GUUD Launches New RYTE Financing Platform To Make Trade Finance Accessible for All Organizations

SINGAPORE, July 8, 2021 /PRNewswire/ — Singapore’s GUUD (Finance) Pte. Ltd. (“GUUD Finance”) right now announced the launch of RYTE – an intelligent trade financing technological innovation platform intended to simplify elaborate and historically handbook trade finance procedures, connecting company users to each banking institutions and alternate financiers, and enabling them larger alternatives to access funding alternatives to meet up with their performing capital needs.

Formal Digital Start of RYTE – Visitor of Honour (in centre) with important customers and associates officiating the launch of RYTE

GUUD Logo (PRNewsfoto/vCargo Cloud)

GUUD Symbol (PRNewsfoto/vCargo Cloud)

GUUD Finance, the funding arm of the GUUD Team, shares the Group’s vision to Trade for Great, and to allow all corporations, specially micro, small, and medium enterprises (MSMEs), to become players in world trade by decreasing red tape, eradicating middlemen and delivering higher obtain to monetary solutions.

By means of RYTE, its freshly released financing platform, processes are streamlined and standardised enabling organizations to easily post paperwork, pulling the demanded electronic details or paperwork as a result of secured repositories like the Networked Trade System (“NTP”) or from electronic trade facilitation platforms operated by GUUD this sort of as trade declaration providers.

RYTE delivers business enterprise people with varied solutions for financing revolving about their trade move from provide chain funding to documentary trade, all within a one system. No matter if they are wanting to apply for import GST funding, letter of credit issuance or cargo funding, they can access the RYTE system to url up with an correct company company that will assist them with their prerequisites.

As a digital trade funding system, RYTE utilizes the power of data to deliver a greater encounter for people, generating their financing journey speedy, straightforward and protected. With a assure of rapidly turnaround instances on all enquiries, real-time status updates and quick, protected vehicle-populace of form fields and retrieval of digital paperwork via its protected, trustworthy community, RYTE allows buyers navigate their get the job done flows digitally and just, conserving them time, charge and needless problems.

Commenting on the start, Desmond Loh, CEO, GUUD Finance claimed: “The international trade finance gap is increasing and estimated at close to USD 1.5 trillion as of 2019 according to a survey by ADB, and this hole proceeds to expand. With the start of RYTE, GUUD Finance hopes to be able to supply as lots of organizations as we can with solutions for funding that will help ease their cashflow strain, improve their working funds and allow them to expand their organizations conveniently.”

The launch of GUUD will contain welcome remarks by Mr Lim Cheng Khai, Government Director, Financial Markets Advancement at the Monetary Authority of Singapore (“MAS”) as nicely as a panel dialogue with leaders from essential money and engineering establishments in Singapore from IN Economic, Ascent Alternatives, CIMB and MonetaGo.

Mr Lim Cheng Khai, Government Director at MAS, stated, “The RYTE trade financing platform harnesses digitalisation to produce a much more inclusive and economical working experience for trade finance remedies. It is a welcome addition to Singapore’s trade financing ecosystem and reinforces Singapore’s proposition as a good funding centre. MAS will continue on to function intently with the money, technology and trade sectors and govt companions to aid a seamless, digital, trusted trade and trade funding ecosystem in Singapore.”

GUUD is a person of the swiftest-developing trade technology businesses in Singapore, with places of work strategically located in China, Indonesia and Kenya, and assignments spanning additional than 17 nations. The business has realized many firsts which includes the start of Seafood Xchange, Singapore’s initial B2B seafood e-market for seafood traders. CamelONE™ Trade Finance (now recognized as RYTETFAP), launched in November 2019 is the 1st unified multi-bank trade finance portal in Southeast Asia and their Intelligent eCO resolution is the world’s to start with blockchain-enabled eCertificate of Origin.

GUUD Finance is the funding arm of GUUD Pte Ltd, a portfolio corporation of DeClout Pte Ltd, a leading technology enterprise builder headquartered in Singapore.

Notes to editors:

About RYTE

RYTE, an intelligent trade financing know-how platform designed by GUUD Finance, connects financiers to companies, significant and tiny, furnishing them access to a suite of funding equipment that can enable them boost cashflow and extend their organizations quickly and simply.

RYTE is a aspect of the GUUD electronic trade ecosystem, the only a person in the environment that connects all stakeholders in the trade facilitation process, and will help organizations bypass extensive-standing limitations to worldwide trade, enabling them to import or export items seamlessly to any aspect of the entire world.

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About GUUD

GUUD, a new digital way to trade globally, is a technology system and group of organizations below the vCargo Cloud umbrella. The GUUD group references the UN/CEFACT Purchase-Ship-Fork out design to go over all elements of trade facilitation, bypassing extensive-standing limitations to trade, and digitally transforming trade processes so they become more simple, far more successful and far more inclusive.

Led by a sturdy workforce of industry and IT pros, GUUD aspires to support anyone and everyone, specially micro, tiny and medium enterprises, to become a participant in world wide trade and to export and import from any component of the globe.

Our mission is to Trade for Great, and guided by UN’s sustainable development objectives, we go after what is fantastic for persons, businesses and economies, encouraging strengthen livelihoods, building prosperity and creating technological efficiencies and enhancements all over the place we go.

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