International
Financial Transparency Corridor (FTC) Launch Initiative between Singapore and Cambodia
Singapore, 18 June 2024… The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) today announced the launch of the Financial Transparency Corridor (FTC) initiative between Singapore and Cambodia. The FTC commemorative event was held at the Istana, Singapore and was chaired by His Excellency Lawrence WONG, Prime Minister of Singapore and Samdech Moha Borvor Thipadei HUN Manet, Prime Minister of the Kingdom of Cambodia, during the official visit by the Prime Minister of the Kingdom of Cambodia to Singapore from 18 until June 19, 2024.
2 The FTC is a consent-based digital infrastructure and network between financial institutions (FIs) in Singapore and Cambodia that aims to catalyze the growth of cross-border trade and related financial services between small and medium-sized enterprises (SMEs) in Singapore and Cambodia. Ease of data access will enable participating FIs to make better credit risk assessments and facilitate greater availability of SME trade finance between Singapore and Cambodia. FTC is designed and operated by Proxtera Pte Ltd.
3 The first batch of participating FIs from Singapore and Cambodia have been brought on board. They are:
- From Singapore: ANEXT Bank Pte Ltd, Liquid Group Pte Ltd and Sing Investments & Finance Limited.
- From Cambodia: Advanced Bank of Asia Ltd, ACLEDA Bank PLC, Phillip Bank PLC, Sathapana Bank PLC and Wing Bank PLC.
4 Information sharing and funding through the FTC has been initiated with various participating entities to execute the first live transactions. For Singapore, Sing Investments & Finance Limited will use the FTC to provide financing to Singaporean SMEs, such as JR Group – a leading food service SME – which will purchase raw materials and goods from a Cambodian SME. Liquid Group Pte Ltd will also use the FTC to assist with the necessary checks on foreign currency payments related to this Singapore-Cambodia trade. From Cambodia, Sathapana Bank PLC will use the FTC to provide greater financing to Cambodian SMEs, such as Comin Khmere Company Ltd – an importer of construction materials from Singapore's many SMEs.
5 Subsequent phases of the FTC initiative will increase deal flow, the number of financial institutions involved, and explore green finance and trade finance, to strengthen the trade capabilities of both countries. MAS and NBC have signed a Memorandum of Understanding (MoU) in July 2023 to collaborate on the FTC initiative.
6 MAS Managing Director Chia Der Jiun said, “The launch of the FTC, with an initial group of financial institutions from Cambodia and Singapore, will support greater access to financial services for SMEs through the exchange of SME financial data -ve in the digital FTC. This will create greater business opportunities for our SMEs and participating financial institutions.”
7 NBC Governor, HE Dr. Serey Chea, said, “FTC exemplifies the shared vision of NBC and MAS to support information flows for businesses, in particular SMEs, through increased financial trust data for financial services between Singapore and Cambodia, which will promote SME capabilities in better access for SMEs to finance across borders. The launch of the FTC underlines our commitment to driving positive change to drive trade and financial services and promote sustainable economic development.”
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