Reporter
,
Singapore
Photo by Aditya Chinchure on Unsplash
Participating financial institutions include ANEXT Bank and Advanced Bank of Asia.
The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) have launched the Financial Transparency Corridor (FTC) initiative between the two countries.
Designed and operated by Proxtera Pte Ltd, the FTC is a consent-based digital network connecting financial institutions (FIs) in Singapore and Cambodia, with the aim of facilitating better trade and cross-border financial services for SMEs between the two countries.
Greater access to data will enable financial institutions to make more accurate decisions. Credit Risk Assessment Enhance financing options for SME trade between Singapore and Cambodia.
The first wave of participating financial institutions from Singapore include ANEXT Bank, Liquid Group, and Sing Investments & Finance Limited.
Participants from Cambodia include Advanced Bank of Asia, ACLEDA Bank PLC, Phillip Bank PLC, Sathapana Bank PLC and Wing Bank PLC.
Participating financial institutions will use the FTC to provide financing for transactions between Singaporean and Cambodian SMEs, and vice versa, as well as to facilitate necessary checks on foreign currency payments related to trade between Singapore and Cambodia.
The next phase of the FTC initiative will increase deal flows and the number of financial institutions involved, and explore green finance and trade finance to strengthen the trade capacity of both countries. MAS and NBC signed a Memorandum of Understanding in July 2023 to support the FTC initiative.
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