Governments led by those in Singapore and Hong Kong are helping drive widespread support for a global move towards digital trade . . .
In May this year, Singapore-based fintech company CCRManager Pte Ltd, launched an innovative new electronic platform developed for the distribution of trade finance, supply chain finance and working capital assets.
Bank of China, DBS Bank, ICICI Bank, Swiss Re Corporate Solutions, and UniCredit have signed up as pioneer members of the platform to support their trade risk distribution business globally.
In addition, ANZ Bank, Bank of America Merrill Lynch, BBVA, Bank of East Asia, BNP Paribas, HSBC, Industrial and Commercial Bank of China, Mitsubishi UFJ Financial Group, Mizuho Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation have signed a Letter of Intent to become members of CCRManager within the next few months.
The platform has been developed with the support of the Monetary Authority of Singapore (MAS) and major global financial institutions.
CCRManager will provide the global financial sector with infrastructure designed to enhance capital, credit, and liquidity management.
In launching the platform, Tan Kah Chye, Chairman of CCRManager, described it as “truly a collaborative effort” which had taken more than 1,000 man hours to help design and refine the platform. “This is our contribution to development of the global financial ecosystem as a group,” Tan said.
The platform is web-based, and will enable banks to manage the entire process of distributing trade finance internationally to other banks, credit insurers, and fund managers.
Users of CCRManager will be able to list assets for distribution, negotiate deals, and manage supporting documentation in a secure environment. They will also have access to tools for data analytics, market benchmarking, and pricing indices.
Man Ka Kit, CEO of CCRManager, said: “We estimate the secondary market for trade finance assets, at approximately US$1.7 trillion, is roughly 10% of global cross-border trade. As an infrastructure platform, we believe CCRManager will address this entire market, help unlock more capital and increase the supply of trade finance globally.”