Singapore-based CCRManager has launched an innovative electronic platform for the distribution of trade finance, supply chain finance, and working capital assets.
The FinTech firm has received a grant from the Monetary Authority of Singapore’s Financial Sector Development Fund and is supported by 16 financial institutions including DBS Bank, Standard Chartered Bank, Bank of China and Mitsubishi UFJ Financial Group.
The tool, that has been developed with the support of these institutions, will provide the global financial sector with infrastructure designed to enhance capital, credit, and liquidity management. It was built from the scratch over a period of a year through a combination of market engagement workgroups and consultative workshops. Also, industry expert reviews were conducted with leading trade finance institutions all across the globe. Tan Kah Chye, Chairman of CCRManager, said,
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. This is our contribution to development of the global financial ecosystem as a group.
The web-based platform allows banks to manage the entire process of distributing trade finance internationally to other banks, credit insurers, and fund managers. It charges a transaction fee on every successful deal.
Its users will be able to list assets for distribution, negotiate deals, and manage supporting documentation in a secure environment. They will be able to manage their portfolio, reporting, and compliance activities 24-hours a day. In addition, they will gain access to tools for data analytics, market benchmarking, and pricing indices.
The platform will also provide the users with real-time visibility of market conditions and pricing transparency. With all the services, the financial institutions will witness an immediate rise in efficiency and productivity. Hence, CCRManager will reduce the burden of administrative work as a result of digitization of the current manual processes. At the launch of the platform, Tan was quoted saying,
We believe that in year one, we will have approximately 30 institutions signing up. Our end goal is about 400 institutions by year five.
The company is targeting to reach $10 billion in transaction volume within the first year of its operation, while $250 billion in the fifth year.