The Monetary Authority of Singapore is backing the launch of a new trade finance offering operated by trade facilitation platform provider vCargo Cloud (VCC), a press release said Monday (Nov. 11).
MAS, along with several top financial institutions operating in the country, have supported the launch of CamelONE Trade Finance, operating on the Networked Trade Platform (NTP), a government-run platform to provide global trade services.
CamelONE Trade Finance will connect businesses to a range of trade finance applications, the result of vCargo Cloud’s partnership with Singapore Customs and the country’s Government Technology Agency.
Businesses can use the platform to access up to 12 trade finance products in standardized forms from an array of the participating banks, which include HSBC, BNP Paribas, Standard Chartered Bank and others. Users can apply for trade finance digitally, with their trade documents and data already uploaded on the NTP used to assess their applications and underwrite financing.
The platform is currently accepting pre-registration through mid-January, the press release said.
“VCC is honored to be able to work with the NTP, MAS and nine leading trade finance banks to launch CamelONE Trade Finance on the NTP today,” said vCargo Cloud CEO Desmond Tay in the release. “We believe this portal will benefit both traders and banks immensely in the long run, and will soon become an integral part of every trader’s activities.”
MAS, as well as FinTechs from the country’s private sector, have propelled the nation into a global leading position in trade finance innovation. The ecosystem has also supported bank-FinTech collaboration in the market.
In September, for example, Standard Chartered announced a partnership with Traydstream to support digitization in the trade finance process. Their collaboration will first roll out in Singapore to automate trade document management and compliance for joint customers.