New scheme to help local exporters become more competitive

ALL content used in this not-for-profit blog remain the property of their respective owners.
http://www.channelnewsasia.com/news/business/singapore/new-scheme-to-help-local/903426.html?utm_source=dlvr.it&utm_medium=twitter

International Enterprise (IE) Singapore has launched a new scheme to help local exporters become more competitive.

The Trade Facilitation Scheme aims to address financing gaps for Singapore companies trading in emerging markets.

IE Singapore will be sharing the risk of non-payment from overseas banks with the Asian Development Bank (ADB) and Swiss Re Corporate Solutions.

With this, Singapore companies will have easier access to liquidity to explore potential opportunities in the region.

Agriculture companies and other export-oriented firms can now have greater peace of mind when trading in less familiar and riskier countries.

The new scheme can also help boost trading activity with these regions.

Exporting companies will be assured of payment even if the foreign bank in an importing market defaults on payments.

The Trade Facilitation Scheme guarantees up to 100 per cent of non-payment risk to the exporter's bank in Singapore.

IE Singapore said the initiative could help some 250 firms each year and is expected to raise Singapore's exports by S$1.25 billion.

It will be rolled out on December 1, with further plans to include Myanmar in the list of supported countries.