We are proud to announce our partnership with Singapore Customs. InvoiceInterchange was selected as part of the pioneer group of Value Added Service (VAS) for the newly launched National Trade Platform (NTP). InvoiceInterchange’s integration with the NTP means that local businesses/SMEs that import or export goods from overseas are now able to easily access invoice finance quick and easy.
With this partnership, the Singapore Government has again demonstrated its confidence and its strong support for Fintech / Alternative Finance as a partner to meet financial needs of local businesses/SMEs.
What is National Trade Platform (NTP), Singapore Customs One-Stop-Shop
NTP is a one-stop trade info-ecosystem that provides the foundation for Singapore to evolve into a leading trade, supply chain and trade financing hub in this region. The NTP brings together players across the entire trade value chain onto a single platform. Supporting efforts in digitalisation, the NTP will enable business to securely share and reuse data and documents among their business partners and the Government. Traders, carriers, logistics providers, banks, and Government agencies transacting on the NTP will be able to reap huge productivity savings through increased data accuracy and transparency and at same time reduce compliance costs.
The NTP is spearheaded by Singapore Customs, and supported by the Ministry of Finance, Ministry of Trade and Industry, Ministry of Transport, Civil Aviation Authority of Singapore, Economic Development Board, Enterprise Singapore, Government Technology Agency of Singapore, Infocomm Media Development Authority, Maritime and Port Authority, and the Monetary Authority of Singapore. Competent Authorities, who regulate the import, export, or transhipment of specific goods, are also on-board the NTP.
Benefits to Importers and Exporters
With the integration between InvoiceInterchange and NTP, businesses can now apply for finance and draw down funds with a few clicks of a button. Relevant documents and information will be extracted automatically and directly from the NTP itself, making it easier and more convenient for businesses to get access to finance.
With such an easy and convenient open technology ecosystem connecting us to SMEs, there is no doubt that SMEs will be able to save time and boost their efficiency hence increasing their competitiveness in the market.
How SMEs are able to draw funds with the integration
Drawing down funds against outstanding invoices through the Singapore Customs platform has never been easier. Simply, connect your NTP account with InvoiceInterchange, and we will automatically access the information we need to make funding decisions and advance you the funds you need. It is that simple.