Banks sign up for new digital platform, Latest Business News - The New Paper

Banks sign up for new digital platform

This article is more than 12 months old

A financial technology (fintech) firm has launched a platform that digitises a slew of banking processes still being done manually.

Five financial institutions, including DBS Group, Bank of China and UniCredit, have joined the new platform, while 11 others - including HSBC, Standard Chartered, ANZ and Bank of America Merrill Lynch - have signed a letter of intent to do so in the next few months.

The Web-based CCRManager platform, created by a firm of the same name, enables banks to manage the entire process of distributing trade finance internationally to other banks, credit insurers and fund managers.

Users will be able to list assets for distribution, negotiate deals and manage supporting documentation in a secure environment.

They will also have access to tools for data analytics, market benchmarking and pricing indices.

CCRManager will provide users with the ability to manage their portfolio, reporting and compliance activities 24 hours a day.

The platform will reduce administrative work and free up capacity for higher-value portfolio management and risk management functions, the company said.

It was built with help from financial institutions, noted CCRManager chairman Tan Kah Chye, with support from the Monetary Authority of Singapore's Financial Sector Development Fund.

"This is truly a collaborative effort supported by leading trade finance institutions providing over 1,000 man-hours to help design and refine the platform," he said.

The platform was built over 12 months through market engagement work groups, consultative workshops and industry expert reviews conducted with finance institutions. It was tested simultaneously across 14 countries.