- New Platform enables businesses big or small to access trade finance options to improve cashflow
- Opens up opportunities for businesses to apply for credit from alternative financiers
SINGAPORE, July 8, 2021 /PRNewswire/ — Singapore’s GUUD (Finance) Pte. Ltd. ("GUUD Finance") today announced the launch of RYTE – an intelligent trade financing technology platform designed to simplify complex and traditionally manual trade finance processes, connecting business users to both banks and alternative financiers, and allowing them greater opportunities to access funding options to meet their working capital requirements.
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.
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.
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.
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."
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.
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."
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:
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.
For more information, please visit www.rytefinance.com
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.
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.
Our mission is to Trade for Good, and guided by UN’s sustainable development goals, we pursue what is good for people, businesses and economies, helping improve livelihoods, generating prosperity and creating technological efficiencies and improvements everywhere we go.
For more information, please visit www.guud.company
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