Wednesday, October 27, 2021

GUUD launches new RYTE financing platform to make commercial financing accessible to all companies

Must Read

GUUD Logo (PRNewsfoto/vCargo Cloud) Official Digital Launch of RYTE – Guest of Honour (in centre) with key members and partners officiating the launch of RYTE

Through RYTE, its newly launched financing platform, processes are streamlined and standardised allowing businesses to easily submit documents, pulling the required digital data or documents through secured repositories like the Networked Trade Platform (“NTP”) or from digital trade facilitation platforms operated by GUUD such as trade declaration services.

GUUD Finance, the financing arm of the GUUD Group, shares the Group’s vision to Trade for Good, and to enable all businesses, especially micro, small, and medium enterprises (MSMEs), to become players in global trade by reducing red tape, eliminating middlemen and providing greater access to financial services.

RYTE provides business users with varied options for financing revolving around their trade flow; from supply chain financing to documentary trade, all within a single platform. Whether they are looking to apply for import GST financing, letter of credit issuance or shipment financing, they can access the RYTE platform to link up with an appropriate service provider that will assist them with their requirements.

As a digital trade financing platform, RYTE uses the power of data to deliver a better experience for users, making their financing journey fast, simple and secure. With a promise of fast turnaround times on all enquiries, real-time status updates and quick, secure auto-population of form fields and retrieval of digital documents through its secure, trusted network, RYTE helps users navigate their work flows digitally and simply, saving them time, cost and unnecessary errors.

Story continues

Commenting on the launch, Desmond Loh, CEO, GUUD Finance said: “The global trade finance gap is growing and estimated at around USD 1.5 trillion as of 2019 according to a survey by ADB, and this gap continues to grow. With the launch of RYTE, GUUD Finance hopes to be able to provide as many businesses as we can with options for financing that will help ease their cashflow strain, increase their working capital and allow them to expand their businesses easily.”

Mr Lim Cheng Khai, Executive Director at MAS, said, “The RYTE trade financing platform harnesses digitalisation to deliver a more inclusive and efficient experience for trade finance solutions. It is a welcome addition to Singapore’s trade financing ecosystem and reinforces Singapore’s proposition as a smart financing centre. MAS will continue to work closely with the financial, technology and trade sectors and government partners to facilitate a seamless, digital, trusted trade and trade financing ecosystem in Singapore.”

The launch of GUUD will include welcome remarks by Mr Lim Cheng Khai, Executive Director, Financial Markets Development at the Monetary Authority of Singapore (“MAS”) as well as a panel discussion with leaders from key financial and technology institutions in Singapore from IN Financial, Ascent Solutions, CIMB and MonetaGo.

GUUD is one of the fastest-growing trade technology companies in Singapore, with offices strategically located in China, Indonesia and Kenya, and projects spanning more than 17 countries. The company has achieved many firsts including the launch of Seafood Xchange, Singapore’s first B2B seafood e-marketplace for seafood traders. CamelONE™ Trade Finance (now known as RYTETFAP), launched in November 2019 is the first unified multi-bank trade finance portal in Southeast Asia and their Smart eCO solution is the world’s first blockchain-enabled eCertificate of Origin.

GUUD Finance is the financing arm of GUUD Pte Ltd, a portfolio company of DeClout Pte Ltd, a leading technology business builder headquartered in Singapore.

Notes to editors:

About RYTE

RYTE, an intelligent trade financing technology platform developed by GUUD Finance, connects financiers to businesses, big and small, providing them access to a suite of financing tools that can help them improve cashflow and expand their businesses quickly and easily.

RYTE is a part of the GUUD digital trade ecosystem, the only one in the world that connects all stakeholders in the trade facilitation process, and helps businesses bypass long-standing barriers to global trade, enabling them to import or export goods seamlessly to any part of the world.

About GUUD

For more information, please visit www.rytefinance.com

Led by a strong team of industry and IT professionals, GUUD aspires to help anyone and everyone, especially micro, small and medium enterprises, to become a player in global trade and to export and import from any part of the world.

GUUD, a new digital way to trade globally, is a technology platform and group of businesses under the vCargo Cloud umbrella. The GUUD group references the UN/CEFACT Buy-Ship-Pay model to cover all aspects of trade facilitation, bypassing long-standing barriers to trade, and digitally transforming trade processes so they become simpler, more efficient and more inclusive.

News Highlights Business

  • GUUD launches new RYTE financing platform to make commercial financing accessible to all companies
  • Check all news and articles from the Business news updates.
Disclaimer: If you need to update/edit this article then please visit our help center. For Latest Updates Follow us on Google News

More Articles Like This

Latest News