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Business & Finance

Reuters reveals banks to tighten lending practices for Singapore commodity sector

Reuters exclusively reported that commodity trade financiers in Singapore are teaming up to improve lending practices and transparency after a spate of defaults. Commodity trade finance chiefs from about 20 banks including HSBC, DBS, and OCBC, have formed a working group to propose new guidelines. Commodity trading accounts for 4.5% of Singapore’s GDP and the working group is the strongest response yet by lenders and regulators to shore up confidence in a sector that contains many privately held firms and complex supply chains.

Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Asia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text