Open Bank Account

2017-08-15

Letter of Credit

Letter of Credit What is a letter of credit? A letter of credit (LC) is a commonly used trade finance tool to ensure that payment for goods and services will be made between the buyer and the seller. The rules for LCs are issued and defined by the International Chamber of Commerce (ICC) through its Uniform Documentary Letter of Credit Practice (ucp600), which is used by producers and traders worldwide. The parties issue the letter of credit through an intermediary, a bank or financial institution, and are legally guaranteed that the goods or services received will be paid for. The […]

2018-04-19

Documents required for opening a bank account

Documents required for opening a bank account To open an account with a bank in Singapore, the following documents are generally required: Account Opening Application Form -Prepared by the bank with which you are opening an account The Board of Directors’ resolution approves the opening of an account in the bank and affirms the authorized signatories and their authority. (Requires the signatures of two directors or a director and company secretary)-Prepared by the selected bank Cheque book application form (If you need to apply for a cheque book, please fill in the form and indicate the currency and quantity. Otherwise, […]

2018-05-02

Local Payments

Local Payments GIRO What is GIRO? The GIRO is a tripartite mechanism between the billing institution, the customer and the bank. The authorization of direct debits is a contractual relationship between the consumer and the purchase offer; the bank is the intermediary in this tripartite relationship and helps implement the authorized direct debits. Today, GIROs are widely used by consumers to pay bills to government agencies and the private sector. Direct transfers are particularly useful for payments that are fixed in nature and amount. In the public sector, GIRO has become the only means of payment for some fees, such […]

2018-07-11

Account Opening Process

2018-10-05

Internet Banking and Chequebook

Internet Banking and Chequebook Introduction to Local Bank Internet Banking and Cheque Book In Singapore, 2 weeks after the opening of a bank account, corporate online banking will be available, and companies will be able to do many of their major banking tasks from their computer or mobile phone without having to visit the bank in person. All three major local banks in Singapore have their own online banking services. OCBC Bank Singapore – Velocity@ocbc Key features: Quickly view account summaries, payments, receipts and transaction activity. Quickly access more detailed reports to help customers make informed business decisions. Intuitive step-by-step […]

2019-03-21

Trade Finance

Trade Finance Definition of Trade Finance Trade or export finance involves both domestic (Singapore) and international trade transactions – when a buyer purchases goods or services from a seller, the financial activity involved falls under the category of “trade finance”. Benefits of using trade finance: Boosts the growth of SMEs in Singapore – The increased working capital and better cash flow management allow business owners to improve their control over the day-to-day operating costs of their businesses while fulfilling larger orders that were previously not possible. Gives businesses higher profit margins – Financing tools allow Singapore SMEs to buy in […]

2019-08-15

Other Banking Services

Other Banking Services Singapore is strategically located, with a well-developed infrastructure, and is a hub for trade and financial services in the Asian region. The financial services industry has been a major source of economic growth in Singapore since the 1970s, and the government has continued to provide incentives for the development of the banking and services industry in Singapore. Commercial banks in Singapore are licensed and governed under the Banking Act and are allowed to conduct universal banking business. Commercial banks are licensed, take deposits, provide cheque services and loans, and any other business regulated or authorised by the […]

2020-08-17

Banks in Singapore

Banks in Singapore Banking sector and major players in Singapore Singapore is an internationally acclaimed financial centre, serving not only its domestic economy but also the entire Asia-Pacific region. The banking sector is a key player in the country’s financial market, which has quickly grown into one of the strongest industries in the world. The country’s sound economic and political environment, favourable legal and tax policies, honest institutions, and strict enforcement of laws against crime and money laundering have contributed to Singapore’s position as the second-largest international financial centre in Asia (after Hong Kong). Today, there are as many as […]

Letter of Credit

Documents required for opening a bank account

Local Payments

Account Opening Process

Internet Banking and Chequebook

Trade Finance

Other Banking Services

Banks in Singapore

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