Singapore's DBS Bank claims it has closed another 'industry-first' with the completion of the first trade financing settlement through CamelONE's Trade Finance portal (TFP).

The inaugural transaction relates to an 4.8 million Singapore dollar (US$3.5 million - S$4.8) letter of credit (L/C) transaction by Singaporean steel wholesaler and supplier, Super Steel Pte Ltd.

Fully interconnectedAs Singapore's first unified multi-bank portal connected to the Networked Trade Platform (NTP) to aggregate trade financing products, the bank says small- and medium-enterprises (SMEs) like Super Steel are now able to conveniently apply for an array of trade finance solutions through the TFP.

Digital benefits

By providing a standardised application form, the TFP should also eliminates the hassle of having to navigate through different banks' sites, resulting in quicker application times and reduced human errors.

This in turn should help enhance efficiency and productivity for both large corporates and SMEs seeking access to trade financing, and for banks to provide the service more efficiently.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.