DBS Bank has completed the first trade financing settlement through through vCargo Cloud’s CamelONE Trade Finance portal (TFP) – with another two transactions slated to close in early March. The inaugural transaction relates to an SGD 4.8 million letter of credit transaction by homegrown steel wholesaler and...
DBS announced on 26 February its second round of relief measures to help businesses in Singapore cope better with the COVID-19 situation. These measures are a mix of financial relief packages and digital initiatives to enable companies to fast track their digital adoption and transaction fulfillment needs...
Advancing Singapore’s trade digitalization agenda, DBS Bank, in collaboration with Audi Singapore (Audi) and Audi’s local distributor, Premium Automobiles (Premium), completed in early February 2020 the first trade financing transaction on Singapore’s Networked Trade Platform (NTP). The inaugural trade relates to a SGD3.5 million...
Maybank announced the launch of its instant online account opening for SMEs on 20 February. With this, SMEs in Malaysia can now access instant account opening via Maybank’s online banking platform, Maybank2u. This allows business owners to open a conventional or an Islamic business...
OCBC Bank has offered targeted support measures to assist customers across its core markets that are affected by the COVID-19 outbreak. These include Singapore, Malaysia, China, Hong Kong and Macau. The tailored measures have been put in place to ensure that they are able to manage their...
The Singapore Business Federation Young Business Leaders Network (SBF-YBLN) announced on 20 February 2020 the launch of the SBF-YBLN “Helping Our Promising Enterprises” (HOPE) Fund to support local businesses during this challenging period. In partnership with Goldbell Evolution Network (GEN), a private debt investment platform, a seed...
United Overseas Bank (UOB) announced on February 12 that its allocation of S$3 billion to provide companies, especially small- and medium-sized enterprises (SMEs), in Singapore with relief assistance to tide over the negative impact of the COVID-19 outbreak on their business. In the...
DBS announced on 13 February that it will introduce a range of liquidity relief measures and other initiatives to help businesses, retail customers and communities impacted by the COVID-19 situation. Liquidity relief package for SMEs In early February, DBS conducted a dipstick poll of about...
The Singapore Economic Development Board (EDB) secured investment commitments in 2019 that exceeded its forecast for the year, reflecting companies’ confidence in Singapore despite global uncertainties. These amounted to S$15.2 billion in Fixed Asset Investments (“FAI”) and S$9.0 billion in Total Business Expenditure per annum (“TBE”) in...
Standard Chartered announced on 28 January 2020 its investment into Contour, a blockchain-based open industry platform that will initially focus on digitally creating, exchanging, approving and issuing Letters of Credit (LCs), following the full commercialization of its offering and appointment of CEO Carl Wegner.