Singapore-based trade facilitation platform provider vCargo Cloud has announced that it launched CamelONE Trade Finance on the Networked Trade Platform.
The launch was carried out with the support of the Monetary Authority of Singapore and nine leading trade finance banks - ANZ, BNP Paribas, DBS Bank, HSBC, Industrial and Commercial Bank of China, MUFG Bank, Oversea-Chinese Banking Corporation, Standard Chartered Bank, and United Overseas Bank.
CamelONE Trade Finance offers trade finance applications, and is a multi-bank trade finance portal to be developed by a technology company in Southeast Asia. vCargo Cloud commenced development on the portal after the company was confirmed late 2017 as a successful participant in the call for collaboration by Singapore Customs in partnership with Government Technology Agency.
Designed to simplify trade finance applications, CamelONE Trade Finance will allow the NTP's business users to subscribe and apply for up to twelve trade finance products via standardised forms in a secure format. Users can conduct simplified paperless trade finance applications through the reuse of their digital trade documents and data via the NTP, as well as receive real-time status updates on their applications, improving efficiency and productivity for both the banks and users.
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