Award recognises the efforts of the company in developing Southeast Asia’s first multi-bank portal to unify trade finance transactions for corporates and to realise gains for all parties in the trade ecosystem
SINGAPORE, Aug. 10, 2022 /PRNewswire/ — Singapore-headquartered trade technology company GUUD Pte Ltd (“GUUD”), under its holding company, vCargo Cloud Pte Ltd, received the Star Partner award from Minister for Education, and Minister-in-charge of the Public Service, Mr Chan Chun Sing, at the Public Sector Transformation (“PST”) Awards ceremony held on 29th July 2022.
The PST Awards is a Whole-of-Government pinnacle platform to recognise and reward public officers and public agencies for excellence in their work and organisational practices, and vCargo Cloud was one of the rare private sector award recipients recognised in this prestigious event for their contribution to public service sector transformation.
vCargo Cloud, now rebranded as GUUD, partnered with the Monetary Authority of Singapore (“MAS”) and the Singapore Customs in 2018, to kickstart the development of a multi-bank trade finance application portal with the aim of helping corporates of all sizes reduce the hassle and complexities of having to navigate their way through different bank portals and requirements.
Launched in November 2019 as CamelONE™ Trade Finance, the portal, now known as RYTE TFAP, is available on the Networked Trade Platform (“NTP”) as a value-added service and is free for corporates to use. The portal allows corporates to scale up their business without increasing their operational complexity. 10 key trade finance banks partners are currently connected to RYTE TFAP. They are ANZ, BNP Paribas, DBS, HSBC, Industrial and Commercial Bank of China (ICBC), MUFG Bank, Oversea-Chinese Banking Corporation (OCBC), Sumitomo Mitsui Banking Corporation (SMBC), Standard Chartered Bank (SCB) and United Overseas Bank (UOB).
Mr Desmond Tay, Chief Executive Officer of GUUD and vCargo Cloud shared, “I’m extremely proud of the team for their hard work in developing this multi-bank trade finance application portal that allows all businesses, big or small, to be able to utilise a multi-bank portal without the high subscription fees or incurring hefty development costs. We believe the portal is a game changer in the fragmented and traditionally paper-based trade finance industry and we would like to thank our 10 bank partners that have contributed to this development process.”
The GUUD team has also been working with the Infocomm Media Development Authority (IMDA) to incorporate electronic BLs (“eBLs”) using the TradeTrust utility with the aim to lower costs, enable faster transactions, and build greater trust amongst businesses. With the implementation of eBLs, consumers can potentially benefit from lower prices of imported goods due to reduced transaction costs incurred from legal documentation, transportation and trade financing processes. Successful trials with a few banks have been conducted between importers and exporters in Shenzhen and Singapore, and the eBL facility will be available on RYTE TFAP by the end of 2022.
Notes to editors:
GUUD, a new digital way to trade globally, is a technology platform and group of businesses. The GUUD group references the UN/CEFACT Buy-Ship-Pay model to cover all aspects of trade facilitation, bypassing long-standing barriers to trade, and digitally transforming trade processes so they become simpler, more efficient and more inclusive.
Led by a strong team of industry and IT professionals, GUUD aspires to help anyone and everyone, especially micro, small and medium enterprises, to become a player in global trade and to export and import from any part of the world.
Our mission is to Trade for Good, and guided by UN’s sustainable development goals, we pursue what is good for people, businesses and economies, helping improve livelihoods, generating prosperity and creating technological efficiencies and improvements everywhere we go.
For more information, please visit www.guud.company