Singapore launches new e-service for trade finance

Friday 6 September 2019 10:11 CET | News

Singapore Customs, the Monetary Authority of Singapore, in partnership with other financial institutions, have created a new e-service for trade finance.

Six banks have signed up for Singapores newly added government e-service on its digital national trade platform, as part of overall efforts against money laundering and terrorism financing.

Currently, BNP Paribas, DBS Bank, ICBC, MUFG Bank, OCBC Bank and UOB have signed up for the Trade Finance Compliance (TFC) service, a new service designed to help financial institutions better manage compliance challenges and assess fraud risks in trade financing.

The new service on the Networked Trade Platform (NTP) will help solve banks inability to validate the underlying trade and the lack of reliable data to conduct price checks for non-commodity goods, both government bodies said.

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Keywords: Singapore Customs, The Monetary Authority of Singapore, Singapore, trade finance e-service, national trade finance, financial institution, trade finance, BNP Paribas, DBS Bank, ICBC, MUFG Bank, OCBC Bank, UOB
Countries: World

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