dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Lah!
  • Technology

DBS Accelerates Trade Digitalisation Efforts With More ‘Industry-firsts’ To Drive Greater Efficiencies For Customers

  • March 4, 2020
Total
0
Shares
0
0
0

To drive greater efficiencies in trade, DBS Bank has closed another ‘industry-first’ with the completion of the first trade financing settlement through vCargo Cloud’s CamelONE Trade Finance portal (TFP) – with another two transactions slated to close this week. The inaugural transaction relates to an SGD 4.8 million letter of credit transaction by homegrown steel wholesaler and supplier, Super Steel Pte Ltd.

As Singapore’s first unified multi-bank portal connected to the Networked Trade Platform (NTP) to aggregate trade financing products, small and medium enterprises (SMEs) like Super Steel are now able to conveniently apply for an array of trade finance solutions through the TFP. More importantly, by providing a standardised application form, the TFP eliminates the hassle of having to navigate through different banks’ sites, resulting in quicker application times and reduced human errors. This, in turn, helps enhance efficiency and productivity for both large corporates and SMEs seeking access to trade financing, and for banks to provide the service more efficiently. In addition, the information and data submitted for other trade purposes on the NTP, such as permit declaration, freight booking and cargo insurance can also be used to supplement corporates’ digital trade applications to banks – maximising digital data reuse.

Sriram Muthukrishnan, Group Head of Trade Product Management, DBS Bank, said, “Trade finance is the lifeblood of commerce but can sometimes be quite manual and complex. By digitalising trade financing services via a one-stop portal, we are able to provide swift, easy and contact-free financing solutions to help our customers enjoy greater peace of mind when it comes to managing their banking needs. This is especially critical now as prolonged geopolitical tensions and trade frictions, along with Covid-19 concerns, have disrupted global and Asian supply chains, affecting the cash flows of many businesses in Singapore and the region.”

As part of the bank’s efforts to digitalise trade across all fronts, DBS has also completed its first electronic banker’s guarantee[2] issuance on the newly-launched Singapore Customs Electronic Bank Guarantee Programme (eBG programme). The transaction relates to a SGD 49,000 transaction by leading automotive group, Komoco Holdings (Komoco). Launched today, the eBG programme was developed as part of efforts to enhance the banker’s guarantee lodgement process which tends to be highly manual and time intensive. For example, before the launch of the eBG programme, corporates will need to physically deliver the original hard copy of the banker’s guarantee to the Singapore Customs (Customs). But today, DBS is now able to help our corporate customers send their banker’s guarantee directly to the Customs, and concurrently digitally share data from the banker’s guarantee in real-time through the NTP. This helps cut short the banker’s guarantee issuance and submission process to the Customs from an average of three to four working days, to less than 24 hours.

Accelerating trade digitalisation across multiple fronts

Apart from driving trade digitalisation efforts externally, DBS has also looked within the bank to provide inhouse solutions to enhance support for its corporate customers. As part of broader relief measures, DBS has recently launched the service where all corporate customers can now upload their supporting trade documents onto the bank’s corporate banking platform, DBS IDEAL. This means that customers will be able to submit trade financing applications online, as well as digitally upload and reload any required documents such as trade contracts, invoices, customs declarations and purchase orders. These applications were previously mainly done physically at trade counters or at bank branches. Customers will also be able to get instant notifications of their application status through email and SMS.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • Banking
  • DBS
  • DBS Singapore
  • Networked Trade Platform
  • Trade
  • vCargo Cloud
dotlah.com

Previous Article
  • Lah!

More Local Mixed-breed Dogs Can Be Rehomed To HDB Flats With The Revision In Size Limits Under Project ADORE

  • March 4, 2020
View Post
Next Article
  • Lah!

Changi Airport’s Iconic Flight Information Display Flip Board To Become Part Of Singapore’s National Collection

  • March 4, 2020
View Post
You May Also Like
oracle-ibm
View Post
  • Artificial Intelligence
  • Technology

IBM and Oracle Expand Partnership to Advance Agentic AI and Hybrid Cloud

  • Dean Marc
  • May 6, 2025
View Post
  • Software
  • Technology

Canonical Releases Ubuntu 25.04 Plucky Puffin

  • Dean Marc
  • April 17, 2025
View Post
  • Artificial Intelligence
  • Technology

Tokyo Electron and IBM Renew Collaboration for Advanced Semiconductor Technology

  • Dean Marc
  • April 2, 2025
View Post
  • Lah!

