforms support are quantitative data. The
regulatory controls of apex banks exercise
on fintech platforms are qualitative in
nature. Thus, the analysis requires both
qualitative and quantitative analysis, thus
affirming the appropriateness of the realism
approach.
5. Results:
The above discussion unveils several salient
findings regarding fintech, its role in the
global trade, its future possibilities and the
issues it is faces. The first finding is that
financial technology refers to the use of
technology in carrying out financial
transactions (Okere 2017). It involves use of
laptops, smart phones, AI and block chain
technology. The second result of the
research is that fintech finds use in capital
market and sectors, thus practically
facilitating global trade. The third result of
the research is that the fintech has paved in
revolutionising supply chain and attributed it
with more liquidity. The fourth finding is
that fintech has facilitated in trade financing
both for new and existing ventures. The fifth
finding is that fintech has facilitates greater
regulation of apex government bodies like
apex banks on the financial markets. The
sixth is that the fintch suffers issues like
security issues, cyber threats and lack
investment towards advancement of the
fintech platforms.
6. Conclusions and future works:

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FINTECH AND LIQUIDITY
It can be concluded from the detailed
discussion that fintech is already playing a
great roles in several key sectors like capital
markets, banking services and insurance
sector. It can also be pointed out that
financial technology has already
revolutionised traditional banking
operations. However, it requires further
investments to attain higher levels of
advancements to be able to prevent cyber
threats and money laundering. It can also be
pointed out that the apex banks require to
direct banks under their control to invest in
fintech at a higher scale. It can also be
pointed out that fintech holds great benefits
for the global economy in the future. Thus, it
can be undeniably mentioned that threats of
fintech would affect the global economy.
Thus all the nations need to form common
protocols to control the fintech platforms.
As far as further works are concerned, they
should revolve around finding long term
solutions to the issues which fintech face.
The studies can also concentrate on finding
out ways in which governments can enhance
security control over fintech transactions.
Recommendation/guidance to newcomer companies to migrate into fintech domain:
It can recommended that new companies
migrating the fintech domain should make
strategies to enter and sustain in the fintech
domain. This is because the market closely
regulated by apex government institutes like
apex banks. Moreover, the fintech industry
requires immense investment in technology
and human resources. These factors have to
be management of the firms newly entering
the fintech to ensure profitable operations.

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7. Bibleography:
Arner, D.W., Barberis, J. and Buckley, R.P., 2015. The evolution of Fintech: A new post-crisis
paradigm. Geo. J. Int'l L., 47, p.1271.
Bambrough, B. 2018. Forbes.com. [online] Forbes.com. Available at:
https://www.forbes.com/sites/billybambrough/2018/10/17/global-fintech-warning-to-tradional-
banks-the-threat-is-real-and-growing/#3c302de52c71 [Accessed 9 Mar. 2019].
Bankofengland.co.uk. 2019. Bankofengland.co.uk. [online] Available at:
https://www.bankofengland.co.uk/payment-and-settlement [Accessed 8 Mar. 2019].
Blogs.worldbank.org. 2018. Blogs.worldbank.org. [online] Available at:
https://blogs.worldbank.org/taxonomy/term/14745 [Accessed 11 Mar. 2019].
Bodenstein, M., Erceg, C.J. and Guerrieri, L., 2017. The effects of foreign shocks when interest
rates are at zero. Canadian Journal of Economics/Revue canadienne d'économique, 50(3),
pp.660-684.
Bruton, G., Khavul, S., Siegel, D. and Wright, M., 2015. New financial alternatives in seeding
entrepreneurship: Microfinance, crowdfunding, and peer‐to‐peer innovations. Entrepreneurship
Theory and Practice, 39(1), pp.9-26.
Businessinsider.com. 2019. Businessinsider.com. [online] Available at:
https://www.businessinsider.com/bank-of-england-highlights-fintech-risks-for-incumbents-2017-
11?IR=T [Accessed 11 Mar. 2019].

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