CCRManager has launched an electronic trade finance, supply chain finance and working capital platform, with 16 banks across the globe already onboarded to the solution, the company saidTuesday (May 16).
Those banks include Bank of China, ICICI Bank, Bank of America, HSBC, Standard Chartered and several others that have either already joined the platform or signed a letter of intent to do so.
CCRManager created the platform in collaboration with the Monetary Authority of Singapore, the company said, offering financial institutions a platform to manage capital and facilitate the movement of trade finance between each other.
“This is truly a collaborative effort supported by leading trade finance institutions providing over 1,000 man hours to help design and refine the platform,” said CCRManager Chairman Tan Kah Chye in a statement. “This is our contribution to development of the global financial ecosystem as a group.”
The company added that the platform also supports the transfer of trade credit to credit insurers and fund managers. The portal can list assets for distribution, be used as a platform to negotiate deals and manage the associated documentation with those transactions. It also provides data analytics, pricing, benchmarking, portfolio management, compliance and other services to the banks.
“We estimate that the secondary market for trade finance assets at approximately $1.7 trillion is roughly 10 percent of global cross-border trade,” CCRManager CEO Man Ka Kit said. “As an infrastructure platform, we believe that CCRManager will address this entire market, help unlock more capital and increase the supply of trade finance globally.”
“We are delighted to have had the opportunity to work with other like-minded institutions, the team from CCRManager and MAS to drive technical innovation and to explore new solutions and service for our sector,” said Assistant General Manager and Assistant Country Head at the Bank of China Singapore Branch, Deng Lei, in another statement. “We believe that this digital connectivity will complement China’s One Belt, One Road Initiative, and we look forward to bring a key part of this journey.”