Singapore is prospering as of late and so many of its niches of industry are booming. The latest development is that an array of big banks are getting together in order to launch a brand-new platform for finance within the island city-state. The banks which are involved in this initiative are UniCredit, Swiss Re Corporate Solutions, ICICI Bank, DBS Bank and the Bank of China. These banks will be classified as pioneer members of the platform, which is called, CCRManager.
This platform will assist institutions with distributing working capital assets, supply chain finance and trade finance. In addition, it will help them to distribute trade risk. This new initiative was formally announced via the official CCRManager website.
There are other banks which are planning to come in on the new deal in the future. These banks have already committed by signing letters of intent. Examples include, but are not limited to, BNP Paribas, the Bank of East Asia, Bank of America Merrill Lynch and HSBC.
Learn More About the New Platform
CCR is short for capital and credit risk. The platform took a year to develop and it was created via support from the Monetary Authority of Singapore, as well as big banks from all over the world. CCRManager is something that has been created from scratch and it’s wholly-owned by a company called Tin Hill Capital Pte Ltd. This is an investment firm which is based in Singapore. It gets funding from the country’s Financial Sector Development Fund.
The platform is being tested and has been tested for months now, in fourteen different nations. Singapore is poising itself to become a successful fintech hub for Asia. The regulator of financial matters in Singapore, MAS, has been creating a host of initiatives which are meant to encourage fintech firms to set up shop with the country and then expand their business efforts.
For example, last fall, there was a conference with a fintech focus which was held within Singapore. During the conference, a range of regulatory guidelines were released, all of which are designed to boost experimentation via technology, with a mind to delivering services and products of the financial type.
Singapore is a Good Place to Do Business
Singapore has so much to offer to big banks, fintech companies and foreign investors. The nation features a remarkably low crime rate, impressive real estate values and the right tax incentives and government programs. The progressive government of Singapore is moving towards a brighter business future, one day at a time, and its policies are being positively received by business VIPs and companies all over the globe.
Fintech has so much potential. The heads of big banks know that Singapore is a great place to grow fintech companies and they want to get in on the action, by offering a new platform which makes it easier for fintech entrepreneurs to gain traction in this growing and competitive niche.
Now that you know more about this new platform, you’re definitely in the loop!
Morris Edwards is a content writer at companyregistrationinsingapore.com.sg, he writes different topics like Singapore and London are the capitals of fintech in the 21st century, FinTech Startups in Singapore and all topics related to Startup and business formation in Singapore.