CamelONE™ Trade Finance Portal Witnessed its First Inaugural Transaction

  Published on 4 March, 2020

CamelONE™ Trade Finance Portal Witnessed its First Inaugural Transaction

  Published on 4 March, 2020

CamelONE™ Trade Finance Portal Witnessed its First Inaugural Transaction

  Published on 4 March, 2020

CamelONE™ Trade Finance Portal Witnessed its First Inaugural Transaction

  Published on 4 March, 2020

DBS Bank as the first to complete a S$4.8 million trade financing settlement through the CamelONE Trade Finance portal

 

On Monday, VCC witnessed the first inaugural transaction on the CamelONE Trade Finance portal as DBS Bank processed a S$4.8 million letter of credit transaction by homegrown steel wholesaler and supplier Super Steel.

CamelONE Trade Finance is Singapore’s first multi-bank trade finance portal which provides a range of trade finance products across nine banks. As a value-added service on the Networked Trade Platform (NTP), this portal is able to take advantage of NTP’s document repository for data reusability, to save user’s time filling in repeated applications.

The portal was launched last year at the Singapore Fintech Festival and has since undergone rapid rounds of upgrades and improvements resulting in the state-of-the-art portal it is today. The collected feedback was put to good use by our commendable development team as they implemented the necessary app developments for our bank partners and customers. This eventually paved the way for the indigenous trade financing portal to carry out its first successful transaction.

As one of the portal’s partnering banks, DBS stands as the first to get the ball rolling on our initiative to digitalise global trade and alleviate its paper-heavy processes.

“CamelONE Trade Finance portal is “especially critical” now, as prolonged geopolitical tensions, trade friction and the Covid-19 situation continue to disrupt global and Asian supply chains,” said DBS in a statement.

This recent success can only be attributed to the efforts of the development team and support from our partnering banks and NTP. It also serves as a stepping stone for VCC to keep up its efforts in working with NTP to continue developing and revolutionising digital trade.

Links to some of the news coverage:

The Straits Times – DBS, OCBC boost efficiency with digital push in trade finance

The Business Times – DBS, OCBC pushing trade finance into the digital age

CTMfile – DBS completes first trade financing transaction on CamelONE Trade Finance portal

MSN – DBS closes first trade finance deal on TFP worth S$4.8 million

Singapore Business Review – DBS closes first trade finance deal on TFP worth $4.8 million

Asian Banking and Finance – DBS closes first trade finance deal on TFP worth $4.8 million

International Finance – DBS, OCBC adopt blockchain in trade finance to boost digitalisation

The World News Monitor – DBS, OCBC boost efficiency with digital push in trade finance