Singapore to adapt to new E-platform to obtain data derived by trade permits

Singapore to adapt to new E-platform to obtain data derived by trade permits

Singaporean markets have been thriving even when the global markets are suffering following the United States and China trade war. Recent data suggests that the economy of Singapore is expected to grow in the 3rd quarter after being weak in the past months.

The Singaporean economy is stable for now following the investments from foreign countries into regional partnerships via lenders. As the economy comprises a huge financial market, trading and investments are an essential cornerstone of the economy. Singapore has very strict laws for financial investments and trading and now the Monetary Authority of Singapore, Singapore Customs and some financial firms have developed a new platform to aid the authorities to track money and prevent money laundering and terrorist financing risks. This electronic platform is known as Trade Finance Compliance (TFC) addresses compliance challenges of financial institutions by using the data derived by trade permits issued by Singapore Customs and then referencing and analyzing the data to augment the finance compliance checks. This platform is launched on Singapore’s national trade information management platform called Networked Trade Platform (NTP). Customs director, Serene Ho stated that they worked with leading trading financial institutions and the Monetary Authority to digitalize the finance compliance process.

This move will attract financial conglomerates towards Singapore as it helps in assessing the risks of trade financing with ease of the digital platform. This helps the firms to better assess frauds and scams in trades and the regulation of money which is used in the trade financing and keep a better track of these investments.