Singapore-based DBS Bank has announced the completion of a trade finance settlement on Networked Trade Platform.
DBS Bank has successfully completed the first trade financing transaction on Singapore’s Networked Trade Platform (NTP) in collaboration with Audi Singapore (Audi) and Audi’s local distributor, Premium Automobiles (Premium). The trade relates to a USD 3.5 million letter of credit transaction for a trade of Audi cars between Audi and Premium.
By digitalising the process through the NTP, Audi and its retail partner Premium now have the capability to submit bank applications, as well as send and receive trade documents online. This enables DBS to receive and start processing the e-applications in real-time, cutting short the trade financing processing time from about a week to under one working day. In addition, as trade documents are uploaded onto the NTP, all trade participants are able to enjoy real-time updates on the progress of their transaction, enabling them to better plan their working capital needs.
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