Project

A. General Information

1. Title

Singapore and National bank of Cambodia - Financial Transparency Corridor (FTC)

2. Status of the project
Operating
3. Implementation period of the project/service:
From
Jul-2023
To
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4. Website
https://www.mas.gov.sg/news/media-releases/2023/mas-and-nbc-set-up-financial-tr…
5. Geographical coverage
Bilateral
Participating countries: Cambodia, Singapore
6. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
Monetary Authority of Singapore (MAS)
National Bank of Cambodia (NBC)
Other participating agencies/entities
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b. Operational stage
Lead agencies/entities (op)
Monetary Authority of Singapore (MAS)
National Bank of Cambodia (NBC)
Other participating agencies/entities (op)
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7. Main stakeholders/beneficiaries of the project
Traders (big enterprises)
Traders (SMEs)
Transport
Customs brokers
Customs
Other Government Agencies (OGAs)
8. Business process category of the project
Commercial Transactions
Payment

B. Lessons Learned

9. Summary description of the project/service
Brief Summary

The project aims to establish supporting digital infrastructures to facilitate trade and cross-border related financial services between small and medium-sized enterprises (SMEs) in Singapore and Cambodia.


 

a. Objective(s)

The supporting digital infrastructures under the FTC initiative aims to: 1. Establish a consent-based digital infrastructure to facilitate information exchange between participating financial institutions in Singapore and Cambodia, to support the provision of cross-border financial services to SMEs. 2. Support financial institutions’ loan assessments for trade financing and an SME’s compliance with anti-money laundering rules to mitigate risks and potential trade disputes.

b. Business need for the project (background)

Enhancing financial trust through improved data for financial services between Singapore and Cambodia

c. Business process covered*

The exchange of information between participating financial institutions in Singapore and Cambodia, to support the provision of cross-border financial services to SMEs.

d. Overall architecture and functionalities*

Under the FTC, a Singapore financial institution, in assessing financing support for a Singapore SME buyer’s cross-border business with a Cambodian SME seller, can utilize the FTC to acquire trusted information from a Cambodian financial institution on the Cambodian SME seller. Similarly, a Cambodian financial institution supporting a Cambodian seller can obtain trusted information on the Singapore buyer through the FTC.

e. Relevant document/figure
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10. Documents and data exchanged via the project
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11. Data models/databases, proprietary solutions, hybrid approaches
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12. Main challenges faced during the project
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13. Lessons learned from the project
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14. Main benefit(s) of the project
Enhanced regulatory compliance*
Transaction Cost savings*
Transaction Time savings
Simplified process
Increased trade flow
14A. Elaborations/detailed description on benefits gained

This Financial Transparency Corridor will further extend the two countries’ cross-border information sharing, and support open trade flows, in particular for SMEs, through enhancing financial trust data for financial services between Singapore and Cambodia.

15. Technical/financial/capacity building/other assistance
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16. Future plan for expansion of the project
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17. Other information or relevant references on the project
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18. Relevant document regarding the project
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C. Relevant Standards

19. Name(s) of any international, national legal instrument underpinning the project
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20. Electronic message standard
20A. Electronic message standard supporting the project
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20B. Type of standard for electronic message applied for the project
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21. Technical communication standard
21A. Technical communication standard supporting the project
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21B. Type of technical communication standard applied for the project
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22. Security-related standards*
22A. Security-related standard supporting the project
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22B. Type of security-related standard applied for the project
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23. Other Technical Information
23A. Interface developed for data exchange with an internal system
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23B. Other technical implementation information
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