ANZ is one of nine banks to participate in the development of the trade finance initiatives on the Networked Trade Platform (NTP), a one-stop trade and logistics ecosystem.
The NTP supports digitalisation efforts and connects players across the trade value chain – in Singapore and abroad. It aims to provide the foundation for Singapore to be a leading trade, supply chain and trade financing hub. Designed as an open digital platform, it enables service providers to develop new applications and foster innovation within the trade ecosystem.
By bringing players across the trade value chain onto a single platform, the NTP enables end-to-end digital trade. Traders can tap on a range of trade-related value-added services (VAS) such as cargo freight booking, trade financing, cargo insurance, customs declarations and payment reconciliation. These services will allow them to arrange shipments easily, improve cash flow, and better manage trade compliance, all on one platform.
ANZ is the only Australian bank to have been involved in development of the Trade Finance Application (TFAP) Value Added Service, a multi-bank trade portal to enable digitalisation and provision of structured data in the trade finance value chain. End users will be able to experience greater efficiencies in document processing and gain access to deeper analytics.
David Green, CEO Singapore and Head of South East Asia, India and the Middle East, ANZ said: “We are very pleased to be working closely with Singapore Customs and the other partner banks to support the development of the trade finance initiatives through the NTP. The NTP’s vision to support Singapore’s position as a global trade, supply chain and trade financing hub is aligned with ANZ’s focus on facilitating trade and capital flows across the region.”