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DBS accelerates trade financing digitalisation amid Covid-19 concerns

Monday 16 March 2020 13:52 CET | News

Singapore-based DBS Bank has closed the completion of its trade financing settlement through vCargo Cloud’s CamelONE Trade Finance portal, IBS intelligence reports.

 

The SGD 4.8 million letter of credit transaction was by homegrown steel wholesaler and supplier Super Steel. As Singapore’s unified multi-bank portal connected to the Networked Trade Platform (NTP) to aggregate trade financing products, small and medium enterprises (SMEs) are able to conveniently apply for an array of trade finance solutions through the TFP.

Through the provision of a standardised application form, the TFP eliminates the hassle of having to navigate through different banks’ sites, resulting in quicker application times and reduced human errors. Moreover, the information and data submitted for other trade purposes on the NTP, such as permit declaration, freight booking and cargo insurance can also be used to supplement corporates’ digital trade applications to banks.


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Keywords: Singapore, DBS Bank, trade financing settlement, vCargo Cloud’s CamelONE, Trade Finance portal, Asia Pacific, APAC, freight booking, cargo insurance, digital trade, COVID-19, coronavirus
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Singapore
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Banking & Fintech






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