Singapore, Cambodia launch Financial Transparency Corridor

21 Jun '24

1 min read

Singapore, Cambodia launch Financial Transparency Corridor

Dr. Chea Serey, Governor of the National Bank of Cambodia & Leong Sing Chiong, Deputy Managing Director of the Monetary Authority of Singapore. Pic: National Bank of Cambodia

Insights

The Monetary Authority of Singapore and the National Bank of Cambodia recently announced starting the Financial Transparency Corridor—a consent-based digital infrastructure and network between financial institutions (FIs) on both sides.
It allows FIs to make better credit risk assessments and facilitate greater availability of financing for SME trade.

The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) recently announced starting the Financial Transparency Corridor (FTC) joint initiative.

The FTC commemoration event was held at Istana, Singapore, and was presided over by Prime Ministers Lawrence Wong and Hun Manet.

FTC is a consent-based digital infrastructure and network between financial institutions (FIs) on both sides. It aims at catalyzing increased trade and cross-border-related financial services between small and medium enterprises (SMEs).

The ease of data accessibility will enable participating FIs to make better credit risk assessments and facilitate greater availability of financing for SME trade between Singapore and Cambodia, an MAS release said.

The FTC is designed and run by Proxtera Pte Ltd.

The first batch of participating FIs from both sides have been onboarded. They are ANEXT Bank, Liquid Group and Sing Investments & Finance Limited from Singapore; and Advanced Bank of Asia, ACLEDA Bank, Phillip Bank, Sathapana Bank and Wing Bank from Cambodia.

Subsequent phases of the FTC initiative will increase the deal flow, number of financial institutions involved, and explore green finance and trade finance, to bolster the trade capabilities of both countries.

Fibre2Fashion News Desk (DS)

More Textiles News - Singapore...