BANKS with operations in Singapore are banding together to raise industry standards for commodity financing in Singapore.on Thursday that this will be first such set of"best practices" being developed by lenders here with the trading community, with the support of government agencies.
Reuters first reported on Thursday that some 20 banks with operations here - including lenders with significant trade-finance exposure such as HSBC, DBS, OCBC and other European banks - have set up a working group to propose new guidelines, citing unnamed sources. This group is aiming to lift the standards behind lending practices and improve transparency in the sector, and comes amid some cases of defaults of trading firms amid a plunge in oil prices, Reuters reported. The most high-profile collapse in recent times is that of Singapore's oil trading giant Hin Leong Trading, with the report noting that US$800 million in losses have allegedly been hidden away.
In a joint statement, the Monetary Authority of Singapore , Enterprise Singapore , Accounting and Corporate Regulatory Authority and the Association of Banks in Singapore said they affirm the industry efforts to boost commodity financing standards in Singapore.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »