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Singapore's eGuarantee@Gov programme which debuted in 2022 has instructed all onboarded agencies to commence use of its Universal Template (UT) for all new tenders/applications issued on or after 6 March 2024.
The template, GOV_UT, is for cases that require an on-demand guarantee. Three other current templates are available for insurance companies and banks issuing guarantees for the Ministry of Manpower ’s Migrant Worker Bond use cases, and security deposit guarantee for compliance with regulatory requirements. Previously, 14 templates had been available for various specific uses.
As described on the eGuarantee@Gov site, guarantees are used by the government and issued by financial institutions as an undertaking that a business or individual will fulfill its contract, licensing obligation, or regulatory requirement. They can be in the form of a banker ’s guarantee, insurer ’s guarantee, or insurer ’s bond.
As of March 2024, 65 participating financial institutions are able to issue eGuarantees and 65 participating government agencies are able to accept eGuarantees.