EmerioBanque

Singapore Banks Associated with SGTraDex to Digitize Green Trade Finance

The latest reports say, a consortium of four leading commercial banks in Singapore and the Singapore Trade Data Exchange (SGTraDex) have come together to develop digital solutions for incorporating straightforward, and compatible green trade financing standards across sectors. 

The initiative is focused on empowering powerful, data-driven, decision-making around environmental, social, and governance (ESG) factors so that banks can more readily uphold their customers’ green trade financing needs. 

Singapore strives to strengthen its position as a leading green trade finance hub regionally and internationally and will create digital solutions for the incorporation of green trade financing standards under a pilot with Singapore Trade Data Exchange (SGTraDex) and a UOB-led consortium that also includes DBS, OCBC Bank, and Standard Chartered, as per the declaration. In this regard, the British multinational investment bank HSBC issued the first 'green' trade finance facility for UAE's lamprell.

The pilot, set to be carried out in November 2021 with essential sectors such as agriculture, real estate, and construction, focused on providing a more smooth and reliable ESG data exchange between financial institutions and the undertakings they are financing in real economic sectors.

Recommended Read: DBS and Standard Chartered Launch Blockchain Trade Finance Platform to Curb Trade Finance Fraud

UOB, which is a member of the Green Finance Industry Taskforce, operates this industry initiative with SGTraDex. When it is completed, the advancing step will reportedly develop a straightforward green trade financing data exchange model provided by SGTraDex infrastructure for banks to authenticate required green certification data lying within a centralized repository. This will enable banks to expand green trade financing to qualified supply chain leaders in the areas of production, trading, or distribution with the help of a more simplified procedure and promptly.

Green Trade Finance Hub

According to SGTraDex, the green trade financing data exchange model will empower easy and quicker green trade financing to qualified supply chain participants and generate capabilities for the banking sector to develop trade-based green financing more promptly accessible and available in the market.

Recommended Read: Trade Finance Platform Envoy Brings Envoy Green Solution And New Partnerships To Seek Environmental Transparency

“This initiative will boost empirical decision-making around the green and sustainability-associated trade financing which is essential for reinforcing Singapore's position as a green trade finance hub.” Antoine Cadoux, CEO, SGTraDex said.





Other news

Exchange Rates

Currency Buy Sell
EUR USD 1.06 1.10
EUR GBP 0.86 0.89
EUR CHF 1.02 1.06
EUR AUD 1.72 1.70
EUR JPY 116.08 116.56
EUR MYR 4.50 4.77
EUR SGD 1.53 1.57
EUR HKD 8.27 8.53
EUR CAD 1.54 53.84
EUR DKK 9.75 1.55

Most Recent Blogs View All Blogs

01 Aug

Ethical Banking & Sustainable Finance : Key Concerns Highlights

Today, almost 80% of global trade relies on trade financial systems which are sustainable & feas...

21 Jul

Importance of Trade Finance For Importers-Exporters

A vast amount of SMEs and entrepreneurs who are interested in import-export trade activities rely on...

14 Jul

Cybersecurity Measures In International Trade

Ever since the global pandemic exposed the flaws of paper-based traditional international trade fina...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.