RYTETFAP was formerly launched as CamelONE Trade Finance in November 2019
Further improvements will make the portal more comprehensive, improve workflow and efficiency
SINGAPORE, Sept. 28, 2021 / PRNewswire / – Singapore’s GUUD (Finance) Pte. Ltd. (“GUUD Finance”) today announced further enhancements to RYTETFAP, previously known as CamelONE Trade Finance, South East Asia the first multi-bank trade finance application portal made available to users on that of Singapore Networked Commerce Platform (“NTP”) in November 2019.
The recently renamed portal, RYTETFAP, is now part of a larger trade finance platform, RYTE, which was launched on July 8, 2021 by GUUD Finance, as part of the Group’s efforts to create a comprehensive and intelligent trade finance platform covering a full range of finance products and services that would meet the needs of small businesses as well as large multinational corporations.
RYTE offers business users a variety of financing options based on their business flows; from supply chain finance to documentary trade, all within a single platform. Whether businesses are looking to apply for import GST financing, letter of credit issuance, or shipping financing, they can access the RYTE platform to connect with a suitable service provider who will help them meet their needs.
While RYTE includes RYTEGST and other lending modules that will allow businesses to apply for financing from non-bank financial institutions, RYTETFAP focuses on onboarding reputable trade finance banking partners with which businesses engage. regularly, so that companies can track all their transactions with different banks. partners on a single platform, while securely retrieving their shipment details through NTP’s secure data repository for easy trade finance applications.
Through december 2021, RYTETFAP will introduce new features and functions that will enhance its letter of credit (“LC”) issuance product offerings, including LC advice, LC advice changes, LC confirmation, and collection and purchase. export under LC. A new module will also be made available where RYTETFAP will be integrated with Infocomm Media Development Authority (IMDA) TradeTrust utility for the electronic presentation of digital documents such as bills of lading.
Although the portal is relatively new to the market, RYTETFAP has made good progress and successfully integrates both banks and customers. The portal has 11 major trade finance banking partners and has registered more than SGD 625 million in debit at the end August 2021, a much larger number than the multi-bank trade finance portals established in the region.
The last bank on board RYTETFAP, Sumitomo Mitsui Banking Corporation (“SMBC”) at Singapore, has seen their workflows improve and their major clients such as Mitsui & Co. (Asia Pacific) Pte. Ltd., were pleased with the efficiency of their processes after adopting RYTETFAP as their primary solution for submitting trade finance applications.
Sir. Koji Nagatomy, COO of the Asia-Pacific business unit and CEO of Mitsui & Co. (Asia Pacific) Pte. Ltd. said, “Outdated business processes pose constant global challenges for traders. RYTETFAP has since provided us with a much faster and easier trade finance solution, eliminating heavy and expensive paper processes.
“As one of the main banks of Japan and in this region, SMBC has accelerated our plans and we are taking bigger and faster steps on our digital transformation journey to better support our customers in these difficult times. We are honored to support Mitsui’s digital transition for greater banking efficiency. Our approach to technology and innovation has always been to bring our stakeholders closer to the future, and we are very happy to work with GUUD Finance as a participating bank of RYTETFAP to drive innovation in trade finance. ., “ said Mr. Yoshiaki Kageyama, managing director and co-head of Asia Pacific at SMBC.
Constant updates of RYTETFAP are underway to enable it to offer a more comprehensive trade finance experience that covers a greater breadth and depth of trade finance products, with the aim of facilitating the overall of the trade finance application process for companies of different sizes in various industries.
Using the latest technological tools and leveraging the secure data of business applications managed within the GUUD ecosystem, RYTETFAP aims to provide streamlined, streamlined and transparent end-to-end trade finance application processes and updates. real-time update for users, making it a must-have tool for businesses that regularly engage in trade finance activities.
Commenting on RYTETFAP, Desmond Loh, CEO of GUUD Finance said, “RYTETFAP is a product that many companies and banks can benefit from. For banks, the cost of IT deployment is considerably lower, as RYTETFAP provides an easy-to-use interface and up-to-date functionality. all for simple transaction fees. For business users, they can apply for trade finance from any bank with which they have an existing relationship and benefit from fast and secure financing for their business transactions. “
GUUD is one of the fastest growing commercial 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 exchange, that of Singapore the leading B2B electronic seafood marketplace for seafood traders. CamelONE ™ commercial financing (now known as RYTETFAP), launched in November 2019 is the first unified multi-bank commercial finance portal in South East Asia and their Smart eCO solution is the world’s first blockchain-compatible eCertificate of Origin.
GUUD Finance is the financing arm of GUUD Pte Ltd, a holding company of DeClout Pte Ltd, one of the main founders of technology companies headquartered in Singapore.
Notes to Editors:
RYTE, a smart trade finance technology platform developed by GUUD Finance, connects financiers with businesses large and small, giving them access to a suite of finance tools that can help them improve their cash flow and grow their businesses. activities quickly and easily.
RYTE is part of the GUUD digital commerce ecosystem, the only one in the world that connects all stakeholders in the trade facilitation process, and helps businesses bypass long-standing barriers to global trade, allowing them to import or to export goods transparently to any part of the world.
For more information, please visit www.rytefinance.com
GUUD, a new digital way of doing business globally, is a technology platform and group of companies under the umbrella of vCargo Cloud. The GUUD Group refers to the UN / CEFACT Buy-Ship-Pay model to cover all aspects of trade facilitation, bypassing long-standing trade barriers and digitally transforming business processes to become more simple, more effective and more inclusive.
Led by a strong team of industry and IT professionals, GUUD aspires to help everyone, especially micro, small and medium enterprises, to become a player in global trade and to export and import from n ‘ any part of the world.
Our mission is to do business for good, and guided by the UN Sustainable Development Goals, we pursue what is good for people, businesses and economies, helping to improve livelihoods, generating prosperity and creating efficiencies and technological improvements everywhere we go.
For more information, please visit www.guud.company