Singaporean fintech firm launches digital platform for trade financing

Firm’s web-based project is supported by Asian hub’s central bank as well as several insurers

Singaporean fintech firm launches digital platform for trade financing

Insurance News

By Gabriel Olano

CCRManager Pte Ltd, a fintech firm backed by Singapore’s central bank, has launched a digital platform for distributing international trade financing. These transactions are traditionally handled via phone and e-mail.

The Monetary Authority of Singapore’s (MAS) Financial Sector Development Fund is among the backers of CCRManager, along with 16 other financial institutions, including Swiss Re’s commercial insurance arm, BBVA, Bank of China, DBS Bank, Standard Chartered Bank, and Mitsubishi UFJ Financial Group.

“We believe that in year one, we will have approximately 30 institutions signing up. Our end goal is about 400 institutions by year five,” Tan Kah Chye, CCRManager’s chairman said at the platform’s launch.

The firm seeks to reach SGD10 billion in transaction volume in its first year of operation, with a target of SG250 billion in the fifth year.

CCRManager says that users can list assets for distribution, negotiate deals, and manage supporting documentation in a secure environment. Through the web-based platform, members can manage the entire process of distributing trade finance internationally to other banks, credit insurers, and fund managers. It charges a transaction fee for every successful transaction.

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