SINGAPORE, Nov 3 (NNN-XINHUA) – Singapore’s Ministry of Finance (MOF) and the Monetary Authority of Singapore (MAS), yesterday jointly launched a digital process for businesses and individuals, to provide a banker’s guarantee or insurance bond to government agencies, within a day.
Singapore’s Deputy Prime Minister and Minister for Finance, Lawrence Wong, said at the Singapore Fintech Festival 2022, which is held here from yesterday to tomorrow, that, MOF and MAS worked with financial industry to digitalise these guarantees and insurance bonds.
“In the past, the application process for such guarantees and bonds takes a few days. But with the digitalisation efforts, this can all be done online within a day,” he said.
According to MOF and MAS, with the new process, businesses and individuals will no longer need to apply for a paper guarantee, collect it when it is ready, and deliver the guarantee to the government agency, to discharge their contractual or licensing obligations.
Instead, they can apply for an eGuarantee from over 20 participating financial institutions, through their websites or email, for direct submission to 17 government agencies. More financial institutions and government agencies are scheduled to come on board the new digital process by the end of 2023.– NNN-XINHUA
