Kuala Lumpur based CIMB Group has won three awards from Trade Finance Magazine for its efforts in transforming its ASEAN regional trade finance business.

The awards' judges were particularly impressed by some of the group's letter of credit (L/C) and bank guarantee services.

Awards

For the second year running, the group was awarded the Best Islamic Trade Bank in Asia Pacific and the Best Malaysian Trade Bank titles by the Euromoney publication.

This year the group was also awarded the Best Thai Trade Bank accolade.

Innovative solutions

The awards recognised what the judges saw as the group's innovative and structured solutions for clients, including its regional US dollar trade settlement service that guarantees transactions are concluded on the same day.

Launched in 2011, this service includes documentary credit and collection transactions for Malaysia, Indonesia, Singapore and Thailand.

Quick Guarantee

The Quick Guarantee service was also introduced earlier this year in Malaysia, thus enabling customers to collect bank guarantee instruments within a working day at CIMB Bank branches.

The speedy service is aimed at clients seeking faster turnaround times, which can improve their cash flow.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.