VCC Develops CamelONE™ Trade Finance to Simplify Trade Finance Transactions

  Published on 8 November, 2018

VCC Develops CamelONE™ Trade Finance to Simplify Trade Finance Transactions

  Published on 8 November, 2018

VCC Develops CamelONE™ Trade Finance to Simplify Trade Finance Transactions

  Published on 8 November, 2018

VCC Develops CamelONE™ Trade Finance to Simplify Trade Finance Transactions

  Published on 8 November, 2018

CamelONE Trade Finance is set to be the first multi-bank trade finance portal developed by a technology company in Southeast Asia

It was great news and opportunity for VCC when it was confirmed late last year that we are a successful participant in the call for collaboration by the Networked Trade Platform (“NTP”), responsible for developing the trade finance application portal.

VCC has commenced the development of CamelONE Trade Finance – a new unified multi-bank portal that will aggregate trade finance products from three local banks and six international banks.

In collaboration with the nine leading banks, CamelONE Trade Finance is scheduled to go live in June 2019 on the NTP. Designed to simplify trade finance transactions, CamelONE Trade Finance will allow the NTP’s business users to access trade finance products offered by the nine banks via standardised forms in a secure format. Users can conduct simplified paperless trade finance through the reuse of their digital trade document and data via the NTP, saving businesses both time and costs on manpower and paperwork.

Apart from improved efficiency, a duplicate invoice check feature will also help prevent the double-financing of invoices whereby a single invoice is financed by two different banks.

VCC has a strong track record of building trade facilitation platforms, working together with both corporate and government entities, and is currently already a Value-Added Service provider on the NTP for automated customs permit preparation.

The development of CamelONE Trade Finance builds up VCC’s global trade facilitation platform’s capabilities to cover all activities in the trade cycle, and one critical pillar for a vibrant eco-system for global trade and logistics is a simplified and secure trade finance process. We are excited and look forward to the official launch of CamelONE Trade Finance, to be one of the key solution providers, helping businesses manage a full spectrum of trade activities on a single platform.