Sriram Muthukrishnan, DBS group head of trade product management, said the TFP is"especially critical" now, as prolonged geopolitical tensions, trade friction and the Covid-19 situation continue to disrupt global and Asian supply chains.
As part of industry-wide efforts to digitalise trade finance on all fronts, DBS and OCBC on Monday both issued their first electronic banker's guarantee on the Singapore Customs Electronic Bank Guarantee Programme . Launched today, the eBG programme was developed to shorten the banker’s guarantee issuance and submission process to the Singapore Customs, which tends to be manual and time intensive
Businesses benefit from this more efficient process as it mitigates the risk and costs that result from delays and disruptions to their imports into Singapore, said OCBC in a statement.