Singapore’s GUUD (Finance) Pte. Ltd. (“GUUD Finance”) today announced new enhancements to RYTETFAP, previously known as CamelONE Trade Finance, Southeast Asia’s first multi-bank trade finance application portal made available for users on Singapore’s Networked Trade Platform (“NTP”) in November 2019.
The recently rebranded portal, RYTETFAP, is now part of a larger trade financing platform, RYTE, that was launched on 8 July 2021 by GUUD Finance, as part of the Group’s efforts to create a comprehensive, intelligent trade financing platform covering a full suite of financing products and services that would meet the needs of smaller businesses as well as large multinational corporations.
RYTE provides business users with varied options for financing revolving around their trade flow; from supply chain financing to documentary trade, all within a single platform. Whether corporates are looking to apply for import GST financing, letter of credit issuance or shipment financing, they can access the RYTE platform to link up with an appropriate service provider that will assist them with their requirements.
While RYTE includes RYTEGST and other loan modules that will allow corporates to apply for financing with non-bank financial institutions, RYTETFAP focuses on bringing on board reputable trade finance bank partners that corporates regularly engage with, so corporates can track all their transactions with different banking partners on a single platform, while securely retrieving details of their shipments via NTP’s secure data repository for easy trade finance applications.
By December 2021, RYTETFAP will be introducing new features and functions which will enhance its product offerings in Letter of Credit (“LC”) issuance including LC advising, LC advising amendments, LC confirmation, and Export collection and purchase under LC. A new module will also be made available where RYTETFAP will be integrated with Infocomm Media Development Authority’s (IMDA) TradeTrust utility for the electronic presentation of digital documents such as Bills of Lading.
Despite the portal being relatively new to the market, RYTETFAP has seen good progress and success in onboarding both banks and customers. The portal has 11 leading trade finance bank partners and clocked more than SGD 625 million in throughput as of end August 2021, a number much larger than established multi-bank trade finance portals in the region.
The latest bank onboard RYTETFAP, Sumitomo Mitsui Banking Corporation (“SMBC”) in Singapore, has seen their workflows being enhanced and their large clients such as Mitsui & Co. (Asia Pacific) Pte. Ltd., have been pleased at how efficient their processes have become after adopting RYTETFAP as their main solution for submitting trade finance applications.
Mr. Koji Nagatomi, Chief Operating Officer of the Asia Pacific Business Unit and CEO of Mitsui & Co. (Asia Pacific) Pte. Ltd. shared, “Antiquated trade processes pose consistent global challenges for traders. RYTETFAP has since provided a much faster and easier trade finance solution for us, eliminating the cumbersome and expensive paper-based processes.”
“As one of the leading banks in Japan and across this region, SMBC has accelerated our plans and we are taking bigger and quicker steps in our digital transformation journey to better enable our customers during these challenging times. We are honoured to support Mitsui’s transition to digital for greater banking efficiency. Our approach to technology and innovation has always been about bridging our stakeholders to the future, and we are very pleased to collaborate with GUUD Finance as a participating bank of RYTETFAP to spur innovation in trade finance,” said Mr Yoshiaki Kageyama, Managing Executive Officer and Co-Head of Asia Pacific at SMBC.
Constant updates to RYTETFAP have been ongoing to enable it to deliver a more comprehensive trade financing experience that covers a greater breadth and depth of trade financing products, with the aim to smoothen the entire trade financing application process for corporates of different sizes across various industries.
Using the latest technological tools and leveraging the secure data from trade applications managed within the GUUD ecosystem, RYTETFAP aims to provide simplified, streamlined, and seamless end-to-end trade financing application processes and real-time updates for users, making it a must-have tool for corporates who engage in trade financing activities on a regular basis.
Commenting on RYTETFAP, Desmond Loh, CEO, GUUD Finance said: “RYTETFAP is a product that many corporates and banks can benefit from using. For banks, cost of IT deployment is substantially lower, as RYTETFAP provides an easy-to-use interface and up-to-date features all for a simple transaction fee. For corporate users, they can apply for trade finance from any banks they have an existing relationship with, and enjoy fast, secure financing on their trade transactions.”
GUUD is one of the fastest-growing trade technology companies in Singapore, with offices strategically located in China, Indonesia and Kenya, and projects spanning more than 17 countries. The company has achieved many firsts including the launch of Seafood Xchange, Singapore’s first B2B seafood e-marketplace for seafood traders. CamelONE Trade Finance (now known as RYTETFAP), launched in November 2019 is the first unified multi-bank trade finance portal in Southeast Asia and their Smart eCO solution is the world’s first blockchain-enabled eCertificate of Origin.
GUUD Finance is the financing arm of GUUD Pte Ltd, a portfolio company of DeClout Pte Ltd, a leading technology business builder headquartered in Singapore.