DBS closes first trade finance deal on TFP worth $4.8m

SMEs can access trade finance solutions from different banks in a single platform.

DBS saw the completion of its first trade financing settlement in CamelONE's trade finance platform (TFP) through a $4.8m letter credit transaction by steel wholesaler and supplier Super Steel, the bank said in a press release.

The banks also completed its first electronic banker’s guarantee issuance on the newly-launched Singapore Customs Electronic Bank Guarantee Programme (eBG programme) through a deal worth $49,000 by automotive group Komoco Holdings.

Through TFP, small and medium enterprises (SMEs) such as Super Steel can apply for an array of trade finance solutions. TFP also eliminates the need of going through different banks’ sites.

Meanwhile, the eBG programme enables corporates to directly send their banker’s guarantee to the customs, and concurrently digitally share data from the banker’s guarantee in real-time through the Networked Trade Platform (NTP). This reportedly 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.

The bank’s corporate customers can also now upload their supporting trade documents in DBS IDEAL. Corporates are 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.