Tariffs, Trump, and Other Things That Start With T – They’re Not The Problem, It’s How We Use Them

  • John Francis
  • March 25, 2025
View Post
  • Artificial Intelligence
  • Technology

IBM contributes key open-source projects to Linux Foundation to advance AI community participation

  • dotlah.com
  • March 22, 2025
View Post
  • Artificial Intelligence
  • Technology

Mitsubishi Motors Canada Launches AI-Powered “Intelligent Companion” to Transform the 2025 Outlander Buying Experience

  • Dean Marc
  • March 10, 2025
View Post
  • Lah!

Canonical announces 12 year Kubernetes LTS

  • John Francis
  • March 4, 2025
View Post
  • Technology

New Meta for Education Offering is Now Generally Available

  • Dean Marc
  • February 26, 2025


Trending
  • 1
    • Cities
    • Technology
    Where Are The World’s Unicorn Companies?
    • July 28, 2020
  • 2
    • Cities
    • Lah!
    • Society
    Joint Study: Diverse Leadership Brings Better Firm Performance
    • February 23, 2022
  • 3
    • Technology
    ST Engineering And Wilhelmsen Ships Service To Collaborate On Developing Unmanned Aerial Operations For Shore-to-Ship Parcel Deliveries
    • February 12, 2020
  • 4
    • Lah!
    NTU Singapore Scientists Develop Probes To Detect Acute Kidney Failure Early
    • July 19, 2019
  • 5
    • Technology
    Students Design New Bank Branch Concept In A Collaboration Between UOB And Singapore Polytechnic
    • January 28, 2020
  • person getting vaccinated 6
    • People
    • World Events
    How And When Will We Know That A COVID-19 Vaccine Is Safe And Effective?
    • October 12, 2020
  • 7
    • Cities
    • Lah!
    • Technology
    Smart Cities: World’s Best Don’t Just Adopt New Technology, They Make It Work For People
    • October 11, 2019
  • 8
    • Lah!
    • Technology
    SMU Launches Asynchronous Online Certificate Programme In Future Of Finance
    • September 24, 2021
  • extreme-heat-cities-1600 9
    • Cities
    Extreme Heat Affects 2 Billion People Living in Cities
    • October 27, 2021
  • dotlah-com_zedreviews-Apple-AirPods-Active-Noise-Cancellation-240909-scaled 10
    • Featured
    • Features
    • Gears
    • Technology
    Apple introduces AirPods 4 and the world’s first all-in-one hearing health experience with AirPods Pro 2
    • September 10, 2024
  • 11
    • Technology
    Mathematical Model Reveals The Patterns Of How Innovations Arise
    • August 4, 2018
  • 12
    • Lah!
    Playing With Fire: The Economics And Network Of Fire And Haze
    • September 16, 2019
Trending
  • 1
    Trump’s global trade plans are in disarray, after a US court ruling on ‘Liberation Day’ tariffs
    • May 29, 2025
  • 2
    315,000 Singaporeans have used new career and skills planning tool by SkillsFuture Singapore
    • May 23, 2025
  • college-of-cardinals-2025 3
    The Definitive Who’s Who of the 2025 Papal Conclave
    • May 8, 2025
  • conclave-poster-black-smoke 4
    The World Is Revalidating Itself
    • May 7, 2025
  • oracle-ibm 5
    IBM and Oracle Expand Partnership to Advance Agentic AI and Hybrid Cloud
    • May 6, 2025
  • 6
    Conclave: How A New Pope Is Chosen
    • April 25, 2025
  • 7
    Canonical Releases Ubuntu 25.04 Plucky Puffin
    • April 17, 2025
  • 8
    Mathematicians uncover the logic behind how people walk in crowds
    • April 3, 2025
  • 9
    Tokyo Electron and IBM Renew Collaboration for Advanced Semiconductor Technology
    • April 2, 2025
  • 10
    Tariffs, Trump, and Other Things That Start With T – They’re Not The Problem, It’s How We Use Them
    • March 25, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.