CCRManager Pte Ltd, a Fintech company based in Singapore, has launched an online platform for the distribution of trade finance, supply chain finance and working capital assets. The online platform will enable banks to manage the entire process of
distributing trade finance internationally to other banks, credit insurers, and fund managers. According to the company, multiple established financial firms have signed up to help pilot the program including DBS Bank, Swiss Re Corporate Solutions, UniCredit, ICICI Bank and Bank of China.
Additionally, ANZ Bank, Bank of America Merrill Lynch, BBVA, Bank of East Asia, BNP Paribas, HSBC, Industrial and Commercial Bank of China, Mitsubishi UFJ Financial Group, Mizuho Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation have signed a Letter of Intent to become a member within the next few months.
CCRManager was developed with the support of the Monetary Authority of Singapore (MAS) along with global financial institutions.
CCRManager is said to provide the global financial sector with infrastructure designed to enhance capital, credit, and liquidity management.
“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. This is our contribution to development of the global financial ecosystem as a group,” commented Tan Kah Chye, Chairman of CCRManager.
CCRManager said that participating financial institutions will benefit immediately from increased efficiency and productivity. The application seeks to increase productivity and transparency will help to attract new investors into trade finance and give banks more capacity to originate new trade finance lending.
“We estimate that the secondary market for trade finance assets at approximately USD 1.7 trillion is roughly 10% of global cross-border trade. 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,” added Man Ka Kit, CEO of CCRManager.