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Association of Banks in Singapore to develop code of best practices to strengthen commodity financing standards in Singapore: Chan Chun Sing

Felicia Tan
Felicia Tan11/2/2020 06:51 PM GMT+08  • 2 min read
Association of Banks in Singapore to develop code of best practices to strengthen commodity financing standards in Singapore: Chan Chun Sing
The commodities trading industry will be partnered with two key initiatives to increase banking confidence in the industry.
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Singapore wants to improve its standards for the commodities trading industry to increase banking confidence in the industry, says Minister for Trade and Industry Chan Chun Sing at a keynote address at the Financial Times (FT) Commodities Asia Summit 2020 on Nov 2.

“There have been isolated cases of mismanagement and defaults globally that have reduced confidence amongst banks to provide financing to commodity trading companies,” he says, without naming firms.

Several scandals have engulfed Singapore’s oil trading community including the collapse of Singapore oil trader Hin Leong Trading amid the dramatic drop in oil prices in April 2020.

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