Reported by: banking|Updated: May 17, 2017
A fintech firm in Singapore, CCRManager, has launched a first of its kind platform for the distribution of international trade financing, transactions, now handled mainly by phone and email. CCRManager is backed by the Monetary Authority of Singapore. It had received a grant from the regulator’s Financial Sector Development Fund and is supported by 16 financial institutions, including Bank of China, DBS Bank, Standard Chartered Bank, Mitsubishi UFJ Financial Group, Spain’s BBVA and the commercial insurance arm of Swiss Re. The firm aims to have a US$10 billion in transaction volume in the first year and is targeting US$250 billion in the fifth year. It charges a transaction fee on every successful deal. It said its users will be able to list assets for distribution, negotiate deals, and manage supporting documentation in a secure environment. The web-based platform will enable members to manage the entire process of distributing trade finance internationally to other banks, credit insurers, and fund managers.