Tradeteq credit-scoring to be added to Singapore's Networked Trade Platform
- Trading Systems
- 10.10.2018 12:22 pm
Innovative trade finance network Tradeteq will become a value added service (VAS) provider to the Singapore government’s digitalised international trade platform, the Networked Trade Platform (NTP). Developed by Singapore Customs and the Government Technology Agency of Singapore, the NTP is a one-stop trade and logistics ecosystem which supports digitalisation efforts and connects players across the trade value chain – in Singapore and abroad. It aims to provide the foundation for Singapore to be a leading trade, supply chain and trade financing hub.
Tradeteq’s role as a VAS provider for NTP users, facilitates the use of the platform for trade by offering instant credit analytics on counterparties. Tradeteq’s AI-powered credit scoring can be generated at the touch of a button and in standardised formats -- allowing traders, bankers, lenders, and logistics companies to enhance their risk management processes.
“Many of the customers for Tradeteq’s services through NTP will be originating banks or non- banks, with a need to assess the creditworthiness of particular entities,” says Tradeteq’s CEO Christoph Gugelmann. “They need assessments that are rapid and available in a standardised format, which our AI-powered credit-scoring service provides.”
The NTP was officially launched in Singapore on 26th September 2018, by Singapore’s Minister for Finance, Heng Swee Keat. Tradeteq is one of the earliest VAS providers of credit scoring on the platform.
"NTP is at the forefront of Singapore's initiative to digitalise trade, so it is a fantastic achievement to be invited to offer credit scoring services on the platform,” says Gugelmann. “It also demonstrates Singapore's vision in understanding how trade is being digitalised and democratised – with elements such as the availability of credit scoring a critical part of that process.”
Singapore headquartered GTR Ventures, the world’s first specialised investment platform for trade and supply chain, is an early backer of Tradeteq. Says its CIO Kelvin Tan, “We are glad to see Tradeteq do more with trade and trade finance in Asia, through Singapore. By connecting to the NTP, Tradeteq will allow more Singapore based traders and SMEs to gain greater access to funding. We encourage global fintechs for trade to follow Tradeteq’s example. Access markets, lenders, and customers in Southeast Asia, as well as Hong Kong and Greater China, through NTP’s connection to Hong Kong’s digital trade platform and other regional trade nodes that subsequently follow.”
Ms Serene Ho, Director of NTP Office adds: “Tradeteq and the NTP share the same goals of digitalising trade and opening trade to the greatest number of participants. We recognise that instant and available credit scoring contributes to that goal, so this is a partnership that we are delighted to announce.”
Both NTP and the Tradeteq marketplace are part of a growing global “tradetech” trend of digitalising international trade – aimed at helping close the “trade finance gap” between supply and demand for trade finance, which is estaimated US$1.6 trillion globally.