DBS makes steady headway in digitalising trade; completes first fully digital trade financing settlement on Singapore’s networked trade platform with Audi Singapore and Premium Automobiles
Singapore, 06 Feb 2020 - Advancing Singapore’s trade digitalisation agenda, DBS Bank, in collaboration with Audi Singapore (Audi) and Audi’s local distributor, Premium Automobiles (Premium), completed the first trade financing transaction on Singapore’s Networked Trade Platform[1] (NTP). The inaugural trade relates to a SGD3.5 million letter of credit[2] transaction for a trade of Audi cars between Audi and Premium. [3] of Singapore’s trade flows. DBS, Audi and Premium are currently working on the second trade on the NTP valued at SGD2.8 million.Committed to developing digital trade ecosystems and platforms DBS and Trafigura collaborate with IMDA to launch open-sourced blockchain trade platform HeveaConnect - a digital trading marketplace for sustainable rubber Agrocorp - a digital trade platform for commoditie sWanxiang - a digital trade platform for automotive supply chain [1] The NTP is a national trade information management platform that provides the foundation for Singapore to be the world's leading trade, supply chain and trade financing hub. The platform forms part of a wider concerted effort to drive an industry-wide digital transformation to build a trade and logistics digital ecosystem which connects businesses, community systems and platforms and government systems.[2] A letter of credit is the Issuing Bank’s payment undertaking against the presentation of complying documents.[3] SWIFT[END]
About DBS World’s Best Bank ” by Euromoney, “Global Bank of the Year ” by The Banker and “Best Bank in the World ” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank ” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia ” award by Global Finance for 11 consecutive years from 2009 to 2019.www.dbs.com .
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3,
Tel: 65.6878 8888 | www.dbs.com 