Media Mentions

MEDIA MENTIONS

singapore 4

Bloomberg

After $9 Billion Credit Hit, Banks Seek Trade Finance Revamp 

One of the reasons so many firms have duped the banks is there is little transparency in the trading process, said Kelvin Tan, a former deputy director at the Monetary Authority of Singapore, the city-state’s central bank. As a result, banks can’t determine if the oil backing a loan is being pledged to another lender at the same time.

“The reason double, or multiple pledging is a common problem in commodity trade finance is because there is no central database of such collateral,” said Tan, chief investment officer of GTR Ventures, a trade finance technology firm. “This blow-up is exposing a structural flaw amongst not only banks, but also the ecosystem.”

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The Business Times

Brands For Good 2019 | Honouree Winner 

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