Maybank Singapore goes live with CargoDocs ePresentation
Maybank Singapore, the Singapore arm of Malaysia’s largest banking group, is now live with CargoDocs ePresentation, after having recently signed up for CargoDocs to support its corporate customers with the use of electronic presentation under eUCP Letters of Credit.
For the recent go-live transaction, Maybank Singapore acted as issuing bank on behalf of its customer, a Singapore-headquartered commodity trading house. The transaction involved the sale of iron ore in bulk, shipped from Australia to China, with a leading Australian mining company acting as shipper and an Australian-headquartered bank’s Hong Kong Branch acting as advising bank.
CargoDocs enables Maybank to handle transactions through the electronic exchange and presentation of eDocs – including electronic Bills of Lading (eB/Ls) – instead of paper documents. By adopting CargoDocs to digitise its trade finance documentation processes, the bank aims to significantly improve the speed, accuracy, and security of transactions, while reducing forgery risk and improving compliance for both itself and its corporate customers alike.
The CargoDocs initiative is one of the key drivers underpinning Maybank trade financing segment’s digitalisation roadmap to achieve Maybank Group’s M25 vision to be digitally agile. Maybank Singapore’s Head of Transaction Banking, Mr. Adrain Ler remarked: “This is the first trade deal we have delivered digitally end-to-end on CargoDocs, and we foresee there will be more to come as more Maybank clients are willing to adopt a secure and paperless documentation ecosystem with a fast turnaround.”