The Monetary Authority of Singapore (MAS) launched eGuarantee@Gov, a simple and secure digital process for businesses and individuals to provide a banker’s guarantee or insurance bond to government agencies within a day. It was jointly developed with the Association of Banks in Singapore (ABS)and in consultation with the General Insurance Association of Singapore (GIA).
With eGuarantee@Gov, businesses and individuals will no longer need to apply for a paper guarantee from a financial institution (FI), collect it when it is ready, and deliver the guarantee to the government agency, to discharge their contractual or licensing obligations. Businesses and individuals can instead apply for an eGuarantee from over 20 participating FIs through their websites or email for direct submission to 17 government agencies (refer to Annex). More FIs and agencies are scheduled to come onboard eGuarantee@Gov by the end of 2023.
FIs and government agencies will also benefit from this more streamlined and simpler workflow. eGuarantee@Gov employs standardised texts which eliminate the need for each guarantee to undergo legal vetting. The eGuarantees are securely transmitted through the Singapore Customs’ Networked Trade Platform (NTP).
Han Neng Hsiu, Deputy Secretary (Development), MOF, said, “eGuarantee@Gov is part of our digitalisation efforts to transform service delivery and reduce transaction costs. Our partnership with the financial industry has enabled us to create value for businesses and individuals.”