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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.